Go-broke dates pushed back for Social Security, Medicare
https://www.foxbusiness.com/politics/go-broke-dates-pushed-back-social-security-medicare
The time frame for Social Security and Medicare to go-broke has been pushed back, helped by a stronger-than-expected economic recovery from the coronavirus pandemic.The annual Social Security and Medicare trustees report says the Social Security trust fund will be unable to pay full benefits beginning in 2035, instead of last year’s estimate of 2034.
The projected depletion date for Medicare’s trust fund for inpatient hospital care moved back two years to 2028 from last year’s forecast of 2026.
The annual Social Security and Medicare trustees report says Social Security’s trust fund will be unable to pay full benefits in 2035.
According to the report, “Economic recovery from the 2020 recession has been stronger and faster than assumed in last year’s reports, with positive effects on the projected actuarial status of the trust funds in these reports.”
Forecasters said in the report that the ongoing COVID-19 pandemic will have no net effect on their long-range projections.
The assumptions for the latest report were made in February, which was before cases began climbing again and inflation rose even higher.
President Biden said in a statement that the report “shows that the strong economic recovery driven by my economic and vaccination plans has strengthened programs that millions of Americans rely on and has put our nation in a better fiscal position.”
Social Security pays benefits to more than 65 million Americans, mainly retirees as well as disabled people and survivors of deceased workers. Medicare covers roughly 64 million older and disabled people.
A main source of financing for the programs is payroll taxes on earnings paid by employees and employers. About 183 million people paid those taxes in 2021.
Social Security retirees got a 5.9% boost in benefits this year, the biggest cost-of-living adjustment, also known as COLA, in 39 years.
Filed under: General Problems
Biden is severely demented, we all know that. He didnt win that election. And the economy is a total wreck, what recovery could he be speaking of. Lol Ya know, Back when my granny was old and alive, Medicare took great care of her. I was in my twenties then but I always had a feeling that it nor SS would be available for me when I reached her age and it looks like it wont. So I’m so glad when I was self employed that I didn’t claim all my income especially back when I was young with 2 little boys to raise. My husband paid in plenty but I was a cash buisness being a Cosmetologist. Lol. Whoops spilled the beans.. Lol My parents had said Social Security and Medicare wouldnt be around forever because the government couldnt take care of its finances, and gee they were so right. Here I am at 57 and probably won’t have the health care that even my deceased parents had so have to take care of myself using my garden. Medical errors I believe are still the number 1 cause of death post scamdemic and probably will be worse in the future. Thanks yo this corrupt lawless government.