šØBREAKING: Trustees Warn Social Security and Medicare Are Approaching Insolvency
The Trustees for Social Security and Medicare just released their annual reports, showing a significant deterioration in the financial states of both trust funds.
The Trusteeās project:
ā”ļøThe Old-Age and Survivors Insurance (OASI) trust fund ā which funds retirement benefits āĀ will be insolvent in 2032, and the theoretically-combined Social Security Old-Age, Survivors, and Disability Insurance trust fund will run out in 2034.
ā”ļøMedicare Hospital Insurance (HI), meanwhile, is estimated to face insolvency in 2033.
ā”ļøWhen the Social Security retirement fund runs out of reserves, beneficiaries will face an abrupt 22% cut; Medicare insolvency would lead to an 11% cut in payments, undermining access to care.
ā”ļøOver 75 years, the Trustees project both programs face shortfalls significantly larger than last yearās projection. The Trustees project the Social Security programs face a combined 4.42% of taxable payroll shortfall ā up 16% from last year; they project the Medicare HI shortfall is 33% larger than last year, at 0.56% of payroll.
The following is a statement from CRFB President
@MayaMacGuineas⤵ļø