HANDS OFF MEDICARE HOW TO
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Lawmakers have for years kicked Social Security and Medicare’s troubling math to the next generation. “Lawmakers shouldn’t take anything off the table, and the good news is there are plenty of reasonable options on both the revenue and spending side of the ledger to implement fair, gradual and common sense reforms.”

“The sooner we act, the easier it will be to ensure the future of Social Security,” he said. Peterson Foundation CEO Michael Peterson said ahead of the report’s release that “if lawmakers do nothing, in less than a decade more than 70 million beneficiaries would face an automatic 23 percent cut, reducing the average benefit by several thousand dollars per year. Last year, however, members of the House Republican Study Committee proposed raising the age at which someone could qualify for Social Security and Medicare. Republican leaders, meanwhile, say they don’t intend to ax benefits either, but they’ve yet to coalesce behind a plan to keep the programs solvent. Instead, he’s pitched raising taxes on some of the country’s wealthiest people, those making $400,000 or more a year, to shore up Medicare. Biden, a Democrat, has vowed to rebuff any Republican-led efforts to cut Medicare or Social Security benefits to brace for the shortfall. The future of Social Security and Medicare has become a top political talking point as President Joe Biden heads into his expected 2024 reelection campaign.

HANDS OFF MEDICARE HOW TO

Elizabeth Warren on the economy, immigration and how to shore up Social Security Social Security’s disability trust fund is in much better shape - it’s not expected to be depleted within the next 75 years. Social Security, meanwhile, will be able to cover only 77 percent of benefits starting in 2033. On its current track, Medicare would be able to cover only 89 percent of costs for patients’ hospital visits, nursing home stays and home health care starting in 2031. But the date for Social Security’s trust was moved up one year earlier. “The Trustees continue to recommend that Congress address the projected trust fund shortfalls in a timely fashion to phase in necessary changes gradually,” said Kilolo Kijakazi, acting commissioner of Social Security.įriday’s report is a mix of good and bad news: The forecasted go-broke date for Medicare was moved back three years - last year’s report predicted the government wouldn’t have enough money to start paying those benefits in 2028. The report is another prod for politicians to address the fragile financial state of the social programs, which are only expected to get more expensive in the coming years as more Americans age into eligibility for them.

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And just two years later, Social Security won’t have enough cash on hand to pay out full benefits to its 66 million retirees. Medicare, the government-sponsored health insurance that covers 65 million older and disabled people, will be unable to pay full benefits for inpatient hospital visits and nursing home stays by 2031, the report forecast.

WASHINGTON (AP) - The financial safety nets millions of older Americans rely on and millions of young people are counting on will run short of money to pay full benefits within the next decade, the annual Social Security and Medicare trustees report released Friday warns.

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