Medicare fund to fall short in 2026, sooner than last forecast

Medicare fund to fall short in 2026, sooner than last forecast

At this rate, the combined asset reserves of Social Security's twin retirement and disability trust funds would become depleted by 2034, the same as projected previous year, with 79% of the benefits payable at that time, according to the report.

The trustees forecast that 100% of benefits will be covered through 2034, after which the trust funds for Social Security, which also cover old age and disability insurance programs, will only be able to cover about 79% of benefits.

For Social Security, the last time the program ran an annual deficit was in 1982, before President Reagan signed changes that set it on firmer footing for the next 30 years.

"However, certain long-term issues persist", the statement added.

The trustees also noted that the gap between Social Security's costs and revenues over the next 75 years is equal to $12.5 trillion, up from $11.4 trillion in 2016.

At the end of 2017, the OASDI program was providing benefit payments to about 62 million people: 45 million retired workers and dependents of retired workers, 6 million survivors of deceased workers, and 10 million disabled workers and dependents of disabled workers. Social Security and Medicare probably will never run out of money, in the sense that no Congress or president would let benefit checks be cut.

Jared Leto's JOKER Getting His Own Solo Movie
The studio's new direction means multiple actors can star as different versions of the same character without overlap. Whether or not you enjoyed the movie, Warner Bros. and DC Comics still made a mountain of cash off the flick.

Of the two programs, Medicare faces the greatest fiscal challenges as medical costs increase and the U.S. ages, with many baby boomers set to retire in the next several years.

The Cabinet secretaries for Treasury, Health and Human Services, and Labor usually participate in the annual release of the report on Social Security and Medicare, along with the Social Security commissioner, and take questions from reporters.

"This report should eliminate any doubt that Trump's tax law yanked Medicare closer to insolvency", Senator Ron Wyden of OR, the top Democrat on the Finance Committee, said in a statement. Republicans say the programs must be revamped to ensure they will be solvent for baby boomers and their children.

In 1960, there were about five workers for every Social Security beneficiary.

The aging of the population is another factor in the growth of the two entitlement programs. Social Security's cost has exceeded its non-interest income since 2010. About a quarter of Part B costs are paid for by beneficiary premiums with the rest from the federal budget.

Medicare costs will rise from last year's 3.7 percent of GDP to 5.8 percent by 2038.

Related News:

  • Putin Tells Austrian Reporter He and Trump ‘Regularly Talk Over the Phone’

    Putin Tells Austrian Reporter He and Trump ‘Regularly Talk Over the Phone’

    Sergei Skripal and his daughter Yulia were found unconscious in March on a bench at a shopping center in Salisbury. Putin will get to showcase Russian Federation beginning next week, as the country begins hosting the World Cup.
    Best Dressed Guests: The CFDA Awards 2018

    Best Dressed Guests: The CFDA Awards 2018

    Donetella Versace, who showed her first collection for the Italian fashion house 20 years ago, took home The International Award . In case anyone was doubting if Campbell deserved the Fashion Icon award, this outfit should quell those uncertainties.
    Fire burns 5-star, 115-year-old hotel in London

    Fire burns 5-star, 115-year-old hotel in London

    London Fire Brigade said it was called to the 12-storey Mandarin Oriental Hotel just before 4pm (3am Thursday NZT). Later, the authorities said they were still assessing the situation but thus far had no reports of injuries.
  • Chinese firm ZTE reaches preliminary agreement with USA  to restore business

    Chinese firm ZTE reaches preliminary agreement with USA to restore business

    But Reuters reports that ZTE and the U.S. government have signed a preliminary agreement that will lift the Denial Order. The Trump administration's deal-making process on ZTE has been roundly criticized by lawmakers of both parties .
    Instagram could start allowing users post hour-long videos

    Instagram could start allowing users post hour-long videos

    The report doesn't say exactly how such a feature would work, but it sounds like it could be an extension of Instagram Stories . But the move would open up new opportunities for the app to rake in ad dollars as longer videos could accommodate more ads.
    Jutanugarn recovers after late collapse at Shoal Creek

    Jutanugarn recovers after late collapse at Shoal Creek

    The format for the playoff was a two-hole aggregate on 14 and 18, but the players were still tied after the two holes. A victory by Ariya would end the recent domination of South Koreans and Americans, who have claimed the past 11 U.S.
  • Some G7 leaders plot fight back against Trump on trade at summit

    Macron seemed resigned to that prospect, noting Trump had not signed a recent G20 declaration on tackling global warming. The official, speaking to reporters after Macron met Trudeau for talks in Ottawa on Wednesday, said the six non-U.S.
    White House aide who mocked McCain reportedly loses job

    White House aide who mocked McCain reportedly loses job

    Sadler apologized to the McCain family privately, but McCain's daughter Meghan asked for a public apology. During a closed-door meeting, the staffer said that Arizona Sen. "I like people who weren't captured".
    Melania Trump will not travel to Singapore summit or G7

    Melania Trump will not travel to Singapore summit or G7

    Before the reception, amid ongoing memes and questions about her boss, Ms Grisham said the "nonsense" was fuelled by the media. Trump said in a statement released after the event. "She is going to do this job her way", McBride said of Mrs.
  • Germany's Bayer to complete Monsanto purchase on Thursday

    Germany's Bayer to complete Monsanto purchase on Thursday

    We have to talk to each other. "It's the only way to build bridges", said Bauman. We will listen to our critics and work together where we find common ground.
    Meghan Markle and The Queen are heading out on the road together

    Meghan Markle and The Queen are heading out on the road together

    The former rules stated that royal sons took precedence over their female siblings. Harry and Meghan began dating not long after her split with Corey.
    Lava flow evaporates Hawaii's largest freshwater lake within hours

    Lava flow evaporates Hawaii's largest freshwater lake within hours

    Thousands have been evacuated from the area, but officials fear that up to a dozen residents who chose to stay could be dead. The area is primarily home to vacation rentals, but there are a lot of permanent residences there too.


Most liked

NASA rover data shows Mars had the ingredients needed for life
It was to a great fanfare of publicity that researchers announced they had found evidence for past life on Mars in 1996. The samples were found to contain thiophene, 2- and 3-methylthiophenes, methanethiol, and dimethylsulfide.

G7 leaders must not be afraid to reach agreements without US - Macron
The Canadian prime minister has called the decision " totally unacceptable " and " insulting " during various media appearances. Trump ended that temporary relief this month, seeking to pressure the other countries to cut new trade agreements with the U.S.

LeBron's Game 3 dunk sets social media on fire
Durant said the similarity with last year's shot - a moment that helped define his first championship - didn't occur to him. So the guys did a good job on those two guys. "My take is, stick on Klay [Thompson] and Steph [Curry], and just let K.D".

Wasim Akram Serves Legal Notice to Imran Khan's ex-wife Reham Khan
It has not gone down well... before the Pakistan election this is political suicide. She said: 'I've discussed sexual harassment, sexual coercion and how it is used.

IOS 12 Best New Features For iPhone (And iPad, Too!)
In terms of measuring the success of the iPhone, "We've never been focused on usage as a key parameter", Cook said. It also introduces new "Desktop Stacks", an auto-tidying feature which groups together related icons in piles.

Kate Spade's husband says she suffered from depression
Medical examiner vehicles park outside the front entrance to the Park Avenue apartment of designer Kate Spade in NY , U.S. However, Reta Saffo says the designer was concerned about how this might impact her brand's cheerful image .

Ex-Philadelphia Eagles player defends former team: Trump made a poor decision
The White House did not allow journalists to cover the Gold Star event out of respect for the families, which meant Mrs. The White House claimed it was told that 81 players and team personnel would participate in ceremony on May 31.

Trump commutes sentence of woman supported by Kim Kardashian
Last week , Kardashian West met with fellow reality TV star Trump in the White House to push for Johnson's pardon . Navy sailor convicted of taking photos of classified portions of a sub.

Kendall Jenner Reportedly Spotted Kissing Gigi and Bella Hadid's Little Brother
Earlier in the night, Kendall and Anwar had been seated at the same table for the Council of Fashion Designers of America gala. However, just last week Jenner was linked to 21-year-old Philadelphia 76ers player Ben Simmons .

Mitch McConnell cancels Senate's traditional August recess
McConnell made a decision to shorten the recess "due to historic obstruction by Senate Democrats of the president's nominees". The delays have affected the confirmation of various appointees, from judicial nominees to potential ambassadors.

Kate Spade Wouldn't Treat Bipolar Disorder, Sister Says
In the end, the image of her brand - happy-go-lucky Kate Spade - was more important for her to keep up. "Nothing ever came of it". Comedian David Spade is still reeling from the apparent suicide of his fashion designer sister-in-law Kate Spade .

NBA Finals Game 2 memes target the refs, and JR Smith, too
When the game clock went off before J.R. kind of threw the ball to G-Hill to the corner, I actually tried to call timeout. How, I guess, social media is used today, the conversation can get out of control with so many different voices.

SpaceX Launches Satellite for SES in Its 11th Mission This Year
SpaceX won't land the booster again, as the company is trying to phase out the Block 4 rockets for the new Block 5 configuration. SES-12, a communication satellite today roared into space from Cape Canavera on-board SpaceX Falcon 9 rocket .

Apple unveils features to help tackle 'smartphone addiction'
In terms of measuring the success of the iPhone , "We've never been focused on usage as a key parameter", Cook said. Facebook has had to rethink its relationship to such third-party data providers and developers.

Players will help Kane handle England captaincy - Cahill
Speaking to the Huddersfield Daily Examiner newspaper, Leigh said: "We've had quite a lot of publicity and coverage this season. You want to be in games that matter.