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.
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. And just two years later, Social Security won’t have enough cash on hand to pay out full benefits to its 66 million retirees.
Friday’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. But the date for Social Security’s trust was moved up one year earlier. 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. Biden, a Democrat, has vowed to rebuff any Republican-led efforts to cut Medicare or Social Security benefits to brace for the shortfall. 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.
“The sooner we act, the easier it will be to ensure the future of Social Security,” he said. “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.”
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