In about a dozen years, Social Security won’t be able to pay out its promised benefits. Medicare won't be able to do so in just five years. Here’s a breakdown of the dilemma and the potential fixes for the programs.
President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Feb. 9, 2023, at the University of Tampa in Tampa, Fla. It seems like no one wants to cut Social Security or Medicare benefits, including Biden, who is already telling voters that his upcoming federal budget proposal will “defend and strengthen” the programs.
President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Feb. 9, 2023, at the University of Tampa in Tampa, Fla. It seems like no one wants to cut Social Security or Medicare benefits, including Biden, who is already telling voters that his upcoming federal budget proposal will “defend and strengthen” the programs.
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Social Security and Medicare: Troubling math, tough politicsSocial Security won't be able to pay out its promised benefits in about a dozen years, while Medicare won't be able to do so in just five years.
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