New Report Warns Medicare and Social Security Running Out of Cash
10 Juin, 2018, 08:26 | Auteur: Yves Courtet
If that doesn't sound dire enough, in their annual report, the Social Security trustees said that Medicare's hospital insurance fund will be depleted in 2026, reserves for the fund that pays disability benefits would be emptied in 2032, and all Social Security reserves would be exhausted by 2034.
Program trustees say Medicare will become insolvent in 2026 - three years earlier than previously forecast - and Social Security in 2034.
The program's trustees board consists of the heads of the Treasury, Labor, Health and Human Services and Social Security departments, as well as two public member positions that remain vacant.
That's what the Social Security and Medicare trustees projected in their 2018 annual report released Tuesday. But, hey, they only need three-quarters of their food, home, and medical coverage, right? However, certain long-term issues persist.
The report said the less favorable outlook for Medicare's hospital trust fund resulted from "adverse changes" in program income and costs.
"The Part B and Part D accounts in the [Supplementary Medical Insurance] trust fund are expected to be adequately financed because premium income and general revenue income are reset each year to cover expected costs", the report stated.
The twin warnings come as Congress has cut revenue and boosted spending - moves that, analysts say, will leave the government's finances struggling for years to come.
For the first time since 1982 Social Security's costs will exceed its payroll income plus interest from the $2.9 trillion trust funds. "Lack-luster economic growth in previous years, coupled with an aging population, has contributed to the projected shortages for both Social Security and Medicare".
But federal deficits keep rising, and the recent Republican tax-cut bill is only expected to add to the debt.
Of the two programs, Medicare faces the greatest fiscal challenges as medical costs increase and the USA ages, with many baby boomers set to retire in the next several years. It will decline further to about 2.2 by 2035, when most baby boomers will have retired, officials said. And the number of people on Social Security is expected to climb to 91 million, from 62 million, in the same period.
Medicare costs will rise from last year's 3.7 percent of GDP to 5.8 percent by 2038. That works out to about $31 a month. General revenues will finance roughly three-quarters of SMI costs, and premiums paid by beneficiaries nearly all of the remaining quarter.
The annual funding update marks the first such report since Congress did away with that panel, which was created to cut Medicare costs if spending grew too fast.
Horn had to remove his underpants and try again behind a modesty sheet but even that left him stranded on 147.5 pounds (66.9kg). Horn clocked in at 148 pounds (67.13kg) at the weigh-in today at the MGM Grand Garden Arena, where the bout will take place.
"The current communications were perceived as poor, and could reduce trust in TSB and in the banking sector as a whole". Ahead of the hearing, Mrs Morgan said she was "deeply concerned" about TSB's communication around the problems.
Just over half the allies - 15 of them - have provided action plans laying out how they will close in on that benchmark by 2024. Afghan President Ashraf Ghani, on June 7. 'High readiness is essential in a more unpredictable world, ' Stoltenberg said.
The $533 million haul won by Vernon resident Richard Wahl in April is the highest jackpot payout in recorded in New Jersey. It's unknown if the Souami had made a decision to claim the lump sum or take their winnings over time.
South Korea and China, rattled by the ratcheting tensions, signed on to tougher and more restrictive USA -led sanctions. The summit idea seemed to appear out of nowhere back in March, when Trump announced a meeting.
Pro Evolution Soccer previously held the rights to the Champions League but their 10-year deal has since come to an end. A brief trailer highlighting the all-new standalone UEFA Champion League mode was also revealed.
If it becomes a series, the prequel wouldn't air until at least 2020, since " Game of Thrones " is set to end next year. Jane Goldman is one of four writers who were given the opportunity to develop a Game of Thrones spin-off series.
Kylian Mbappe earns France draw against USA
France equalised in the 78th minute as Mbappe converted substitute Benjamin Pavard's cross to notch his fourth worldwide goal. Pogba struck the post and U.S. keeper denied Zack Steffen a late victor as Le Bleus were unable to force a victor .
Korean woman survives six days in Australian wilderness
But Ms Han became stuck after reaching a rocky waterfall, where she was stranded for six days before being reached by rescuers. Police say she was helped by her raincoat, which helped keep her warm until she was able to alert the search helicopter.