New Report Says Medicare Will Run Out Of Money Sooner Than Expected

08 Junio, 2018, 02:25 | Author: Earnest Bishop
  • Social Security now running a deficit; Medicare to hit insolvency three years earlier than projected

The solvency of the Medicare trust fund, the main USA public health insurance program, deteriorated over the last year and could be exhausted by 2026 - two years earlier than previously estimated.

Medicare's Board of Trustees blamed the earlier depletion forecast on expectations of lower payroll taxes and less revenue from taxing Social Security benefits, both the result of the tax overhaul signed by President Donald Trump a year ago, according to a senior administration official.

For the first time since 1982, U.S. Social Security costs more than the program brings in.

President Trump has said he won't cut Social Security or Medicare, and his administration says that a strong economy will bolster both programs.

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.

"The Administration's economic agenda - tax cuts, regulatory reform, and improved trade agreements - will generate the long-term growth needed to help secure these programs and lead them to a more stable path". 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.

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For Medicare, the coffers are expected to be empty in 2026, just eight years from now. Medicare is also expected to spend more than projected past year, the report said.

That was one of the conclusions from an annual report the trustees of the Social Security and Medicare funds released Tuesday. "Lack-luster economic growth in previous years, coupled with an aging population, has contributed to the projected shortages for both Social Security and Medicare".

A major reason for Social Security's long-term financial problems is a decline in the number of workers for each beneficiary. "The truth is, Social Security doesn't add a dime to the deficit and is the retirement bedrock of millions of Americans and we should keep it that way", Representative Deutch said.

Cubanski also said that Americans with higher incomes and more lucrative Social Security benefits will benefit from federal tax cuts that will lower paycheck deductions.

"Our estimate could change, because we still have several months of CPI data to go before the COLA is announced in October", Mary Johnson, The Senior Citizens League's Social Security policy analyst, said in a statement.

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