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“These reports drive home the urgent need to ensure that the critical Medicare and Social Security programs are sustainable into the future. Medicare’s largest program will become insolvent in 2026, just 8 years from now and 3 years sooner than forecast just a year ago. Social Security will become insolvent in 2034, resulting in an immediate, across-the-board cut of 23% for all retirees. As an ominous sign of its financial deterioration, this year the program will pay out more than it takes in, which will continue every year until it’s no longer solvent.
“Social Security and Medicare are essential health and retirement security programs that are relied upon by millions of Americans. Lawmakers have an obligation to reform and strengthen them for the long term.
“The drivers of these solvency challenges are well-known: an aging population and rising healthcare costs. Many solutions are available that could be phased in gradually and fairly. Today’s Trustees report should be the latest wake-up call for our elected leaders to take action.”
Today’s report from the Board of Trustees found: