U.S. Medicare reserves seen lasting three years less than prior forecast

Social Security now running a deficit; Medicare to hit insolvency three years earlier than projected

Both numbers are expected to rise as the population ages making the financial health of both programs integral to Washington's future health as well.

According to the annual Social Security Board of Trustees report, the year when the combined trust fund reserves are projected to become depleted (if Congress does not act before then, they optimistically remind us), is 2034 - the same as projected last year. He wrote, "If the government knows that there are no assets in the Social Security and Medicare 'trust funds, ' and yet projects the interest earned on those non-assets and the date on which those non-assets will be exhausted, then the government is lying".

"This report should eliminate any doubt that Trump's tax law yanked Medicare closer to insolvency", Senator Ron Wyden of OR, the top Democrat on the Finance Committee, said in a statement.

But in a statement, Treasury Secretary Steve Mnuchin says the government's economic agenda will generate the long-term growth needed to help stabilize both Medicare and Social Security.

Cubanski said that the Trump administration's effort to repeal the Affordable Care Act's mandate that requires almost everyone be insured is one factor that will lead to higher Medicare hospital fund spending.

But speaking to reporters on Tuesday, Treasury officials said the cuts were set to decrease revenues for both programs. Medicare "is on track to meet its obligations to beneficiaries well into the next decade". That's what he would say, given that fiscally irresponsible Republican policies, those ballyhooed tax cuts included, will add $1.6 trillion to the federal deficit over the next 10 years, according to the Congressional Budget Office. The U.S.is now closer to the insolvency of the Social Security than to the attacks of September 11.

In 1960, there were about five workers for every Social Security beneficiary. It will decline further to about 2.2 by 2035, when most baby boomers will have retired, officials said. "I will continue to fight for working and middle class families to ensure that their hard-earned benefits are preserved, and to oppose efforts to privatize Social Security and Medicare". And the number of people on Social Security is expected to climb to 91 million, from 62 million, in the same period. The system's costs exceeded its income in 1982, but a bipartisan compromise the following year led to additional revenue and benefit reductions.

Related News:

  • Putin says he warned Europe about USA  trade threat, nobody listened

    Putin says he warned Europe about USA trade threat, nobody listened

    Putin and his aides say it is an indispensable tool to gauge public sentiment and learn about people's real problems. Russian President Vladimir Putin (C) attends his annual call-in show in Moscow , Russia, June 7, 2018.
    Kate Spade's death raises awareness for depression

    Kate Spade's death raises awareness for depression

    The Grown Ups star's brother Andy became a widower on Tuesday, when Kate was found dead at their New York City apartment. David Spade paid tribute by sharing family photos across social media.
    Guatemala warns of greater activity after volcano explodes again

    Guatemala warns of greater activity after volcano explodes again

    Naomi Diaz of the Ciraiz Beauty Academy said they were moved to help because they saw people who had lost everything. A blanket of volcanic ash covered nearby town El Rodeo.
  • Facebook bug set 14 million users’ sharing settings to public

    Facebook bug set 14 million users’ sharing settings to public

    That way, users can reset a post that was inadvertently set to public back to being shared just with friends if they would like. When posting on Facebook, users have the ability to specify who can see their posts.

    U.S. Trade Is Trump's Main Focus at G-7 Gathering

    In particular, Trudeau was incensed with the suggestion that Canada poses a national security threat to the US. Canada also strongly condemned the measures and announced its own retaliatory tariffs .
    Lenovo Z5 with a 6.2 inch display launched for Rs 13,000

    Lenovo Z5 with a 6.2 inch display launched for Rs 13,000

    The Z5 features a 6.2-inch 19:9 1080p IPS LCD with bezels that Lenovo says are thinner than the Xiaomi Mi 8 and iPhone X . For the selfie enthusiasts, there is an 8 MP front-facing selfie camera with AI features, which also support Face Unlock.
  • Trudeau expects 'difficult' conversations with Trump at G7

    Trudeau expects 'difficult' conversations with Trump at G7

    The EU and Canada have imposed reciprocal sanctions on USA goods and have taken their complaint to the World Trade Organisation . Now that they've gotten everyone's attention, it would be good if the Trump administration's next move is constructive.
    ZTE Escapes US Ban, Will Pay New $1 Billion Fine

    ZTE Escapes US Ban, Will Pay New $1 Billion Fine

    Given ZTE's reliance on US-made parts, the sanctions effectively crippled the company and forced major operations to cease . Last year, ZTE admitted to violating United States sanctions by selling US-made technology to Iran and North Korea.
    Nadal's set streak ended by Schwartzman as rain halts clash

    Nadal's set streak ended by Schwartzman as rain halts clash

    The Spanish third seed, who was the champion in Paris in 2016, swept aside the Russian 6-2, 6-1 in just an hour and 10 minutes. He led 30-15 as he aimed to tie the match before more rain arrived and the players ran off court - this time for the night.
  • Sonos Beam is a smart soundbar with HDMI and AirPlay 2

    Sonos Beam is a smart soundbar with HDMI and AirPlay 2

    Bass has some oomph to it, and can be upgraded with the addition of the Sonos Sub, while the highs peeked through periodically. The company said it would also be working to eventually integrate voice assistants from China-based technology companies.
    White House: Eagles 'abandoned their fans'

    White House: Eagles 'abandoned their fans'

    Everyone has been treated with love and respect", he said, adding, "Nothing's gonna be able to tear this locker room apart". I mean, I don't speak for the commissioner. "I see the media is working overtime speculating where I am & what I'm doing".

    Sasse responds to August Senate recess being canceled

    In a statement Tuesday, the majority leader said he wanted to use the recess to confirm nominees and pass appropriations bills. Senate Majority Leader Mitch McConnell (R-Ky.) canceled August recess due to "the historic obstruction by Senate Democrats".

Most liked

Organic Matter Found On Mars, Nasa Announces
That's not to say there are no non-biological sources, but on our world they're swamped by cow farts and belching bacteria. They're considered necessary for life to form , but there are plenty of places with lots of organic compounds but no life.

Macron and Trudeau vow to confront Trump on tariffs
In April, Canada tried to address what Trump said were concerns about Chinese steel and aluminum being dumped into Canada and then being shipped into the United States.

Kevin Durant Held Back From Heckling Cavs Fan
Of course, after running through the checklist of phenomena required to beat the Warriors, it just still might not be enough. Golden State is one win away from capturing back-to-back titles and three in the past four years.

1 with Garbine Muguruza
I just went and searched for her in the training room", Stephens laughed in her press conference following her quarter-finals. Open", said Stephens , whose late father, John, was the 1988 NFL Offensive Rookie of the Year with the New England Patriots.

Imran Khan's ex-wife makes shocking claims about Wasim Akram
In an interview to CNN-News18, Reham Khan alleged that sexual favours were used to get political positions within PTI ranks. Since then, the BBC's former weather presenter has sought an injunction to prevent further releases.

Bayer raises 6bn euros in new capital to finance Monsanto deal
Baumann said that he aimed to "double" Bayer's business in the agriculture sector as a result of the corporate fusion. "The acquired products will retain their brand names and become part of the Bayer portfolio", it said per Reuters.

Instagram Looking to Add Long-Form Video
The report does not clarify whether the hour-long videos would be posted in Stories, the main photo feed, or both. Instagram has been in touch with content creators and publishers over long form videos, the report says.

Kim Kardashian Celebrates President Trump's Commutation of Alice Johnson
This was a road I never dreamed of venturing down. "Once Alice's family joined the call, the tears never stopped flowing". And she also has connections to the White House: Her husband, rapper Kanye West, is a well-known Trump supporter.

Philly woman arrested on Wildwood beach speaks out
As officers try to arrest her, she runs away, shouting profanities and telling them not to handcuff her. Dicht said Weinman wasn't looking for trouble and was just trying to enjoy the day with her child.

'A Star is Born' trailer starring Bradley Cooper and Lady Gaga
Lady Gaga flaunts her figure Fri, January 5, 2018 Lady Gaga wasn't afraid to bare all when she stepped this rather risqué look. Gaga is performing original songs in the film, which she co-wrote with Cooper and other artists, including Mark Ronson .

Spend 15 Minutes With The New BMW X5 In Official Videos
Launched back in 1999, the X5 served as BMW's first foray into what was to become a much crowed luxury SUV segment. The LED headlamps are new and come with BMW's laser light tech with adaptive LED signature in the blue X-motif.

Planet Nine Might Not Be Responsible For Bizarre Orbits Of Distant Objects
But because the largest objects are hurled into the most eccentric orbits, they become more hard to find, the researchers said. These bumper car-like interactions can explain numerous anomalies out there, without needing to invent a huge Planet Nine.

IHOP teases mysterious name change -- What does IHOB mean?
So until then, sit back, channel your inner IHOP , and brainstorm what the franchise's new name will be like everyone else. Fret not, pancake fans - regardless of their name, the restaurant promises to always deliver on pancakes.

Kerr upgrades Iguodala's status ahead of Game 3 vs Cavs
Teams and management and the league itself are very supportive of not only community service, of course, but political commentary. Smith also mentioned the Warriors as an option, so if you're looking to get a big payout, perhaps that makes the most sense.

’13 Reasons Why’ Renewed for Season 3 at Netflix
The show has faced heavy criticism for its depiction of depression, suicide and rape but remains one of Netflix's buzziest series. Spoiler alert! While some of the story was wrapped up, there are many storylines that remain open and need to be wrapped up.