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.

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