BREAKING: Government: Medicare will become insolvent in 2026, three years earlier than expected.

[sunonmars]

BREAKING: Government: Medicare will become insolvent in 2026, three years earlier than expected, Social Security to follow in 2034.

Link to tweet

https://apnews.com/604e68f172cb4a50848f1b92512e86dc?utm_source=Twitter&utm_campaign=SocialFlow&utm_medium=AP

WASHINGTON (AP) — The government says Medicare’s financial problems are getting worse and Social Security’s can’t be ignored.

Tuesday’s report from program trustees says Medicare’s giant trust fund for inpatient care won’t be able to cover projected medical bills starting in 2026, three years earlier than previously expected. Social Security will become insolvent in 2034 — no change.

The annual checkup on the two bedrock programs serving millions of Americans is a reminder of major issues left to languish as Washington plunges deeper into partisan strife.

President Donald Trump says he won’t cut Social Security or Medicare, but hasn’t offered a rescue plan for the long run.

Democrats want to expand the safety net by spending more on health care and education.

........................

Oh look Trumps winning......

[vlyons]

1. Raise the damn cap on rich people

nt

[workinclasszero]

3. Yeah we just gave a trillion and a half dollars

to billionaires and big business.

But now we are out of money for Medicare?

I call HORSESHIT on that claim!!!

[MANative]

4. This. This is the solution to the whole mess. Period.

[moose65]

8. The cap is already lifted for Medicare

So that won't help. However, I think the cap should be lifted for Social Security, and there should be a maximum amount that one can receive as an SS payment so that extremely wealthy people won't be drawing 25,000 per month! I also think that some kind of "wealth tax" or capital gains tax on large investments would help.

[karynnj]

13. The maximum social security payment is $2,639 now nt

[moose65]

15. Yeah, that's WITH the cap

It would need to stay at the same amount even with the cap lifted.

[Zoonart]

12. YEP... CUT THE CRAP. RAISE THE CAP!

[Iliyah]

2. Is that from the recent tax cuts for the very

wealthy? Get Dems in there fast, they will know what to do.

[Eliot Rosewater]

5. But nose holders had to hold their noses, whiners had to whine.

Thank you, by the way.

Some of us will die because of... ...of ... of

[LastLiberal in PalmSprings]

6. Thank God we've got enough money for Trump's Ego Parade!

I know it's a drop in the bucket, but it shows where the fragile egomaniac's priority is.

The worst thing is that if he gets this parade (and it looks like he will), he'll want an even bigger one next year. He'll probably get the word "TRUMP" spelled out by a formation of fighter jets.

Oops! I hope I didn't just give him an idea.

[SWBTATTReg]

7. Another good reason for dems to GOTV and win in 2018 and beyond. A very good reason...

repugs have known about this for some time, so where's their action plan on saving?

[workinclasszero]

9. Should be campaigned on by every dem in the run up to the midterms

The GOP that just gave a trillion and a half away to billionaires are coming for your Medicare and Social Security to pay for it!

[SWBTATTReg]

17. absolutely! nt

[Freethinker65]

10. and Trump is pledging a second round of tax cuts

[Clarity2]

11. This is not what socialsecurityworks.org says

https://www.socialsecurityworks.org/2018/06/04/2018-trustees-report-backgrounder/

So is the government...gasp...lying?? To force feed Ryans agenda?

[Hortensis]

14. Don't you mean anti-government billionaires are ahead

at this moment? We'll fix it.

[Gothmog]

16. Medicare, Social Security Forecasts Show No Sign Of Trump's Promised Growth

Tax cuts do not cause increase growth or revenue https://talkingpointsmemo.com/dc/medicare-social-security-forecasts-show-no-sign-of-trumps-promised-growth

Medicare’s trust fund for inpatient care will become insolvent in 2026, three years earlier than previously expected, the trustees reported Tuesday. The insolvency date for Social Security stayed steady, with a projection of 2034. That does not mean, however, that the funds will be exhausted by those dates. Rather, those are the dates that the programs’ costs will exceed the tax revenue coming in. The report found that the programs will be able to cover about three-quarters of promised benefits for the next half-century without any policy changes.

Announcing the report, Treasury Secretary Steve Mnuchin insisted that the tax cuts Republicans passed earlier this year will generate so much economic activity that they will more than cover the benefits of the tens of millions of American who depend on the programs.

“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,” he said. “Social Security and Medicare are the federal government’s two largest programs, and millions of Americans heavily rely on their benefits. Robust economic growth will help to ensure their lasting stability.”

Tuesday’s report shows, however, that not only has that promised growth failed to materialize, the deep tax cuts are causing the federal trust funds to deplete faster — though the biggest factor is that there are more people retiring and depending on the program than there are taxpaying workers to replace them. The report itself also acknowledged that the tax bill’s health care changes are worsening the Medicare trust fund’s financial future, citing “the repeal of the individual mandate, which increased the estimate of the number of uninsured, in turn leading to a large increase in uncompensated care payments.”