The financial outlook for Medicare and Social Security has significantly worsened, as the bad economy and mounting job losses have pushed both programs years closer to insolvency, according to a grim report issued Tuesday by the Obama administration.
The new projection, in an annual report from the programs’ trustees, says that Medicare’s hospital insurance trust fund will be exhausted in 2017, just a year after President Obama would leave office if re-elected to a second term. Last year the trustees said they expected the fund to last until 2019.
The trustees also said that Social Security’s reserves now face depletion in 2037, four years sooner than the previous projection of 2041. The projections assume that there are no changes in current benefits, policies and tax rates.
This annual report is the biggest joke printed on paper. The whole idea of these programs is bankrupt. Looking for political will to really attack the underlying problems. I have a bridge I can sell you real cheap…..good location…..sure money maker……..
Social Security – a legal ponzi scheme, those of us under 50 will never get back what we pay in, the workforce will be too small…..
Hey, wait…I have a great idea! Let’s put the folks who run these complete control of our healthcare, banks and industry! What could possibly go wrong?
I have paid into the social security system my entire working life. I have help fund my grandparents generation and my parents generation. If you think I feel entitled, I do. I will take a lump sum plus interest for the money deducted monthly for over
35 years, factoring in an annual inflation rate of 7 percent. Thats fair, isnt it? This is all such a crock. Would I have been able to refuse the SS deduction without penalty?
Centex,
I’d take it too, but they’ve already spent it, courtesy of a Texan president who got into office when his boss was murdered. In Texas.
Pray that Obama survives his first term. We are in enough trouble already.
Yep, every penny has been spent, including the phony “trust fund.”
I’ve already told my wife that I’ll accept my SS check when I’m eligible, but it’s going straight to my kids in cash. I think returning stolen property is the least one can do for the rightful owners.
#6..
Do you not feel YOUR money has been stolen from you?
Of course I do, centexn, to the tune of hundreds of thousands of dollars when simple interest is included. That doesn’t excuse me from then stealing from my children.