Officials Agree Social Security, Medicare Are in Deep Trouble, but Solutions Mean Tough Choices

Contact Your Elected Officials
The Epoch Times Logo

Social Security will be unable to pay full benefits a year earlier than previously projected, while Medicare’s insolvency date remains just five years away, according to the latest trustee reports.

But nobody in the nation’s capital is stepping up with proposals to fix the two largest federal entitlement programs.

Between them, Social Security and Medicare consume nearly $2 trillion annually to pay retirement and hospitalization benefits depended upon by millions of Americans. Those benefits consume 29 percent of all federal spending, according to USASpending.gov.

The cost of benefits are rising faster than the available funds to cover them—tax revenues, individual premiums and trust funds—with the result that, absent any reforms, Medicare insolvency is projected for 2026 and Social Security’s for 2033, according to the reports made public Aug. 31.

Senate Finance Committee Chairman Ron Wyden (D-Ore.) released a statement Wednesday about the dire fiscal conditions of the two programs.

“According to the report that came out today, the Social Security trust fund will be depleted a year earlier than last projected. That means workers in the future will take a 25 percent cut in benefits, even though they’ll still be contributing to Social Security with every single paycheck,” Wyden said.

“And while the projected depletion of the Medicare Trust Fund remains unchanged from last year’s report, this provides cold comfort to the millions of Americans who rely on the Medicare program for their health care. Congress must work hand in hand with President Biden to ensure that Medicare and Social Security will keep the promises made to workers, seniors and people with disabilities to ensure a dignified retirement and high-quality health benefits,” the Oregon Democrat said.

House Ways and Means Committee Chairman Stephen Neal (D-Mass.) also took note of the trustees’ reports, saying, “throughout the tumult of the past year and a half, the promise and support of Social Security and Medicare remained constant.

“In the depths of the COVID crisis, these earned benefits helped families stay afloat and ensured access to health care. Democrats remain committed to preserving and strengthening these vital programs so that Americans never have to worry about losing the critical economic security they provide.”

By Mark Tapscott

Read Full Article on TheEpochTimes.com

The Thinking Conservative
The Thinking Conservativehttps://www.thethinkingconservative.com/
The goal of THE THINKING CONSERVATIVE is to help us educate ourselves on conservative topics of importance to our freedom and our pursuit of happiness. We do this by sharing conservative opinions on all kinds of subjects, from all types of people, and all kinds of media, in a way that will challenge our perceptions and help us to make educated choices.

Kamala, Please Run Again

Kamala Harris hinted she wants to run for President in 2028, despite poor poll numbers and her loss in 2024. If she runs, the big winners will be the GOP.

Rosie O’Donnell vs. Her Therapist

Rosie O’Donnell's therapist attempted to artfully introduce to her client to the possibility that Rosie's outrage might be performative. It didn’t take.

Hamas’s Stubborn Grip on Arms Signals No Desire for Genuine Peace

Hamas’s rhetoric reflects its founding ideology, prioritizing armed resistance over civilian welfare or diplomatic progress.

Off the radar

In the longstanding and brutal ledger of religious persecution, Nigeria now occupies its own grim chapter with its enduring pogrom against Christians.

The New Jackboots? A Wake-Up Call on Antifa and Fascism

An analysis of whether Antifa truly opposes fascism by comparing its tactics and behavior to historical signs and movements of fascist regimes.

USDA Says SNAP Benefits Will Expire for 41 Million People If Shutdown Persists

More than 41 million Americans will go without food stamps next month if Congress does not vote to reopen the government in time.

Newsom Confirms He’s Considering 2028 Presidential Bid

California Gov. Gavin Newsom said he will seriously consider a presidential campaign after the 2026 midterms are over.

‘Showing Up in Droves’—Gen Z Trades Graduation Caps for Hard Hats

The share of Generation Z workers in the construction labor force more than doubled between 2019 and 2023, according to a recent report.

Dallas Doctor Surrenders License After Texas AG Sues for Prescribing Gender Transition Drugs to Minors

Doctor surrendered her medical license following lawsuit by Texas AG Paxton, accusing her of illegally prescribing gender transition drugs to minors.

Trump Hikes Canada’s Tariffs by 10 Percent for Not Pulling Anti-Tariff Ad Immediately

Trump announced he will increase tariffs on Canada by 10% after ad by provincial government of Ontario misrepresented President Reagan’s speech on tariffs.

Trump Rolls Back Emissions Rules on Copper Smelters

President Trump issued a proclamation aimed at reversing a Biden-era environmental rule that enforced stricter air emission standards on copper smelters.

Donor Gives $130 Million to Cover Shortfall in Troop Pay During Shutdown

Trump announced on Oct. 23 that an anonymous donor sent $130M to cover military pay during the ongoing government shutdown.

‘Frustration’ With Canada Led to Trump Scrapping Talks, Not Just Ontario’s Ad: US Official

President Trump cited Ontario’s TV ad as the reason for halting Canada trade talks, but officials say it stems from rising U.S. frustration with Ottawa.
spot_img

Related Articles

Popular Categories

MAGA Business Central