Frays in that Social Security Blanket…

Medicare to go broke three years earlier than expected trustees say

Medicare to go broke three years earlier than expected trustees say

While costs have exceeded net income since 2010, this is the first time in more than three decades that spending is expected to outweigh total income, by about $2 billion, meaning asset reserves will decline.

Here's the problem. There are no such "trust funds".

This would leave the fund depleted by 2034, matching last year's forecast.

In a companion report, federal officials said the Social Security Trust Funds for old-age benefits and disability insurance, taken together, could be depleted in 2034, the same year projected in last year's report. After that, the government predicts it will be able to pay 91 percent of promised benefits.

Each year, the trustees of Medicare and Social Security release their annual reports on the financial health of their programs.

Imran Khan's ex-wife threatens to file defamation suit against Reham Khan
In an interview to CNN-News18, Reham Khan alleged that sexual favours were used to get political positions within PTI ranks. This constituted a violation of Article 62 and 63 of the Constitution, she was quoted as saying by the Pakistani media.

Sixty-two million people, including 45 million retired workers, were receiving OASDI benefits at the end of 2017.

In 2017, Medicare covered 58.4 million people, with 49.5 million older than 65. In simple economic terms, the government must balance the equation by either giving the programs more money (raising taxes) or cutting costs (reducing benefits), both moves that in his campaign candidate Trump said he would never do. The four top officials serve as the Social Security and Medicare trustees, along with two independent trustees who are supposed to represent the public. Democrats insist that the programs would remain solvent as long as the rich pay their "fair share", while Republicans claim that they simply need to eliminate "waste, fraud, and abuse" in the federal budget. The U.S.is now closer to the insolvency of the Social Security than to the attacks of September 11.

Medicare Part B, and D will remain adequately funded "into the indefinite future", the trustees reported, because law provides financing from general revenues and beneficiary premiums each year to meet the next year's expected costs.

Both the cost-of-living increase and the Medicare outpatient premium are not officially determined until later in the year, and the initial projections can change. America's long-term finances, however, are not in such good shape, as another federal report, this one out Tuesday from the trustees who oversee Social Security and Medicare, reminds us.

Treasury Secretary Steven Mnuchin said in a statement that there's time to fix the problems.

Recommended News

  • Why home court could give LeBron, Cavaliers the advantage they need

    Why home court could give LeBron, Cavaliers the advantage they need

    At home, he set up his teammates slightly more but posted similar stats of 27.5 points, 8.8 rebounds and 9.7 assists per game. This is the third time Durant and James have faced off in the Finals, each earning 4-1 series wins over the other.
    GOP's budget recipe about complete before going to Cooper

    GOP's budget recipe about complete before going to Cooper

    He said Democrats "genuinely want to work with you" and were frustrated to have been shut out of the budget-writing process. How likely is that to work and could that backfire on them? "We skipped a couple steps for expediency", Woodhouse said.
    BMW X5 is now bigger and arrives in November

    BMW X5 is now bigger and arrives in November

    The two diesel engine options will include a 400bhp unit in the M50d and a 265bhp unit in the xDrive30d. In front of the driver, the head-up display is now larger with 3D graphics and more display content.
  • Jeep Renegade facelift revealed

    Jeep Renegade facelift revealed

    For European markets, 2019 Jeep Renegade will be powered by a new 1.0 liter, 3 cylinder engine offering 120 hp peak power. Another addition to the front is the new set of fog lamps on the lower bumper with a clear-lens turn indicator above it.
    Donald Glover & Ryan Gosling Rumored for Willy Wonka Shortlist

    Donald Glover & Ryan Gosling Rumored for Willy Wonka Shortlist

    Till then, drop us a line in the comments explaining who you think is best suited to the role. The new Wonka film will be the third time the character has appeared on the big screen.
    Are Kendall Jenner & Anwar Hadid DATING??

    Are Kendall Jenner & Anwar Hadid DATING??

    Her sisters may all be in relationships, but Kendall Jenner is enjoying the single life to the fullest extent. The pair have since unfollowed each other on Instagram , with Peltz deleting all photos of herself with Hadid.
  • Simona Halep sweeps aside Garbine Muguruza to reach French Open final

    Keys will have to be patient in this semi-final, and only pull the trigger when she's ready to finish off the point. She also was coming off a lopsided victory in the quarterfinals a day earlier, overwhelming Sharapova 6-2, 6-1.
    Sonos announces the Sonos Beam, a soundbar with Alexa built

    Sonos announces the Sonos Beam, a soundbar with Alexa built

    Bass has some oomph to it, and can be upgraded with the addition of the Sonos Sub, while the highs peeked through periodically. The sound bar also offers support for Apple's recently introduced AirPlay 2 audio streaming protocol and control with Siri.
    Donald Trump Denounces Rumors About Melania Trump's Absence

    Donald Trump Denounces Rumors About Melania Trump's Absence

    The White House offered few updates on the first lady's condition, and this week, her office lashed out at journalists for asking. Trump underwent a kidney procedure and recuperated in the hospital for five days, according to the White House .
  • ZTE will reportedly pay over $1 billion to lift United States  ban

    ZTE will reportedly pay over $1 billion to lift United States ban

    US officials reached a deal on June 7, 2018, to ease sanctions that threatened to cripple Chinese smartphone maker ZTE, Ross said. That was a potential death blow to ZTE, which relies on US technology for an estimated 25 to 30 percent of its components.
    Instagram goes for Youtube's throat, to allow one-hour long videos

    Instagram goes for Youtube's throat, to allow one-hour long videos

    The idea of exploring long-form content is an extension of CEO Mark Zuckerberg's emphasis on video-sharing. However, the WSJ does note how these plans are "tentative and subject to change".
    Diego Schwartzman stops game on set point to get ailing spectator help

    Diego Schwartzman stops game on set point to get ailing spectator help

    Nadal also called for a medical time-out at the end of the first set to receive some treatment on both of his wrists. The victor of the match will play either third seed Marin Cilic or Schwartzman's compatriot Juan Martin del Potro.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.