Frays in that Social Security Blanket…

Frays in that Social Security Blanket…

Frays in that Social Security Blanket…

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.

Truce lasts 5 days; India, Pak resume border firing
After the recent violations in ceasefire by Pakistan. "Pakistani forces have been firing mortars on our houses since morning". The locals showed the India Today crew remains of Pakistani mortar shells that exploded in the area.

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

  • Report outlines fresh twist on Liverpool's £61m pursuit of Nabil Fekir

    Report outlines fresh twist on Liverpool's £61m pursuit of Nabil Fekir

    But Aulas has revealed that the transfer is not close and is unlikely to happen before the start of the World Cup next Thursday. Fekir is expected to leave his boyhood club this summer has reportedly told Lyon that he would prefer a move to Liverpool .

    Mnuchin Tried To Convince Trump To Exempt Canada From Tariffs

    There is no doubt, though, that Trudeau is upset that the US would invoke security concerns as justification for the tariffs . With Trump, the danger with him is that he's so stupid that he doesn't know he's stupid.
    McConnell Cancels August Recess Due to 'Historic Obstruction by Senate Democrats'

    McConnell Cancels August Recess Due to 'Historic Obstruction by Senate Democrats'

    Senate Majority Leader Mitch McConnell (R-Ky.) canceled August recess due to "the historic obstruction by Senate Democrats ". Bob Corker , R-Tenn., speaks to reporters at a Christian Science Monitor breakfast meeting in Washington on April 18, 2018.
  • Imran Khan's ex-wife threatens to file defamation suit against Reham Khan

    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.
    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.
    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 .
  • 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.

    White House reportedly considering new economic penalties against Canada

    The U.S. imports $417 billion in goods from the European Union , $294 billion from Mexico and $278 billion from Canada. The Mexican tariffs target USA pork, produce, bourbon, and steel - products chosen with a political objective in mind.
    First trailer for Lady Gaga and Bradley Cooper musical hits internet

    First trailer for Lady Gaga and Bradley Cooper musical hits internet

    Cooper plays Jackson Maine, a country music star on the brink of decline who discovers a talented unknown named Ally (Gaga). He helps struggling artist Ally (Gaga) take her place in the spotlight while battling his internal demons.
  • Organic matter found on Mars in 'significant breakthrough'

    Organic matter found on Mars in 'significant breakthrough'

    Curiosity has detected large organic molecules inside ancient Martian rocks, as well as methane cycles now active on the planet. She said the discoveries break down some of the strongest arguments put forward by life-on-Mars skeptics, herself included.
    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.
    Cops in Jersey Shore beatdown won't face criminal charges

    Cops in Jersey Shore beatdown won't face criminal charges

    Dicht said once the video began to surface on the internet, that's when Wildwood police charged Weinman with aggravated assault. Police said Weinman "forcibly struck" the officer when he attempted to handcuff her, causing his body camera to shut off.

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.