“Medicare and Social Security go-broke dates pushed up due to rising health care costs, new SSA law,” by Fatima Hussein, Associated Press
“The go-broke dates for Medicare and Social Security‘s trust funds have moved up as rising health care costs and new legislation affecting Social Security benefits have contributed to earlier projected depletion dates, according to an annual report released Wednesday. The go-broke date — or the date at which the programs will no longer have enough funds to pay full benefits — was pushed up to 2033 for Medicare’s hospital insurance trust fund, according to the new report from the programs’ trustees. Last year’s report put the go-broke date at 2036. Meanwhile, Social Security’s trust funds — which cover old age and disability recipients — will be unable to pay full benefits beginning in 2034, instead of last year’s estimate of 2035. After that point, Social Security would only be able to pay 81% of benefits.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
Seems like the go-broke dates for these Ponzified entitlements usually get pushed further out instead of closer in. Could be their canary is gasping. Consider what else happens to Social Security and Medicare in the early 2030s. Boomers start turning 85 in 2031 when their health falls apart and their medical and LTC expenses surge. Economically, the 2030s may look a lot like the 1930s.