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Social Security & Medicare funds at risk even before virus

JacksinPA

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Social Security and Medicare funds at risk even before virus

WASHINGTON (AP) — The financial conditions of the government’s two biggest benefits programs remain shaky, with Medicare projected to become insolvent in six years and Social Security on track to no longer be able to pay full benefits starting in 2035.

And that’s without accounting for the impact of the coronavirus, which is sure to impose further pressure on the two programs.

For Social Security, the projected 2035 date for exhausting the trust fund reserves means that it would be able to pay only 79% of benefits at that time.

The projected timetables, which remained unchanged from last year’s estimates, were revealed Wednesday with the release of the annual trustees reports of both programs.
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I hadn't been planning to live that long anyway, so who cares?
 
Social Security and Medicare funds at risk even before virus

WASHINGTON (AP) — The financial conditions of the government’s two biggest benefits programs remain shaky, with Medicare projected to become insolvent in six years and Social Security on track to no longer be able to pay full benefits starting in 2035.

And that’s without accounting for the impact of the coronavirus, which is sure to impose further pressure on the two programs.

For Social Security, the projected 2035 date for exhausting the trust fund reserves means that it would be able to pay only 79% of benefits at that time.

The projected timetables, which remained unchanged from last year’s estimates, were revealed Wednesday with the release of the annual trustees reports of both programs.
=================================================================
I hadn't been planning to live that long anyway, so who cares?

Not to worry, congress will just increase their annual deficit spending. ;)
 
Social Security and Medicare funds at risk even before virus

WASHINGTON (AP) — The financial conditions of the government’s two biggest benefits programs remain shaky, with Medicare projected to become insolvent in six years and Social Security on track to no longer be able to pay full benefits starting in 2035.

And that’s without accounting for the impact of the coronavirus, which is sure to impose further pressure on the two programs.

For Social Security, the projected 2035 date for exhausting the trust fund reserves means that it would be able to pay only 79% of benefits at that time.

The projected timetables, which remained unchanged from last year’s estimates, were revealed Wednesday with the release of the annual trustees reports of both programs.
=================================================================
I hadn't been planning to live that long anyway, so who cares?

Not sure what this has to do with the virus. We have had this looking problem for a long time,several administrations. Does anyone believe that when the "trust fund" runs out this will impact payouts. I do not.
 
We have to let the rich raid those programs next, or trickle piss won't work right.
 
Social Security and Medicare funds at risk even before virus

WASHINGTON (AP) — The financial conditions of the government’s two biggest benefits programs remain shaky, with Medicare projected to become insolvent in six years and Social Security on track to no longer be able to pay full benefits starting in 2035.

And that’s without accounting for the impact of the coronavirus, which is sure to impose further pressure on the two programs.

For Social Security, the projected 2035 date for exhausting the trust fund reserves means that it would be able to pay only 79% of benefits at that time.

The projected timetables, which remained unchanged from last year’s estimates, were revealed Wednesday with the release of the annual trustees reports of both programs.
=================================================================
I hadn't been planning to live that long anyway, so who cares?

If they can bail out big banks and airlines, etc., why can't they bail out Medicare and Social Security?
 
Open up the economy, let the virus go free and watch SS become sustainable for the next 30 year's.

Dead old people don't collect SS
 
Social Security and Medicare funds at risk even before virus

WASHINGTON (AP) — The financial conditions of the government’s two biggest benefits programs remain shaky, with Medicare projected to become insolvent in six years and Social Security on track to no longer be able to pay full benefits starting in 2035.

And that’s without accounting for the impact of the coronavirus, which is sure to impose further pressure on the two programs.

For Social Security, the projected 2035 date for exhausting the trust fund reserves means that it would be able to pay only 79% of benefits at that time.

The projected timetables, which remained unchanged from last year’s estimates, were revealed Wednesday with the release of the annual trustees reports of both programs.
=================================================================
I hadn't been planning to live that long anyway, so who cares?

79% was last year. This year it is 75%. People don't plan to have car accidents, but they tend to worry if the insurer is unable to pay for wrecks.
 
If they can bail out big banks and airlines, etc., why can't they bail out Medicare and Social Security?

Structurally the program pays benefits to retirees as an earned benefit. They have paid for benefits, but not enough. If the government bails-out Social Security, it means that we are going to use public funds to give some of the nation's wealthiest people a very generous retirement stipend. Can you justify using public money to give Bernie Sanders a $50K check when about 1/5th of our poorest seniors aren't eligible? Why should Social Security bene(s) be given protected pensions when workers who do not participate in Social Security get nothing. What do you tell the guy who worked for Small Falls, RI. The city went bankrupt and took down it's city pensions with it. If Social Security deserves a bail-out so does the private pension.
 
Not sure what this has to do with the virus. We have had this looking problem for a long time,several administrations. Does anyone believe that when the "trust fund" runs out this will impact payouts. I do not.

I do. The whole point of SS structure is to avoid the question.
 
Thanks Boomers; glad you got yours.
 
Structurally the program pays benefits to retirees as an earned benefit. They have paid for benefits, but not enough. If the government bails-out Social Security, it means that we are going to use public funds to give some of the nation's wealthiest people a very generous retirement stipend. Can you justify using public money to give Bernie Sanders a $50K check when about 1/5th of our poorest seniors aren't eligible? Why should Social Security bene(s) be given protected pensions when workers who do not participate in Social Security get nothing. What do you tell the guy who worked for Small Falls, RI. The city went bankrupt and took down it's city pensions with it. If Social Security deserves a bail-out so does the private pension.

Private pensions do have a bailout program the PBGC. Private pensions are backstopped to a degree by it
 
Social Security and Medicare funds at risk even before virus

WASHINGTON (AP) — The financial conditions of the government’s two biggest benefits programs remain shaky, with Medicare projected to become insolvent in six years and Social Security on track to no longer be able to pay full benefits starting in 2035.

And that’s without accounting for the impact of the coronavirus, which is sure to impose further pressure on the two programs.

For Social Security, the projected 2035 date for exhausting the trust fund reserves means that it would be able to pay only 79% of benefits at that time.

The projected timetables, which remained unchanged from last year’s estimates, were revealed Wednesday with the release of the annual trustees reports of both programs.
=================================================================
I hadn't been planning to live that long anyway, so who cares?

The GOP plan has always been to bankrupt the safety net system. Killing people to do it is just collateral damage.
 
Not to mention the bankrupt unfunded mandates to government employee pension plans in liberals hellholes like Chicago/Illinois, CA etc.

Can we all agree to NO Fed Gov Bail-outs for for state and/or municipal pensions?!?
 
Not to mention the bankrupt unfunded mandates to government employee pension plans in liberals hellholes like Chicago/Illinois, CA etc.

Can we all agree to NO Fed Gov Bail-outs for for state and/or municipal pensions?!?

Only if Trump and McConnell agree to resign and give up their pensions first.
 
Social Security and Medicare funds at risk even before virus

WASHINGTON (AP) — The financial conditions of the government’s two biggest benefits programs remain shaky, with Medicare projected to become insolvent in six years and Social Security on track to no longer be able to pay full benefits starting in 2035.

And that’s without accounting for the impact of the coronavirus, which is sure to impose further pressure on the two programs.

For Social Security, the projected 2035 date for exhausting the trust fund reserves means that it would be able to pay only 79% of benefits at that time.

The projected timetables, which remained unchanged from last year’s estimates, were revealed Wednesday with the release of the annual trustees reports of both programs.
=================================================================
I hadn't been planning to live that long anyway, so who cares?
Well, considering that the primary death group of Covid-19 is the 70+ age group, then the more dead, the more savings these programs will have. Maybe that's why the GOP is pressing to end the lockdown.

Sent from my Honor 8X
 
The opposing two teams

REPUBLICANS
FDR's new deal is the worst thing to happen to America. Social Security and Medicare should be eliminated or privatized. The programs are bankrupting America. They have to go. Wealthy don't need it and don't want to pay for it. Just think how much they would cut taxes on the rich without those two programs. Oh wait republicans don't have to cut spending to cut taxes for the rich. They just borrow the money to pay for it.
 
The opposing two teams

REPUBLICANS
FDR's new deal is the worst thing to happen to America. Social Security and Medicare should be eliminated or privatized. The programs are bankrupting America. They have to go. Wealthy don't need it and don't want to pay for it. Just think how much they would cut taxes on the rich without those two programs. Oh wait republicans don't have to cut spending to cut taxes for the rich. They just borrow the money to pay for it.

excuse me, the programs are not bankrupting the country; What would have happened if the government couldn't steal $3 trillion from them.?Looks to me like they're killing a cash cow
 
The opposing two teams

REPUBLICANS
FDR's new deal is the worst thing to happen to America. Social Security and Medicare should be eliminated or privatized. The programs are bankrupting America. They have to go. Wealthy don't need it and don't want to pay for it. Just think how much they would cut taxes on the rich without those two programs. Oh wait republicans don't have to cut spending to cut taxes for the rich. They just borrow the money to pay for it.

Gov't Owes Social Security $5 Tril; You'd Pay It Back | Investor's Business Daily
 
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