The New CS Board

[jumanji0881]

US Social Security and Medicare Approach Insolvency, Warns Trustees
https://www.zerohedge.com/personal-finance/us-social-security-and-medicare-approach-insolvency-warns-trustees

My Comment: Debt and more debt. How much longer can this continue?

Excerpts:
The Social Security program will be insolvent in 13 years by 2035,

Once the program becomes insolvent, all beneficiaries will face an across-the-board benefits cut of 20 percent.

This year, the Trustees estimate Social Security to run a cash-flow deficit of $112 billion, which comes to 1.3 percent of taxable payroll.

Over the next decade, Social Security is calculated to run deficits of almost $2.5 trillion, which is equivalent to 0.8 percent of GDP or 2.1 percent of taxable payroll.

By 2040, the annual deficit is predicted to grow to 3.4 percent of taxable payroll, moving even higher to 4.3 percent of payroll by 2096

Meanwhile, the Medicare Hospital Insurance (HI) trust fund will exhaust its reserves over the next six years by 2028,

The estimates of Trustees closely match with the recent predictions of the Congressional Budget Office (CBO) which calculates Medicare HI trust funds to become exhausted by 2030 and the Social Security to become insolvent by 2033.