Report: Medicare, Social Security Inching Toward Insolvency

Monday, 28 Jul 2014 12:49 PM

By Bill Hoffmann

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A new report prepared for Medicare and Social Security says both programs are headed for bankruptcy, but not immediately.

The Hill reports that Medicare will not go belly up until 2030, while Social Security funds will tap out by 2033.

The report, obtained by The Hill, was released by the trustees for Medicare and Social Security.

It says Medicare's financial struggles have been slowed by four years following a drop in healthcare spending.

Estimates for the Social Security program's retirement and disability pools running dry remain the same, according to The Hill.

The website reports that the disability trust fund managed by Social Security is in the most dire position of all. It is due to deplete itself in just two years.


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