social security medicare burning through funds
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

The program had gained a "sizable improvement"

Social Security, Medicare burning through funds

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today Social Security, Medicare burning through funds

picture shows activists on Capitol Hill in Washington
WASHINGTON - AFP

picture shows activists on Capitol Hill in Washington The United States is burning through its health care and retirement fund pools faster than planned, with the Medicare trust fund to be exhausted by 2024, five years earlier than expected, officials said . A combination of higher costs and lower-than-expected revenues has worsened the outlook for Medicare as well as for Social Security, which will use up its huge trust fund in 2036, one year earlier than was projected last year, plan trustees said in their annual reports.
They emphasized that the forecasts point to dates when the level of payouts to beneficiaries to match incoming funds mostly payroll deductions and investment earnings will have to be reduced.
Medicare, which offers health care to retired and disabled Americans, would only be able to offset 90 % of the costs of care, while Social Security would pay out only 75 % of scheduled benefits, after the respective dates.
The Medicare report stressed that the program had gained a "sizable improvement" in its financial outlook due to the controversial Affordable Care Act of the administration of President Barack Obama.
But it noted the Act was still being implemented and its consequences still uncertain, with some parts of it requiring further reform.
The reports came as the White House was locked in negotiations with Congress over addressing the country's long term budget deficit, with opposition Republicans eyeing possible cuts in the two entitlement programs' benefit plans.
"Today's reports make clear that while both Social Security and Medicare have sufficient resources to meet their obligations for at least the next decade, it is important that we put in place reforms to strengthen these programs," said Treasury Secretary Timothy Geithner, who is the managing trustee of both of the funds.
"Fundamentally, Social Security and Medicare benefits are secure today, but reform will be needed so that they will be there for current and future retirees."
Both plans are facing sharply rising costs from the onset of the "baby boomer" generation born between 1946 and 1963 a huge demographic bubble just beginning to retire.
Their wages have funded the trust funds, but the generation behind them is not adding enough to keep up with the expected rise in payouts especially with health care costs rocketing.
The change in the forecasts reflect lower estimates for death rates for the elderly, higher costs in Medicare's case, as well as lower-than expected income in the past year due to the sluggish economic recover.

almaghribtoday
almaghribtoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

social security medicare burning through funds social security medicare burning through funds

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

social security medicare burning through funds social security medicare burning through funds

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more

GMT 09:47 2018 Tuesday ,23 January

To 'eternal style' of late Alaia

GMT 17:12 2012 Wednesday ,16 May

LG unveils new user interface for ICS devices

GMT 15:03 2013 Thursday ,25 July

Belgium under heat wave

GMT 04:59 2015 Tuesday ,01 September

Qatar coral reef at risk from warming seas

GMT 21:51 2016 Friday ,14 October

3 frontier corps personnel killed in Quetta

GMT 14:42 2012 Saturday ,21 January

Bella Cruise debuts new main squeeze

GMT 13:52 2013 Tuesday ,26 March

Indian director talks about Himmatwala remake

GMT 22:26 2017 Sunday ,08 January

1 Turkish soldier, 37 Daesh militants killed

GMT 02:35 2014 Sunday ,29 June

Hilton Jaipur unveils new main restaurant

GMT 20:51 2015 Saturday ,10 January

Twofour54 will train Saudi journalists

GMT 21:47 2015 Tuesday ,20 January

Kuwait shuts newspaper critical of government

GMT 09:38 2013 Tuesday ,31 December

SRA discovers new plant species in UAE
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday