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3 Things to Know About the Trustees Report on Social Security and Medicare

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Unread 04.23.19, 05:05 PM
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3 Things to Know About the Trustees Report on Social Security and Medicare

04.22.19 01:15 PM

The latest report on Medicare and Social Security isnít good. In fact, the trustees of the programs found that both are in a*dire*situation if substantial reforms are not made. Here are the three main takeaways from Mondayís Trustees*Report: Social Security will be insolvent by 2035.*Trustees said that at the current pace, the program will only have enough money to cover*80%*of what it is supposed to cover. If reforms arenít made, this could lead to mandatory cuts to the program*of 20%! Medicare will become insolvent even earlier than Social Security.*The report says that unless*serious reforms are made, Medicare will be out of money by 2026, which could mean medical*service providers*will*only*be*paid a portion of*what they are rightfully due. Itís time for Washington to act.*As the*reports*show,*if Congress doesnít act soon, these programs will not be able to cover their respective obligations. Unfortunately,*these reports Ė and the warnings they contain Ė will end up gathering dust on shelves all over Washington. Meanwhile, the fiscal apocalypse gets nearer and nearer. Itís time to*reform*these programs*before itís too late!

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