Social Security has 16 years left before benefit cuts begin, report says

Social Security has 16 years left before benefit cuts begin, report says

This year, the program's cost will outstrip total income by $2 billion and non-interest income by $85 billion, the report said.

The trustees forecast that 100% of benefits will be covered through 2034, after which the trust funds for Social Security, which also cover old age and disability insurance programs, will only be able to cover about 79% of benefits.

Medicare's hospital insurance fund, meanwhile, will become insolvent by 2026, or three years sooner than projected last year.

Tuesday's report from program trustees says Medicare's giant trust fund for inpatient care won't be able to cover projected medical bills starting in 2026, three years earlier than previously expected. Medicare is also expected to spend more than projected previous year, the report said.

President Trump pledged during the 2016 campaign to leave Social Security and Medicare benefits untouched, putting him on a crash course with Republicans on Capitol Hill who have said they wanted to tackle the programs' problems by limiting future benefit increases.

The twin warnings come as Congress has cut revenue and boosted spending - moves that, analysts say, will leave the government's finances struggling for years to come.

Official Trailer Released for Spider-Man: Into the Spider-Verse
Here the protagonist isn't Peter Parker but Miles Morales - a young black kid from Brooklyn with his own distinctive Spider-suit. Hailee Steinfeld will play spunky, free-spirited Spider-Gwen. "They have generous minds and great big hearts".

Nancy Berryhill, the acting commissioner of the Social Security Administration, acknowledged that while the projected depletion date of the combined Social Security Trust Funds has not changed, "The fact remains that Congress can keep Social Security strong by taking action to ensure the future of the program". Some 45 million retirees and six million dependents receive Social Security benefits.

"Lawmakers have a broad continuum of policy options that would close or reduce Social Security's long-term financing shortfall", the report noted.

"Lackluster economic growth in previous years, coupled with an aging population, has contributed to the projected shortages for both Social Security and Medicare", Mr. Mnuchin said in a statement following the release of the trustees' report.

"The programs remain secure", he said, adding: "The administration's economic agenda - tax cuts, regulatory reform, and improved trade agreements - will generate the long-term growth needed to help secure these programs and lead them to a more stable path".

The report says the other trust fund, which covers Medicare Parts B and D, is expected to be financed through the next 10 years and beyond.

Related News:



Most liked

David Spade 'can't believe' sister-in-law Kate Spade is dead
The Kate Spade New York brand launched in 1993 and quickly grew to include more than 140 physical retail locations across the U.S. But they did confirm that Andy Spade had moved out of the family home and was seeking a divorce from his designer partner.

Woman discovers cancer thanks to doctor watching HGTV
She needs a sonogram and fine needle biopsy. "I am watching a TV show and notice this woman has a left thyroid mass", he wrote. Hopefully, McGuinness will be successful in her fight against cancer once again - and her recovery will be all thanks to Dr.

Here’s The Real Reason Why Drake Hasn’t Responded To Pusha T Yet
Prince has reportedly told Drizzy to stand down in his beef with Pusha-T. The Clipse Have New Music In The Chamber. Prince is one of Drake's advisers.

Google releases second Android P beta with a ton of new emoji
Redheads are finally recognised, while a new superhero emoji can be represented in two genders and five skin tones. Google released the first public Android P Beta during its I/O conference in May, but we're already onto Beta 2.

Mexico Hits US With Retaliatory Tariffs
The United States trade representative office told the Washington Post that the USA actually has a trade surplus with Canada. The U.S. imports $417 billion in goods from the European Union , $294 billion from Mexico and $278 billion from Canada.

Aide: EPA’s Pruitt sought used mattress from Trump hotel
The hotel's director of sales and marketing, Patricia Tang, said Monday that the establishment does not sell its used mattresses. Hupp couldn't recall if the mattress purchase went through, but said it was around the time of Pruitt's apartment search.

Comedian Follows Clinton on Colbert With Forgotten Point About Monica Lewinsky's 'Exceptionalism'
He even claimed, "I like the #MeToo movement", saying that "it's way overdue", but "it doesn't mean I agree with everything". Clinton also insisted that a personal apology was unnecessary because he already "apologized to everybody in the world".

Sonos Unveils New 'Sonos Beam' Soundbar With AirPlay 2, Alexa
The soundbar is 60-percent smaller and $300 cheaper than a Playbar , so it's a better speaker option for those on a budget. The company said it would also be working to eventually integrate voice assistants from China-based technology companies.

Stephens thrashes Kontaveit to reach French Open quarter-finals
This year she won her first premier level title at Miami, maintaining her ideal record in finals which now stands at 6-0. Seconds later, she threw her head back after serving a booming ace that flew past Buzarnescu before she could react.

SIMMONS SNAPSHOTS: It's all but over for the Cinderella Golden Knights
With our system - I'm not going to go into detail - we just talked about having numbers and layers and making it hard ... We didn't have enough shots. "They took penalties and we're OK with that if they want to take penalties".

Joe Scarborough Hits Back at Donald Trump Over Melania Tweet
Over the course of May, Melania didn't make a single public appearance, ostensibly while recovering from a kidney procedure. Her last public appearance was on May 10, shortly before undergoing surgery for a benign kidney condition .

Trump declares that Melania 'is doing really well!'
Some media outlets painted the first lady as " missing in action " since she underwent a kidney procedure last month. Mrs Trump went through an "embolisation procedure" which her office said was "successful" with "no complications".

Puerto Rico agency sues government to obtain death data
University of Puerto Rico professor Rafael Acevedo is credited with coming up with the idea for the shoe memorial. Rossello said he does not stand by the official death toll.

'A Star is Born' trailer starring Bradley Cooper and Lady Gaga
It was rebooted in 1954 with Judy Garland and James Mason, and in 1976 with Barbra Streisand and Kris Kristofferson . The "Million Reasons" singer also took to Instagram on Wednesday to talk about her experience making the movie.

Aston Villa suspend CEO Keith Wyness after reportedly missing normal tax payment
Villa lost to Fulham in the play-off final last month and Xia suggested last week that changes were coming in response to that failure.