Thursday, 22 August, 2019


New Report Warns Medicare and Social Security Running Out of Cash

Patty Aguilar | 06 June, 2018, 17:44

Medicare's Board of Trustees blamed the earlier depletion forecast on lower payroll taxes in 2017 as a result of lower wages, less revenue from taxing Social Security benefits and higher-than-expected spending a year ago.

Unless lawmakers act, both programs face the prospect of being unable to cover the full cost of promised benefits.

The report said the total annual cost of Social Security is projected to exceed total annual income in 2018 for the first time since the Reagan era, meaning the program will have to tap into reserves.

Medicare is widely seen as a more hard problem that goes beyond the growing number of baby boomers retiring. It's not just the growing number of beneficiaries as the baby boom generation continues moving into retirement. None of those top officials was present Tuesday; an aide cited scheduling conflicts. The public trustees are usually more candid, but those posts remain unfilled.

The Trustees' annual report comes amid a relentless push by the GOP-controlled Congress and the Trump administration to slash Social Security benefits-along with Medicare, Medicaid, and food stamps-after delivering $1.5 trillion in tax cuts to the wealthiest Americans. Legislative changes also contributed to the expected shortfall, according to a report from the program's trustees. The White House said the cuts would offset the initial drop in government revenue by spurring greater economic growth.

Higher deficits mean less maneuvering room for policymakers when the day of reckoning finally arrives for Social Security and Medicare.

House Speaker Paul Ryan, R-Wis., has always been an advocate for overhauling the programs, introducing a voucher-like system for Medicare and calling for partially privatizing Social Security.

Medicare Part A's trust fund is funded through payroll taxes, split between employer and employee.

Despite the word "depletion", the trust fund will still be able to pay beneficiaries about three-quarters of their scheduled benefits after 2034. But now that Ryan is leaving Congress, it's unclear who will take up the mantle for budget hawks.

Many Democrats, meanwhile, argue the problem is that the programs aren't generous enough. Their formula is likely to involve tax increases to help keep the programs solvent.

Recommended

loading...
...
  • Crocodile kills pastor during lake baptism

    Crocodile kills pastor during lake baptism

    His body was later recovered from the water with bite marks on his back, legs and hands, according to local reports. Lake Abaya, which covers an area of 1,162 square kilometers is known for its significant crocodile population.
    Blizzard is now  working on an unannounced Diablo game

    Blizzard is now working on an unannounced Diablo game

    It's not exactly earth-shattering news that a new Diablo is coming, but you may want to temper your expectations a little bit. Earlier today, Blizzard confirmed through a job listing that the team is now working on a new, unannounced Diablo project.
    Alfa-Romeo to add two SUVs and sportscars each by 2022

    Alfa-Romeo to add two SUVs and sportscars each by 2022

    Alfa quoted a 0-62 miles per hour sprint time of under three seconds for the new 8C that's slated to bow early next decade. Restored Alfa Romeo GTV will be dvuhdverny version of the Giulia sedan, under the hood, which hides a 2.9-liter V6 engine.
  • Kanye West Ends Feud With Drake: I'm About Love'

    Kanye West Ends Feud With Drake: I'm About Love'

    According to Billboard , the crowd began to enthusiastically chant "Fuck Drake " during "Infrared". Kanye West said the ongoing beef between rappers Drake (left) and Pusha T "isn't good for anyone".
    Rangers Set For Double Liverpool Swoop

    Rangers Set For Double Liverpool Swoop

    Rangers already have three new players coming in this summer in Scott Arfield, Allan McGregor and Jamie Murphy. The England U21 worldwide could be joined by Liverpool teammate Dominic Solanke.
    Buffalo Wild Wings Twitter Account Hacked

    Buffalo Wild Wings Twitter Account Hacked

    Another post attacked film producer and writer Tariq Nasheed with a racial slur. Buffalo Wild Wings exterior on February 1, 2018 in Jacksonville, Florida.
  • Fans fear for Johnny Depp's health

    Fans fear for Johnny Depp's health

    To find evidence of this look no farther than his fellow film star Johnny Depp , who appears to have aged three decades overnight. During his $7 million divorce from Heard, he faced allegations that he was verbally and physically abusive.
    Lava from Kilauea volcano completely fills Kapoho Bay: USGS

    Lava from Kilauea volcano completely fills Kapoho Bay: USGS

    Lava threatens homes on the outskirts of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., June 5, 2018. Instead, tsunamis or tidal waves, become more serious threats if the size of the quake increases, Preller said.
    Minnesota woman’s obituary says ‘world is a better place without her’

    Minnesota woman’s obituary says ‘world is a better place without her’

    A family's scathing obituary about their late mother has gone viral, after they wrote the "world is a better place without her". She then had two children, Gina and Jay, before the obituary alleges she got pregnant by her husband's brother, Lyle, in 1962.
  • Warner Bros. accidentally leaks Hitman 2 ahead of reveal

    Warner Bros. accidentally leaks Hitman 2 ahead of reveal

    Games was planning for a surprise reveal later this week, though the "surprise", as it turns out, apparently will be Hitman 2 . The existence of a logo for Hitman 2 suggests that 6pm United Kingdom this Thursday we will see a sequel officially announced.
    Guatemala's Deadly Fuego Volcano Ash Cloud Engulfs Police Car

    Guatemala's Deadly Fuego Volcano Ash Cloud Engulfs Police Car

    Guatemala's National Institute of Forensic Sciences raised the death toll on Tuesday evening, local time, to 75. Authorities say at least 46 people were injured in the eruption, and 12 shelters were housing 1,877 people.
    Immunotherapy Drug Keytruda Halts 'Untreatable' Prostate Cancer In Some Men

    Immunotherapy Drug Keytruda Halts 'Untreatable' Prostate Cancer In Some Men

    However, more than a third of those men who have been treated with a new drug, could stop the proliferation of malignant cells. Drugs that boost the immune system have saved the lives of some men with terminal prostate cancer, say doctors in the UK.

England stars have discussed potential for racist abuse in Russia: Ashley Young England stars have discussed potential for racist abuse in Russia: Ashley Young He's a fantastic player and if he keeps going the way he is, he'll set the world alight. I've said it from the time I saw him in the youth team - he's got a massive future.

Mariners use 2nd-round MLB Draft pick on Louisville OF Josh Stowers Mariners use 2nd-round MLB Draft pick on Louisville OF Josh Stowers Koby, the oldest of the brothers, turned pro out of high school when the Astros picked him in the eighth round of the 2005 draft. Clemens wasn't the only familiar name to be selected in the third round.

Danny DeVito poses with cardboard cutout of prom-goer Danny DeVito poses with cardboard cutout of prom-goer Last month, 17-year-old Allison Closs went viral after bringing a cardboard cut-out of Danny DeVito to prom. For the record, they both looked really good! 'Until one day, I had this idea. "I have always loved Danny".

Kendall Jenner Caught Kissing Gigi and Bella Hadid's Younger Brother Anwar Kendall Jenner Caught Kissing Gigi and Bella Hadid's Younger Brother Anwar Her sisters may all be in relationships, but Kendall Jenner is enjoying the single life to the fullest extent. News at the time that 'Kendall's been out with Ben Simmons a few times and she really likes him.

White House Aid Kelly Sadler Out After Mocking John McCain White House Aid Kelly Sadler Out After Mocking John McCain Meghan McCain, a conservative commentator on ABC's popular morning talk show " The View ", delivered a defence of her father. Sadler's heartless remark quickly drew a firestorm of criticism , including from McCain's wife, Cindy .

Melania Trump won't travel to G7, N.Korea summits Melania Trump won't travel to G7, N.Korea summits Melania Trump attended the G7 summit in Sicily previous year , making headlines on her debut global trip as First Lady. The president then plans to travel to Singapore for a June 12 summit with North Korean leader Kim Jong Un .

Unai Emery wants reunion with longstanding Arsenal target Unai Emery wants reunion with longstanding Arsenal target Limpar is quoted as saying by the Daily Star : "If we get Emil Forsberg, we will be so lucky". We are an unbelievable attacking team.

Ukraine: Reporter's fake murder involved swine blood, morgue Ukraine: Reporter's fake murder involved swine blood, morgue An official from the Organization for Security and Co-operation in Europe (OSCE) said Ukraine was spreading "false information". The Russian Foreign Ministry denounced the Ukrainian government, saying it was "fanning anti-Russian hysteria".

Guatemala volcano explodes again, evacuations ordered Guatemala's National Institute of Seismology head Eddy Sanchez had predicted "no imminent eruption over the next few days". The disaster agency says 1.7 million people have been affected by the eruptions while 3,271 people have been evacuated.

New iOS 12 Hidden Features and Changes on iPhone, iPad New iOS 12 Hidden Features and Changes on iPhone, iPad Measure will be available with iOS 12 , which is in beta for developers right now, and will be released to the public this fall. This will make it easier to find a track that you have stuck in your head, but might not know the title to.

Apple Debuts New Mac App Store Alongside macOS Mojave Apple Debuts New Mac App Store Alongside macOS Mojave Additionally, Mojave features a number of iOS connections including desktop versions of News, Stocks, Voice Memos, and Home . The combination of the new Mac App Store and, eventually, iOS apps on macOS is a two-pronged attack on the problem, then.

Staggering amount Ronaldo is demanding to stay at Real Madrid Staggering amount Ronaldo is demanding to stay at Real Madrid Ronaldo posted a photograph on his twitter account wearing the No. 7 jersey with the message: "The world is watching". "I was surprised by Zidane ['s decision]", he told reporters at Spain's pre-World Cup training camp.

Divisive Barnaby Joyce interview to air Divisive Barnaby Joyce interview to air Last night Channel Seven aired their interview with former Deputy Prime Minister Barnaby Joyce and his new partner Vikki Campion , and radio host Amanda Keller hasn't held back her thoughts about what the politician had to say.

New laptop integrates display panel with touch pad New laptop integrates display panel with touch pad Asus is also working on a sync app that will offer phone calls, notifications and phone-mirroring features on the touchpad itself. ASUS revealed their new Xenbook, with its new ScreenPad and NanoEdge bezels, which give this laptop an 83% screen-to-body ratio.

First ‘Suspiria’ Trailer Reveals Luca Guadagnino’s Gruesome Remake First ‘Suspiria’ Trailer Reveals Luca Guadagnino’s Gruesome Remake Luca Guadagnino's remake of the Italian horror classic Suspiria arrives in theaters beginning November 2nd. Suspiria marks Guadagnino's first film since the magnetic Call Me By Your Name .