Concerning entitlements, an issue that’s fallen by the wayside since the horrific Orlando attacks, there’s more bad news. Social Security will dole out additional money to beneficiaries. Is that a good thing? Not really—it’s only increasing by a whopping $2.50, which The Associated Press aptly noted is enough to maybe buy a gallon of gas. It’s Medicare; that’s where the cliff becomes more apparent after 10 years (via AP):With my 65 birthday coming up real soon now, we have been wending our way through the paperwork to sign me up for Medicare. To be honest, without Georgia, and external help, I doubt I would have had the persistence to make effective decisions. And now I find out, it may all fall apart in 12 years, or less, as the general trend of these things is to get worse rather than getting better.
Meanwhile, Medicare is expected to go bankrupt sooner than expected – 12 years from now. And some beneficiaries could face higher monthly premiums next year.
The annual report from the trustees of the government’s two bedrock retirement programs warned that politically gridlocked Washington needs to act sooner, rather than later, to shore up finances and avoid upending the lives of millions of retirees and their families.
Social Security’s trust funds are expected to be depleted in 2034, unchanged from the trustees’ projection a year ago. Medicare’s trust fund for inpatient care will be exhausted in 2028, two years earlier than previously projected.
If Congress allows either fund to run dry, millions of Americans living on fixed incomes would face steep cuts in benefits.
Saturday, June 25, 2016
I'm Sure This Is All My Fault
Oh Great: Medicare to be bankrupt sooner than expected