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The latest annual report from the Social Security and Medicare trustees reveals that the projected depletion dates for Medicare and Social Security have been extended, thanks to an improving economy. According to the report, Medicare's hospital insurance trust fund is now expected to remain solvent until 2036, which is five years longer than previously estimated.
This extension is attributed to higher payroll tax income and lower expenses from last year.
However, once the fund is depleted, Medicare will only be able to cover 89% of costs for certain services.
Similarly, the report states that Social Security's trust funds, which cover old age and disability recipients, are now projected to be unable to pay full benefits starting in 2035, a year later than previously estimated. This would result in a 17% cut to benefits unless Congress takes action. President Joe Biden has pledged to strengthen both programs, particularly by ensuring high-income taxpayers pay their fair share.
The report also emphasizes the need for reforms, as delaying action will make the challenges more difficult to address. Public opinion largely opposes benefit cuts and supports taxing high earners to sustain these programs.
The future of Social Security and Medicare is a key issue in the political arena, with Biden promising to protect benefits and Trump indicating openness to cuts. Advocacy groups and experts urge Congress to act swiftly to secure the future of these vital programs.