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Just out from the Trustee that oversees entitlements.The two big government entitlement programs, Medicare and Social Security, are going broke sooner than expected.
The Medicare and Social Security Trustees report says Social Security and Medicare will run out of money sooner than anticipated. The annual report, which provides an update on the solvency and cost of the two entitlement programs, blames the sluggish economy for the changes.
The Hospital Insurance fund, which pays for hospital stays will run out in 2024, which is five years earlier than last year’s report anticipated. The Social Security Trust Fund, which enables the payout of full benefits, will be exhausted in 2036.
Obviously this makes the debt ceiling fight even tougher, since it should embolden those who want to make major structural reforms a part of the deal.
We’ll have more details as they’re released.