RSS Feed
June 6th, 2018 
Awake Goy Reprinted with permission from TheNewAmerican.com.
Written by Raven Clabough
On Tuesday, a government report from program trustees announced that Medicare will run out of money sooner than originally projected, with Social Security following suit just a few short years later. Unfortunately, the report is predicated on the false premise that there exist “trust funds” for each of these entitlement reports, enabling Americans to look past the true fiscal crisis these programs have helped to create.
Each year, the trustees of Medicare and Social Security release their annual reports on the financial health of their programs. According to this year’s report, Medicare will become insolvent in 2026, three years earlier than predicted, meaning it will no longer be able to fully cover the cost of projected medical bills beginning at that time. Social Security continues to be projected to become insolvent in 2034, just eight years after Medicare.
Of course, the sobering report has a lot of people nervous. After all, as reported by the Los Angeles Times, more than 62 million retirees, disabled workers, spouses, and surviving children receive Social Security benefits at an average monthly payment of $1,294. Medicare covers health insurance for approximately 60 million people. To learn that these “trust funds” will be running out of money and endangering those individuals who count on them must be frightening.
Here’s the problem. There are no such “trust funds.” In a 2006 blog post entitled “Sometimes, Governments Lie,” the CATO Institute’s Michael Cannon observed that both Social Security and Medicare have always been one big unfunded liability. He wrote, “If the government knows that there are no assets in the Social Security and Medicare ‘trust funds,’ and yet projects the interest earned on those non-assets and the date on which those non-assets will be exhausted, then the government is lying.”
Read More…
Source Article from http://feedproxy.google.com/~r/blacklistednews/hKxa/~3/eDR-sbfNkaw/government-report-medicare-and-social-security-insolvency-looming-on.html
Related posts:
Views: 0
Posted in 
Tags: 
