Medicare will run out of money five years earlier than previously estimated because of the slowing economy, the program’s trustees said in their annual report today.
The trust fund that pays for seniors’ hospital stays will run out of money by 2024 under current projections, the trustees warned. And Social Security will go broke in 2036 if nothing is done.
Republicans immediately jumped on the latest numbers to make the case for comprehensive reforms and spending cuts.
“Today’s report makes it clearer than ever that doing nothing is not an option,” Ways and Means Chairman Dave Camp (R-Mich.), Health Subcommittee Chairman Wally Herger (R-Calif.) and Social Security Subcommittee Chairman Sam Johnson (R-Texas) said in a joint statement. “The failure to act means current, as well as future beneficiaries, will face significant cuts even sooner than previously estimated. We call on the President and all of our colleagues in the House and Senate to act now and take the long overdue steps to strengthen these vital programs. It’s what Americans expect of us, it’s what taxpayers demand and it’s what our children deserve.”
{The Hill/Matzav.com Newscenter}
