As we are consumed with the health and economic crisis and political promises for more federal programs and spending, let’s not forget the major programs we have are running out of money.
Both the Medicare and Social Security trusts will be depleted within a little over ten years. (The Highway Trust Fund is not much better)
The estimated depletion date for the HI trust fund is 2026, the same as in last year’s report. As in past years, the Trustees have determined that the fund is not adequately financed over the next 10 years. HI income is projected to be lower than last year’s estimates due to lower payroll taxes.2020 Medicare Trustees Report
The financial projections in this report indicate a need for substantial changes to address Medicare’s financial challenges. The sooner solutions are enacted, the more flexible and gradual they can be. The early introduction of reforms increases the time available for affected individuals and organizations—including health care providers, beneficiaries, and taxpayers—to adjust their expectations and behavior. The Trustees recommend that Congress and the executive branch work closely together with a sense of urgency to address these challenges.2020 Medicare Trustees Report
It seems that every time government establishes a new program with ongoing obligations and liabilities, Congress fails to adjust and sustain the funding, perhaps because they fear telling the American people the true costs of the promises made. 😢