Worsening picture for Social Security & Medicare programs

The Associated Press reports that the trustees for the Social Security and Medicare trust funds have shortened the life of these two trust funds.

The annual checkup by the trustees said that the Medicare hospital insurance fund will now be exhausted in 2024, five years earlier than last year’s estimate. While the Social Security trust fund will be exhausted in 2036, one year earlier than before.

The trustees for the trust funds said in their annual report that this has been caused by the worsening economy and they emphasized the need for Congress to make changes to avoid disruptive consequences in the future for millions of people who depend on Medicare & Social Security Benefits.