Well all will—in about eight years.
On June 5, Medicare’s trustees published a report warning that the health insurance program will be unable to pay scheduled benefits, not in 2029 as previous thought, but in 2026. The same report maintained the previous year’s estimate that Social Security will become insolvent by 2034. These two programs, Medicare and Social Security, together with their correlative for low-income Americans, Medicaid, are far and away the largest recipients of public money in the federal budget. They bear overwhelming responsibility for the federal government’s $20 trillion debt and nearly $700 billion yearly deficit.
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