Report highlights Social Security's looming insolvency, but White House doesn't

June 06, 2022 By  Haisten Willis

A new report from the trustees of the Social Security and Medicare trust funds underscores that the programs are on the path to fiscal insolvency, but proposals to reform them remain the "third rail" of American politics as the White House emphasizes the positives.  While still dire overall, with Medicare expected to become insolvent in six years and Social Security in 13, the numbers were slightly improved from a year ago, a point underscored in a statement from President Joe Biden .

"The Social Security and Medicare Hospital Insurance Trust Funds will be able to pay benefits on a timely basis for longer than previously projected before the American Rescue Plan passed," said Biden. "The trustees' report says that those improvements are a result in part of a faster recovery in employment, earnings, and economic growth than previously projected."............To Read More.....