Medicare, Social Security could fall short over next decade
1 year, 9 months ago

Medicare, Social Security could fall short over next decade

Associated Press  

WASHINGTON — The financial safety nets millions of older Americans rely on — and millions more young people are counting on — will run short of money to pay full benefits within the next decade, the annual Social Security and Medicare trustees report released Friday warns. Social Security’s disability trust fund is in much better shape — it’s not expected to be depleted within the next 75 years. “Lawmakers shouldn’t take anything off the table, and the good news is there are plenty of reasonable options on both the revenue and spending side of the ledger to implement fair, gradual and common sense reforms.” Lawmakers have for years kicked Social Security and Medicare’s troubling math to the next generation. “Today’s Social Security and Medicare Trustees reports reinforce that while they are financially strong today, both programs face long-term funding needs, and Congress must act to find solutions to ensure Social Security and Medicare will be there for the next generation and into the future,” Jenkins said.

Benefits Security Social Medicare Congress Social Security Republican Report Fund Million Expected Full Benefits  benefits  report  security  million  trustees  social  fund  fall  expected  short  programs  decade  medicare

History of this topic

What to know about the congressional push to expand some Social Security benefits
1 month, 3 weeks ago

What to know about the congressional push to expand some Social Security benefits

Associated Press  

WASHINGTON — The House has passed legislation that would provide full Social Security benefits to millions of people, pushing it one step closer to becoming law. Decades in the making, the bill would repeal two federal policies — the Windfall Elimination Provision and the Government Pension Offset — that currently limit Social Security payouts for roughly 2.8 million people, according …

Social Security is expected to run out. What does the future hold?
3 months ago

Social Security is expected to run out. What does the future hold?

NPR  

Social Security is expected to run out. As a record number of people retire, social security won’t be around for much longer either. We look at the origins of social security and some new ideas to tackle new retirement challenges. JUANA SUMMERS, HOST: A record number of Americans are retiring, and Social Security's cash surplus is expected to run out …

GOP candidate suggests raising retirement age amid Social Security shortfall in new video
4 months, 3 weeks ago

GOP candidate suggests raising retirement age amid Social Security shortfall in new video

Raw Story  

Newly obtained video shows a Maryland Republican express support in 2020 for raising the retirement age to address a potential shortfall in Social Security benefits. Neil Parrott, who is running for Congress in Democratic Rep. David Trone's vacated seat, told the Washington County Chamber of Commerce that the country needs to consider raising the retirement age to address a looming …

Medicare and Social Security go-broke dates are pushed back in a ‘measure of good news’
8 months ago

Medicare and Social Security go-broke dates are pushed back in a ‘measure of good news’

Associated Press  

WASHINGTON — The go-broke dates for Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report Monday. Meanwhile, Social Security’s trust funds — which cover old age and disability recipients — will be unable to pay full benefits beginning in 2035, …

About 1 in 4 US adults 50 and older who aren't yet retired expect to never retire, AARP study finds
8 months, 2 weeks ago

About 1 in 4 US adults 50 and older who aren't yet retired expect to never retire, AARP study finds

Associated Press  

WASHINGTON — About one-quarter of U.S. adults age 50 and older who are not yet retired say they expect to never retire and 70% are concerned about prices rising faster than their income, an AARP survey finds. AP AUDIO: More than 1 in 4 US adults over age 50 say they expect to never retire, an AARP study finds. “Far …

Column: Social Security is again in the crosshairs of a GOP budget, even though a long-term fix would be simple
9 months, 1 week ago

Column: Social Security is again in the crosshairs of a GOP budget, even though a long-term fix would be simple

LA Times  

House Speaker Mike Johnson : His caucus makes no secret about what it intends to do with government services, and it’s not pretty. That brings us to the Republican Study Committee’s prescriptions for Social Security and the other major benefit programs, Medicare and Medicaid. The committee members grouse about how Social Security has expanded since it was originally signed into …

Renowned economist predicts Trump will 'wreck' Social Security if he wins
9 months, 3 weeks ago

Renowned economist predicts Trump will 'wreck' Social Security if he wins

Raw Story  

During his 2016 campaign, Donald Trump vowed not to cut Social Security if he won the election. Krugman continued, "It clearly signaled Democrats' vision for the future — in particular, their belief that we can preserve the solvency of Social Security and Medicare by raising taxes on high incomes rather than by cutting benefits. President George W. Bush proposed privatizing …

'Social Security is on the ballot,' say advocates as Trump threatens cuts
9 months, 4 weeks ago

'Social Security is on the ballot,' say advocates as Trump threatens cuts

Raw Story  

With U.S. President Joe Biden's proposed 2025 budget released by the White House Monday just after former President Donald Trump issued his latest threat to slash Social Security and other safety net programs, economic justice groups said the choice between the two 2024 candidates could not be clearer. While Trump's answer was "largely gibberish," according to former National Economic Council …

Social Security benefits will increase by 3.2% in 2024 as inflation moderates
1 year, 2 months ago

Social Security benefits will increase by 3.2% in 2024 as inflation moderates

Associated Press  

WASHINGTON — Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year’s historic boost and reflecting moderating consumer prices. “Compared to last year’s 8.7% increase, this is going to feel small and the perception is that its not keeping up with the inflation and the higher costs that retirees are …

Debt limit deal is in place, but budget deficit is still a multi-decade challenge for US government
1 year, 7 months ago

Debt limit deal is in place, but budget deficit is still a multi-decade challenge for US government

Associated Press  

WASHINGTON — Even with the new spending restraints in the debt limit deal that cut borrowing by $1.5 trillion, the U.S. government’s deficits are still on course to keep climbing to record levels over the next few decades. “This debt limit agreement is shaking out to be a political face-saving deal without much substance in terms of changing the U.S. …

Here's What's In The Deal To Raise The Debt Ceiling
1 year, 7 months ago

Here's What's In The Deal To Raise The Debt Ceiling

Huff Post  

LOADING ERROR LOADING WASHINGTON — President Joe Biden and House Speaker Kevin McCarthy have reached an agreement in principle on legislation to increase the nation’s borrowing authority and avoid a federal default. A look at what’s in and out of the deal, based on what’s known so far: TWO-YEAR DEBT INCREASE, SPENDING LIMITS The agreement would keep nondefense spending roughly …

Pence seeks ‘common sense’ Social Security, Medicare reform
1 year, 9 months ago

Pence seeks ‘common sense’ Social Security, Medicare reform

Associated Press  

As he mulls a 2024 presidential bid, former Vice President Mike Pence on Tuesday called for “common sense and compassionate solutions” to reform entitlement programs and the nation’s debt burden, suggesting changes to Social Security and Medicare programs hurtling toward insolvency, particularly for younger generations, without naming specific recommendations. “It’ll just take courage to do it, and that’s where your …

Why Medicare is suddenly under debate again
1 year, 9 months ago

Why Medicare is suddenly under debate again

NPR  

Why Medicare is suddenly under debate again Enlarge this image toggle caption d3sign/Getty Images d3sign/Getty Images The White House released President Biden's $6.8 trillion proposed budget last week, listing his priorities for the upcoming fiscal year. NPR's Michel Martin, as co-host of All Things Considered, sat down this week with veteran health care journalist Julie Rovner, of Kaiser Health News, …

Social Security and Medicare: Troubling math, tough politics
1 year, 10 months ago

Social Security and Medicare: Troubling math, tough politics

Associated Press  

WASHINGTON — It seems no one wants to cut Social Security or Medicare benefits. CBO Director Phillip Swagel said Friday at a Bipartisan Policy Center event that “benefits today are being paid in full as promised, drawing down on the Social Security trust fund.” But when the government is unable to pay full benefits, “that’s a challenge,” he said. The …

Column: Who’s lying about the GOP’s plans to cut Social Security? The GOP, of course
1 year, 10 months ago

Column: Who’s lying about the GOP’s plans to cut Social Security? The GOP, of course

LA Times  

From left, GOP Sens. Rick Scott of Florida and Mike Lee of Utah jeer during the State of the Union address when President Biden accused Republicans of wanting to cut Social Security. Let’s examine the fiscal 2023 budget proposal issued by the Republican Study Committee, a key policy body, last June under the title “Blueprint to Save America.” This plan …

The GOP is coming for your Social Security and Medicare
1 year, 10 months ago

The GOP is coming for your Social Security and Medicare

Raw Story  

They are coming for it following an election in which they notably failed to tell voters they were coming for it, and sometimes denied outright that they were. Washington Senator Patty Murray, for example, said the Republicans were planning to end Social Security and Medicare. “This is yet another example in which Democrats strain to conjure up a nonexistent GOP …

In GOP-held Florida, Biden vows no cuts to Social Security
1 year, 10 months ago

In GOP-held Florida, Biden vows no cuts to Social Security

Associated Press  

TAMPA, Florida — With an eye toward the 2024 campaign, President Joe Biden took direct aim at Republicans who have floated cuts to Social Security and Medicare — telling an audience in Florida on Thursday that he would create a “nightmare” for anyone who dreamed of trying them. Senate Minority Leader Mitch McConnell, R-Ky., told Louisville’s 840 WHAS on Thursday …

Biden warns of GOP plans for Medicare, Social Security cuts
1 year, 11 months ago

Biden warns of GOP plans for Medicare, Social Security cuts

Associated Press  

WASHINGTON — When President Joe Biden suggested that Republicans want to slash Medicare and Social Security, the GOP howls of protest during his State of the Union address showcased a striking apparent turnaround for the party that built a brand for years trying to do just that. The record ranges from President George W. Bush’s ideas about privatizing Social Security …

'Why put seniors through that?' Chuck Todd corners Rick Scott for plot to cut Social Security
2 years, 2 months ago

'Why put seniors through that?' Chuck Todd corners Rick Scott for plot to cut Social Security

Raw Story  

NBC host Chuck Todd called out Sen. Rick Scott for playing political games with programs for seniors. While speaking to Scott on Sunday, Todd noted that the senator has called for making Social Security and Medicare eligible for cuts every five years. ALSO IN THE NEWS: 'I'm giving you the facts': CNN's Bash cuts off Ronna McDaniel during rant about …

Column: GOP promises to gut your Social Security, Medicare if it takes power
2 years, 2 months ago

Column: GOP promises to gut your Social Security, Medicare if it takes power

LA Times  

It used to be a truism that no elected officeholders would dare to tamper with Social Security if they wished to keep their jobs. In its latest manifestation, four Republicans angling to become chair of the House Budget Committee in a Republican House talked openly about holding the federal debt ceiling hostage to an agreement on “entitlements” — that is, …

Democrats push bill to lower Medicare eligibility age to 60
3 years, 4 months ago

Democrats push bill to lower Medicare eligibility age to 60

CNN  

CNN — More than 100 Democratic lawmakers in the House from all wings of the caucus introduced legislation on Friday to lower the Medicare eligibility age to 60. In addition to trying to include a lower Medicare eligibility age in the reconciliation package, Democrats also want to use the voting maneuver, which allows them to pass legislation without relying on …

Column: No, Joe Biden isn’t secretly planning to cut your Social Security
4 years, 1 month ago

Column: No, Joe Biden isn’t secretly planning to cut your Social Security

LA Times  

Advocates for Social Security and other social insurance programs never let their guard down against threats to the programs and their beneficiaries. — Nancy Altman, Social Security Works Biden “can’t hide 40 years of working with Republicans to cut Social Security,” Sanders has asserted, as in this March 7 tweet. That moment has led to concerns that a President Biden …

Social Security and Medicare funds at risk even before virus
4 years, 8 months ago

Social Security and Medicare funds at risk even before virus

Associated Press  

WASHINGTON — The financial condition of the government’s two biggest benefit programs remains shaky, with Medicare expected to become insolvent in just six years, while Social Security will be unable to pay full benefits starting in 2035, the government said Wednesday. In a statement, Treasury Secretary Steven Mnuchin, who chairs the trustees’ group, said that the Trump administration was “working …

Trump now says he’ll save Social Security from his own plans to gut it
4 years, 11 months ago

Trump now says he’ll save Social Security from his own plans to gut it

Salon  

It used to be said that cutting Social Security was politics' third rail, a fatal taking of positions. For sure, we voters should be aware that Legislative Trump is definitely putting Medicare and Social Security cuts on the auction block. More seniors receiving benefits For years, we've recognized that declining numbers of working adults and increasing longevity would stress Social …

Trump tells Republicans he may begin cutting social security and Medicare if he wins in 2020
5 years, 4 months ago

Trump tells Republicans he may begin cutting social security and Medicare if he wins in 2020

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Republicans on Capitol Hill say Donald Trump may be willing …

Discover Related