Both programs face substantial, certain, and worsening financial challenges that grow more difficult to resolve with each additional year of delay.
The public trustees for Social Security and Medicare have been essential to the oversight of program finances since the official positions were established in 1983.
Today, the ex officio trustees of the Social Security and Medicare trust funds released the 2017 annual reports on the financial conditions of the two programs. The trustees’ projections remain ominous for the financial future of the programs, with serious implications for millions of current and future program beneficiaries as well as taxpaying workers.
The trustees for Social Security and Medicare today released their annual reports, providing an update on the financial conditions of the programs’ trust funds. The reports highlight the significant financial challenges that each program continues to face.
BPC has narrowed its projection window for the debt limit “X Date,” when the federal government would not be able to pay all its bills in full and on time, to early to mid-October. This projection parallels the one released recently by the Congressional Budget Office, which reached a similar conclusion.
It is difficult to imagine any bipartisan solution that will not require some balance of increased taxes and, at least for some, moderation of benefit growth.
In total, the federal government spent nearly $1.5 trillion on Social Security and Medicare in 2016, and their current and future financial status is of the utmost importance.
It has helped immeasurably that the two public trustees have generally striven to operate as a bipartisan team, rather than dividing to offer competing partisan perspectives.