The trust fund for Medicare Part A, which covers hospital and nursing home costs for seniors, would run dry by 2026, three years earlier than last year's projection.
Funding for Medicare will be depleted in 2026, three years earlier than what was projected in last year's report by the federal trustees for the program. "I will continue to fight for working and middle class families to ensure that their hard-earned benefits are preserved, and to oppose efforts to privatize Social Security and Medicare".
Unless lawmakers act, both programs face the prospect of being unable to cover the full cost of promised benefits.
"The administration's economic agenda - tax cuts, regulatory reform, and improved trade agreements - will generate the long-term growth needed to help secure these programs and lead them to a more stable path", Mnuchin said in a statement. The U.S.is now closer to the insolvency of the Social Security than to the attacks of September 11.
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Indeed, Trump has called for getting tougher on drug dealers, including suggesting some should receive the death penalty. Trump recently pardoned conservative commentator Dinesh D'Souza, who was convicted of a campaign finance violation.
At the same time, it said, outlays from Medicare's hospital trust fund "are expected to be higher than last year's estimates due to higher-than-anticipated spending in 2017, legislation that increases hospital spending", and higher payments to private Medicare Advantage plans.
Medicare Part B, and D will remain adequately funded "into the indefinite future", the trustees reported, because law provides financing from general revenues and beneficiary premiums each year to meet the next year's expected costs. America's long-term finances, however, are not in such good shape, as another federal report, this one out Tuesday from the trustees who oversee Social Security and Medicare, reminds us.
Medical costs have long outpaced economic growth, and despite some slowdowns in cost over the past few years, that has not changed. Charles Schumer of NY, the Democratic leader. In our aging society, all of that will have to occur in the context of a growing ratio between retirees and the working-age population. "The truth is, Social Security doesn't add a dime to the deficit and is the retirement bedrock of millions of Americans and we should keep it that way", Representative Deutch said.
Social Security recipients are likely to see a cost of living increase of about 2.4 percent next year, working out to roughly $31 a month, government experts said.