Two reports released Monday show that the U.S. combined Social Security trust fund is projected to deplete its reserves by 2035.
The Trustees for Social Security and Medicare released annual reports on Monday.
The Trustees projected the Medicare Hospital Insurance trust fund will exhaust its reserves in 2036.
The Social Security Old-Age and Survivors Insurance trust fund was projected to be insolvent by 2033.
"Today's Trustees reports drive home the fact that the clock is ticking down on automatic cuts to Social Security and Medicare. It's actually harmful to promise not to touch these essential programs, because failing to act will mean significant, immediate cuts that affect millions of Americans," he said in a statement.
"Continuing to ignore these warnings puts beneficiaries at risk, creates economic uncertainty and adds to our fiscal challenges. Yet the trust fund depletion dates have grown closer and closer. In fact, we haven't been this close to the depletion of Social Security since the last bipartisan reforms done in 1983." Commissioner of Social Security Martin O'Malley also called for action.
"Eliminating the shortfall will bring peace of mind to Social Security's 70 million-plus beneficiaries, the 180 million workers and their families who contribute to Social Security, and the entire nation."
https://www.thecentersquare.com/national/article_6c46681a-0bec-11ef-8525-1b11c7feb86e.html
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