OPINION: Washington gridlock all but ensures that substantive changes to Social Security and Medicare would be hard to bring about. And the clock continues to tick as both of these giant federal programs are paying out more than they’re taking in.
If you receive, or one day will receive, Social Security, Medicare or Medicaid benefits—and that’s all of us, folks—you might want to pay closer attention to what’s being discussed here in Washington about these critical programs.
One Senate Republican, Rick Scott—who represents Florida seniors—has said that instead of letting Social Security and Medicare putter along on autopilot, Congress should be forced to reauthorize them every five years. Read: Should Social Security be eliminated as a federal entitlement program? Or would that ‘end the program as you know it’?
Social Security is currently paying out more than it is taking in. Its trust fund is projected to be exhausted by 2034. When that happens, retirees will get whatever can be generated by payroll taxes, and currently that’s projected to be about 77 cents on the dollar. Based on current projections from the Medicare Board of Trustees, the HI trust fund is projected to be depleted in 2028, six years from now.
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