“Medicare Will Be Insolvent by 2026, Government Report Warns,” by Andrew Taylor, Time
“The financial condition of the government’s bedrock retirement programs for middle- and working-class Americans remains shaky, with Medicare pointed toward insolvency by 2026, according to a report Monday by the government’s overseers of Medicare and Social Security. It paints a sobering picture of the programs, though it’s relatively unchanged from last year’s update. Social Security would become insolvent in 2035, one year later than previously estimated.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
By any legitimate measure both of these programs are insolvent already. Their so-called trust funds have already been spent by the federal government on other things. Every dollar they draw to fund their annual deficits has to be borrowed, taxed or inflated to cover, either or all of which options impair the economy driving us deeper into a fiscal and monetary hole.