Tuesday, May 12, 2009
Social Security and Medicare trust funds will go underwater years before previously predicted, according to alarming new report!
Dow Jones Newswires have an alarming report by Meena Thiruvengada, maintaining that both Social Security and Medicare trust funds will run out of money earlier than had been previously predicted.
Social Security has a similar press release by Mark Lassiter here.
“The projected point at which the Trust Funds will be exhausted comes in 2037 -- four years sooner than the estimate in last year’s report.”
Expenses will exceed revenues for Medicare’s trust fund by 2017, two years sooner than predicted in 2008.
Our president said, before the inauguration, that the load that we kick the can down has come to a dead end. And it is a one lane unpaved road.
Jeanne Sahadi has a hard-hitting report on CNN Money, "Recession hits Social Security hard: Geithner unveils report on entitlement programs. Social Security trust fund may be exhausted 4 years sooner than earlier forecast. Medicare is much worse off", link here. So the report seems to have originated with Treasury and may be related to the "electrocardiographic" stress tests of the banks.