An annual government report offered a glimmer of good news for Social Security and a jolt of good news for Medicare even as both programs continue to be on...
Social Security has now passed Medicare as the most pressing insolvency risk among the twin pillars of America's social safety net, according to new government reports, but both programs are still on pace to run dry next decade.
The annual report from the program's trustees — Secretary Yellen, HHS Secretary Xavier Becerra, Acting Labor Secretary Julie Su, and Social Security Commissioner Martin O'Malley — also implored Capitol Hill lawmakers to take action to shore up both programs with insolvency and reduced benefits still potentially in the offing for both programs.
President Joe Biden signs into law the Inflation Reduction Act of 2022 at the White House August 2022. These cost savings are set to begin being felt in the years ahead and are two factors, the report says, that are contributing to the strengthening outlook. "This year's report is a measure of good news," he said in his statement promising "any potential benefit reduction event has been pushed off from 2034 to 2035."Monday's report underscored the long-term shortfalls facing both Social Security and Medicare. And it's an issue that has been only sporadically debated on Capitol Hill or on the campaign trail over the last year.
The issue at the moment is that any increase in taxes is anathema to Republicans while benefit reductions, even extending the retirement age, are currently rejected out of hand by Democrats.Hicks had “one major question” and her response to Psaki’s comment was in hindsight — amid Trump's trial — “interesting," said the MSNBC anchor."It fills an emotional need for Donald Trump but it does not really help him," said the conservative attorney.
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