Social Security and Medicare
Social Security provides critical financial support to more than 56 million beneficiaries, including widows and those with disabilities. Social Security is funded by the payroll taxes of current workers to pay the benefits of current retirees. The Social Security Board of Trustees estimates that by about 2035 the Social Security Trust Fund will be depleted. When that happens, beneficiaries could face a painful 23% benefit cut.
Medicare is the cornerstone upon which all other government health programs rest. In their most recent report, the Medicare Trustees projected that the account that funds Medicare’s hospital benefit will go bankrupt by about 2024.
I’ve long supported responsible reforms that preserve Medicare and Social Security benefits