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Trustees: Medicare and Social Security funding may run out sooner than expected
Monday, 16 May 2011 06:10

Money is running out at Medicare and Social SecurityWhile it has been reported for a while that funds for Social Security and Medicare are running low, new evidence suggests that these programs could become insolvent sooner than expected.

In a report from the trustees of Medicare and Social Security, it is suggested that money will run out for the programs sooner than most had anticipated due to the weak economy, according to Reuters.

The trustees have estimated that Medicare will become bankrupt five years earlier than previously expected, drying up in 2024. Social Security is expected to be out of funding by 2036 as opposed to previous predictions of 2037.

While Medicare remains a hot-button issue in the political debates, Social Security has been kept out of the spotlight.

"There is a growing consensus that Social Security has never contributed a penny to national debt and is not an appropriate target for deficit reduction," Representative Xavier Becerra of California told the news provider.

CNN Money reports that should these programs run into financial troubles, they will only be able to pay a part of the promised benefits to retirees.
 

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