Entitlement programs such as Social Security and Medicare could be forced to cut benefits as soon as 2031, according to a new report from the funds' trustees.
The trust funds paying for Social Security and Medicare are facing financial challenges, the trustees of the funds said in their annual reports, released Friday.
Together, the trust funds would be able to pay 100% of total Social Security benefits until 2034, a year earlier than projected inThe projected long-term finances of the trust funds are both worse than last year, as the trustees reassess their expectations for the economy. "Social Security is not in crisis. The newly released Social Security Trustees Report shows that the program's financial position remains largely unchanged," said Laura Haltzel, a senior fellow at the Century Foundation, a progressive think tank. Policymakers, she said,"have a decade to consider and enact policies that would fill the gap between promised benefits and those payable with tax revenues."for Social Security is affecting revenues, officials said.
The deficit in the trust fund that pays for Medicare Part A could be fixed with an immediate reduction of spending by 13% or by increasing the standard payroll tax rate of 2.9% to the amount of the deficit: 3.52%, administration officials said. Other more gradual corrections could also be taken.
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