AuH20
06-08-2018, 11:49 AM
1966-Near Future.
The Boomers' abomination is finally dying and it's not savable.
https://media.giphy.com/media/rl0FOxdz7CcxO/giphy.gif
https://www.zerohedge.com/news/2018-06-08/its-official-medicare-trust-fund-will-run-out-money-8-years
Because according to the Trustees’ projections, the program will continue running larger and larger deficits until it too becomes fully depleted in 2034.
After that, recipients can expect at least a 25% cut in the benefits that they were promised and worked their entire lives to receive.
Again, these numbers come directly from the Trustees of Social Security and Medicare (which includes the US Treasury Secretary).
The reports were so dire that mainstream publications picked them up almost immediately.
Curiously, though, a number of newspapers tried to play down the bad news, dismissively telling their readers that Social Security and Medicare are just fine, and that those sobering projections don’t matter.
These are common refrains. They’ll state, for example, that there’s nothing to worry about because the government will step in and bail out the programs.
Is that so? Well, who is going to bail out the government?
According to the Treasury Department’s annual financial report, Uncle Sam is already insolvent to the tune of $20.4 trillion.
And those numbers are only getting worse too. Treasury’s own projections show annual budget deficits in excess of $1 trillion starting in 2020.
Simply put, a short-term fix of Social Security and Medicare would cost trillions of dollars. And that would just be a down payment on the long-term costs of fixing the programs.
The federal government simply doesn’t have that kind of money. Not even close.
The Boomers' abomination is finally dying and it's not savable.
https://media.giphy.com/media/rl0FOxdz7CcxO/giphy.gif
https://www.zerohedge.com/news/2018-06-08/its-official-medicare-trust-fund-will-run-out-money-8-years
Because according to the Trustees’ projections, the program will continue running larger and larger deficits until it too becomes fully depleted in 2034.
After that, recipients can expect at least a 25% cut in the benefits that they were promised and worked their entire lives to receive.
Again, these numbers come directly from the Trustees of Social Security and Medicare (which includes the US Treasury Secretary).
The reports were so dire that mainstream publications picked them up almost immediately.
Curiously, though, a number of newspapers tried to play down the bad news, dismissively telling their readers that Social Security and Medicare are just fine, and that those sobering projections don’t matter.
These are common refrains. They’ll state, for example, that there’s nothing to worry about because the government will step in and bail out the programs.
Is that so? Well, who is going to bail out the government?
According to the Treasury Department’s annual financial report, Uncle Sam is already insolvent to the tune of $20.4 trillion.
And those numbers are only getting worse too. Treasury’s own projections show annual budget deficits in excess of $1 trillion starting in 2020.
Simply put, a short-term fix of Social Security and Medicare would cost trillions of dollars. And that would just be a down payment on the long-term costs of fixing the programs.
The federal government simply doesn’t have that kind of money. Not even close.