A new report last week from the Social Security and Medicare boards of trustees shows that both entitlement programs are facing large shortfalls that will only get worse without reforms. Both programs are already paying out more in benefits than they receive in payroll taxes ($364 billion more in fiscal year 2015). The report estimates that Social Security’s disability insurance trust fund reserves will run out by 2016 – just around the corner. The overall Social Security trust fund reserves will last until 2034, and the Medicare trust fund can make it only until 2030, the report said. Lawmakers need to heed the trustees’ call to “take action sooner rather than later.” – Phillip Brownlee
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