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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » On SS and Medicare , are they broke?

On SS and Medicare , are they broke?

Much worse than you probably think , as the funds will not meet the obligations in another few years.
The figures exist, but they are ignored. News reports regularly inform us of the growing federal deficit, projected at a stunning $1.75 trillion for fiscal 2009 and $1.17 trillion for 2010. But regularly reported, less visible government obligations have been growing much faster.

In the four years from January 2004 to January 2008, the Medicare trustees reported that the unfunded liabilities of Social Security and Medicare grew by a stunning $10.4 trillion. The average annual growth topped $2.5 trillion.

How will future generations pay these costs ?

If National Health Insurance is put in force, will it follow these two programs into insolvency?

As SS was to be a trust account but has been raided for general funds how much more tax will every worker have to contribute for each program ?
A tax increase on payroll or extension of the amount for SS will only slow the problem for a short time.
SS was not to be a full retirement income for people but a suplement, but it has been made to cover many more people.
Welfare or food stamp programs are not paid out of SS or Medicare but general fund revinue.

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4 Responses to "On SS and Medicare , are they broke?"

  1. fiercewwarrior says:
    It won’t be long till both of them are broke because King Solomon Obama is giving our taxes we have paid in as Americans who have worked for it to all the illegals coming to our country who have never worked and paid a dime in to it. That is not right! I work in dollar store and all the Mexicans, Koreans, etc. get hundreds of dollars a month in food stamps and cash, but the people who are from here and can speak English get hardly any benefits at all and struggling. That is not right! I speak to all the customers in a friendly manner but there are so many that can’t speak English and are very rude because I don’t know Spanish or Korean, or whatever language they speak. If we went to another country, could we get on welfare and not have to learn another language?
  2. tonalc2 says:
    Without reform, yes, the costs will exceed revenues in four years. But this great hoo ha is a bit overblown, since this is only one year earlier than previous forecasts. And it doesn’t mean that it’s going insolvent.

    And “assets” will be gone in another 30 years; again, this does not mean it will go bust. It means that either taxes will go up or benefits will go down.

    Yes, it needs reform. Private accounts are not the answer (imagine if it had been in the market these last six months)–but I don’t know what the answer is.

  3. tfoley5000 says:
    They are not broke yet but in 30 Years they just might be.

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