Congress is running out of time to shore up Social Security and Medicare.
With recent reports the programs could be out of money in a little over 10 years, one economic expert told CBN News, there just aren’t enough workers to fund the growing number of retirees.
The result: America’s trust funds are in dire straits.
“Our two biggest government programs, Social Security and Medicare the things that matter the most to our seniors, are both headed towards insolvency,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, told Fox News recently.
The government projects that retirees, including the elderly and disabled who rely on Social Security could see their payments cut by 21% by November 2035.
Medicare is expected to be insolvent by 2036.
“Every penny you and I have put in for how ever many years we’ve worked, it’s already all gone,” Dr. Jeff Haymond with Cedarville University, told CBN’s Faith Nation. “Everything we are talking about in terms of benefits for even people next month and on into the future is predicated on taxing younger workers today.”
The problem is there are just too few of those younger workers in the workforce today paying into the trust
The remainder of this article is available in its entirety at CBN