Social Security won't be able to pay out its promised benefits in about a dozen years, while Medicare won't be able to do so in just five years.
CBO Director Phillip Swagel said Friday at a Bipartisan Policy Center event that “benefits today are being paid in full as promised, drawing down on the Social Security trust fund.” But when the government is unable to pay full benefits, “that’s a challenge,” he said.
This forces the inevitable choice of whether to shore up the trust funds’ finances or reduce people’s benefits. Continued delays by Congress and the president in addressing this math problem could narrow the number of potential fixes.— Change benefits such as the eligibility age.— Rely more on general revenues to cover the gap, which could mean higher budget deficits or cuts to other programs.
Last year, members of the House Republican Study Committee proposed raising the age at which someone could qualify for Social Security and Medicare. Right now, people can access their full Social Security benefits at 67, an age minimum that’s increased by two years since the program was first established nearly 90 years ago. You must be at least 65 to access Medicare.
The CBO has also laid out nearly 60 policy options that could save the federal government billions of dollars on Medicare, including higher monthly premiums for some older and disabled adults., Biden got boos from GOP lawmakers when he said that some Republicans want to cut spending for the programs. It led to an improvised standing ovation for seniors as both parties on the spot committed to avoiding any cuts to Social Security and Medicare.
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