Social Security and Medicare are heading toward insolvency. Congress has 6 years to act

Earlier this week, the Annual Social Security and Medicare Reports were issued. They were over two months late, and without the concurrence of two public trustees. That’s because two public trustee positions have been vacant for over ten years. 

The reports project that the Social Security Old Age and Survivors (OASI) Trust Fund will be exhausted in late 2032. The Medicare Hospital Insurance Trust Fund (Part A) isn’t in much better shape. It is expected to become exhausted in 2033. If that happens, Social Security OASI benefits are projected to be cut 22% across the board and Medicare Part A reimbursements are expected to be cut 11% across the board.

As it turns out, this story has been going on for some time. Indeed, Congress has kicked the fiscal can down the road for many years. The fiscal time bomb is enormous and growing, with Social Security accounting for 22% of federal spending and........

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