Report says program could exhaust funds in 2024, not 2029 as estimated last year
WASHINGTON — Two of the government's most popular programs for the elderly, Medicare and Social Security, will run out of money sooner than thought earlier as a slow-growing economy saps revenues, a report Friday said.
Trustees for the two funds said the Medicare trust fund is projected to exhaust its funds in 2024, not 2029 as estimated last year, and that the Social Security retirement program will run out of money in 2036, not 2037 as previously thought.
The latest projections hit in the middle of an intense debate between the Obama administration and opposition Republicans about how to rein in the nation's runaway debt, set to hit the legal limit of $14.3 trillion on Monday.
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The MP agrees with Republican's statement that change is needed now before the trust fund is depleted. Our plan is to raise the retirement age for Social Security and also raise the rates for this program. We feel that these two entitlement programs have contributed to the national debt, but once our party makes the neccessary changes our economy will begin to come out of the current recession. Forget the rest, get with the best. We are the change!
The BWP has a plan for social security to prevent this issue from crippling the economy of the Franklin States. The BWP plans to privatize social security and allow beneficiaries to manage their own social security account. For those who choose to enroll, they will pay into their own social security program and will receive only that money when needed. This would prevent bankruptcy in the social security program. Vote Beluga-Whale!
The Revolution Party feels very sympathetic for those who are affected by the Social Security and Medicare crisis in our neighboring country of the United States. To prevent the same from happening to the elderly and retired in our own nation, the Revolution Party plans to create individual retirement accounts, therefore the employee can invest his or her own money however they would please. Also, this prevents the government from borrowing money it cannot afford to pay back. This is a great retirement plan that would benefit many, and to learn more feel free to visit our website:
sites.google.com/site/therevparty
We are the Revolution Party. And we're revolutionizing politics!
The WOP has considered the situation and believed that would relieve the current spending of Social Security and Medicare, which is leading to the federal defict. Our retirement age has been increased to 69 for people that were born in 1989 or above. In this way, our deficit will decrease. We have also increased the tax to prevent this sudden change.
The Prosperous Party beleives in radical reform of the nation's entitilement programs. In order to decrease the nation's debt problem we need to change how our social security, medicare, and medicaid programs are run. We need to change how money is distributed to each citizen, and also reform how money is paid into the system. Visit our website for more information about our stands on Entitlement programs at sites.google.com/site/prosperouspartypages
To help relieve the problem over entitlement programs, we need to reform the problems sooner instead of later. The People's Party does not look for drastic changes, but little ones such as increasing the age of recipients or reforming who is allowed to receive these benefits is a necessity. A budget needs to be balanced or we will not be able to help our economy grow and prosper. We need a government that helps get us out of debt, not dig us deeper into it.
The Refresh Party agrees, our economy is being effected by medicare and social security. In order to avoid the government from paying social security we have come up with a plan, as one step to saving our nation. Social Security will be privately run under TRP. Government will play no role in social security except for enforcing how much individuals must save. Individuals are required to save 6.2% into their personal savings. This money cannot be touched until the age of 69.
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