Stronger economy improves outlook for Medicare, Social Security
Stronger economy improves outlook for Medicare, Social Security
Benefits projected to last longer before running dry in the 2030s
By Caitlin Reilly and Jessie Hellmann
Posted May 6, 2024 at 6:18pm
https://rollcall.com/2024/05/06/stronger-economy-improves-outlook-for-medicare-social-security/
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The hospital insurance trust fund, which pays for Medicare Part A benefits, will be able to pay 100 percent of total scheduled benefits until 2036, five years later than was reported by the trustees last year. Meanwhile, the outlook for Social Security improved slightly over last year’s projections by one metric and remained unchanged under another.
If combined with the program’s disability insurance trust fund, the old-age and survivors insurance trust fund could pay out the full retirement benefit until 2035, a year later than last year’s projection. At that point, Social Security benefits would face a 17 percent cut.
The results nonetheless represent “good news,” the program’s top official said Monday.
“Any potential benefit reduction event has been pushed off from 2034 to 2035. More people are contributing to Social Security, thanks to strong economic policies that have yielded impressive wage growth, historic job creation, and a steady, low unemployment rate,” Social Security Commissioner Martin O’Malley said in a statement. “So long as Americans across our country continue to work, Social Security can — and will — continue to pay benefits.”
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Applegrove:
Imagine if wages had risen in the last 40 years as they have in the last two. Imagine if employment had been high for the whole time.
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