Gov't to report on benefits' solvency
WASHINGTON — Republicans in Washington have been clamoring for years to address the long-term financial problems of Social Security and Medicare.
Today, the trustees who oversee the programs are scheduled to issue their annual warning about the finances of the federal government’s two largest benefit programs.
Don’t expect Republicans to do much about it.
Over the years, House Speaker Paul Ryan, R-Wis., has insisted on overhauling the benefit programs, proposing a voucherlike system for Medicare and calling for partially privatizing Social Security.
But now that Republicans control Congress and the White House, Ryan says he doesn’t want to tackle Social Security. Instead, congressional Republicans and the White House are focused on repealing and replacing Democrat Barack Obama’s health care law, an effort that is stalled in the Senate.
In 2034, Social Security faces a $500 billion shortfall, according to last year’s report by the trustees.
Neither Social Security nor Medicare faces an immediate crisis. But the trustees warn that the longer Congress waits to address their long-term problems, the harder it will be to sustain the programs without significant cuts in benefits, big tax increases or both.
Last year, the trustees said Social Security had enough money in its trust funds to pay full benefits until 2034. They said Medicare’s trust fund for inpatient care would be exhausted in 2028.
