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Social Security still runs a surplus, and its reserves will not be exhausted until 2041, after which enough payroll taxes will come in to cover 78percentt of benefits, according to the 2008 annual report of the program trustees.
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The program's trustees projected this week that the Medicare Hospital Insurance Trust Fund would be exhausted in 2019.
According to the program's trustees and the Congressional Budget Office, its resources will suffice to pay full benefits for about three decades.
The retirement program's trustees do foresee rising spending as the population ages, with total payments rising from 5.1 percent of G.D.P. now to 6.2 percent in 2035, at which point they stabilize.
For years, many people — myself included — have warned that Medicare is a much bigger problem than Social Security, and the latest report from the program's trustees still shows spending rising from 3.6 percent of G.D.P. now to 5.6 percent in 2035.
WASHINGTON -- Medicare will remain financially solvent for 12 years longer than projected a year ago -- until 2029 -- because of the cost-cutting measures in President Obama's recently enacted health care legislation, the program's trustees reported on Thursday.
WASHINGTON — Medicare will remain financially solvent for 12 additional years, until 2029, because of the cost-cutting measures in President Obama's recently enacted health care legislation, the program's trustees projected on Thursday.
In the fine print of the 2008 annual report on Social Security, released last week, the program's trustees noted that growing numbers of "other than legal" workers are expected to bolster the program over the coming decades.
Administration officials as well as the program's independent trustees said Medicare's actual outlook over the next decade was probably worse than the official projections.
CAREY--William P. On behalf of all the Trustees, program and administrative staff members and the many patrons of The Rensselaerville Institute, we record with deep sadness the death of our longtime Trustee and friend, William Polk Carey, on January 2 , 2012
Late last month, roughly 370 people had already signed up for the trustees program, according to Mr. Farmer, the Kerry-Edwards campaign treasurer and a veteran of four presidential races.
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