President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Thursday, February 9, 2023, at the University of Tampa in Tampa, Florida.Patrick Semansky/AP Photo The latest Social Security and Medicare Board of Trustees report lays out estimates for both programs. The trustees find that Social Security will be unable to pay full benefits in about 10 years. That doesn't mean the program will go bankrupt, but Congress would have to step in to shore it up. The clock is still ticking for Social Security.
Similar Stories to Social Security Is In Jeopardy Of Cutting Benefits In Just A Decade, And No One's Stepping In To Fix It on Bing News
insider@insider.com (Juliana Kaplan,Ayelet Sheffey), Business Insider
Fri, 03/31/2023 - 10:28am
Topics: president joe biden february university florida patrick semansky/ap photo survivors insurance oasi trust fund disability insurance oasdi hospital insurance trust fund treasury secretary janet yellen the biden-harris administration biden speaker house kevin mccarthy gop house republicans medicare house minority leader hakeem jeffries twitter american kilolo kijakazi some democratic massachusetts sen elizabeth warren vermont sen bernie sanders business insider social security tampa medicare board trustees medicare us oasi in gdp republicans house democrats kijakazi democratic sanders cutting benefits decade pay full programs program report year continue debt estimates protect spending ceiling boomers bankrupt costs baby lawmakers earlier years step congress latest timely longer anticipated critical million outlook statement colleagues expected funds
BING NEWS:
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After 2033, Americans will receive around 80% of their full scheduled benefits, according to the 2023 Social Security and Medicare Trustees Report. By 2097, this will drop to 74% of their benefits.
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