We recently published a blog on the impending crisis concerning funding of Medicare and Social Security benefits. The numbers of inquiries on this were substantial so I am writing additional information on the problem.
One issue is that Congress appears reluctant to address the issue especially given the coming Presidential election and the obvious effect changes would have on the deficit budget if the present systems are maintained. Government officials that oversee the future of Medicare and Social Security have discovered troubling facts concerning the future of these essential programs. Medicare is likely to become insolvent by the year 2026, while the insolvency of Social Security is estimated for some time in 2035. No solutions have been proposed as of this date but concerns are increasing because any structural changes must be well planned and funded which will require consensus building and focus on details.
Medicare and Social Security are both factors of the United States financial support system that use government reserves in order to provide vital assistance to those in need, in particular, the sick and elderly.