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Breaking News: Social Security & Medicare aren’t Going Bankrupt!! - Kiplinger
In the true sense of the word, neither Social Security nor Medicare is in any danger of going “bankrupt.” However, that doesn’t mean that both programs are not having financial difficulties. Indeed they are, but the worst case scenario is that benefits available under both would be reduced, not eliminated. True, Social Security and Medicare are slowly running out of money, as the Trust Funds used to pay benefits are being slowly depleted – the Social Security Trust Fund reserves are projected to be zero in 2033 and Medicare in 2036, unless Congress implements reform to both programs to restore them to fiscal solvency. This Kiplinger article by investment advisor Jared Elson explains in layman’s terms the real situation with Social Security and Medicare finances, and offers two fixes to the problem.
For its part, the Association of Mature American Citizens (AMAC) has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee which restores the program to solvency without raising payroll taxes. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security.
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