June 22, 2016
AAF Analysis of 2016 Medicare and Social Security Trustees Reports
The American Action Forum (@AAF) today released an analysis of the 2016 Medicare and Social Security Trustees Reports which reviews the financial state of America’s entitlement programs. The report echoed past conclusions: Medicare and Social Security are still going bankrupt. At its current pace, Medicare will be bankrupt in 2028 and Social Security will go bankrupt in 2034. Key findings from the analysis include:
- Medicare’s Annual Cash Shortfall in 2015 was $324 billion
- Payroll taxes would have to increase 16 percent to pay for Medicare Part A in 2016
- Over the next 75 years, Social Security will owe over $11 trillion more than it is projected to take in
- The Social Security Disability Insurance Trust Fund will be bankrupt in 2023
Click here to read the analysis.