Press Release
May 7, 2024
Medicare and Social Security Trustees Reports: What You Need to Know
American Action Forum experts analyze the highlights of the Medicare and Social Security Trustees Reports that were released yesterday. According to the reports, Medicare will go bankrupt in 2036 – five years later than the previous projection, and the Social Security Trust Funds will go bankrupt in 2035, one year later than last year’s estimate.
Other statistics include:
- Medicare as a whole had a deficit of $470 billion, with spending of $1,037 billion and cash revenue of $567 billion.
- Over the next 75 years, Social Security will owe $24.8 trillion more than it is projected to take in.
