[DanZ]

Last year SS went up by 5.9%, this year it may be between 6-8%. Yes, we are broke and soon to reap what has been sawn

[kabar]

Both SS and Medicare have been in the red for over a decade, i.e., spending has exceeded revenue. The shortfall is made up using the trust funds, which are headed for exhaustion. When that happens, by law, benefits are reduced to equal revenue.

Trust funds for both Social Security and Medicare will become depleted within the next decade. CBO projects that Medicare’s Hospital Insurance (HI) Trust Fund will become depleted in 2030, at which point the program would not be able to make full payments to healthcare providers for hospital care for Medicare patients. In addition, CBO projects that the balance of Social Security’s Old-Age and Survivors’ Insurance Trust Fund will be depleted in 2033. In addition, the Highway Trust Fund is likely to be depleted in 2027.