Why Young People Shouldn't Diss Social Security
Funds aren't being exhausted as quickly as some think, and it's not just retirees who qualify for benefits.
Circle of Security: Baby Bonding
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recommended by: Shaor posted by: Look Beyond the Obvious Amplify’d from http://www.cbsnews.com The government said Friday that a bad economy has shortened the life of the trust funds that support Social Security and Medicare, the nation’s two biggest benefit programs. The annual checkup said that the Medicare hospital insurance fund will now be exhausted in 2024, five years earlier than last year’s estimate. The new report says that the Social Security trust fund will be exhausted in 2036, One Year earlier than before. The trustees for the trust funds said in their annual report that the worsening financial picture emphasized the need for Congress to make changes to avoid disruptive consequences in the future for millions of people who depend on health and pension benefits. Treasury Secretary Timothy Geithner, who chairs the trustee’s panel, said the new report underscored "the need to act sooner rather than later to make reforms to our entitlement programs. … We should not wait for the…
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