Social Security and Medicare: Troubling math, tough politics
By JOSH BOAK and AMANDA SEITZ
Associated Press
WASHINGTON (AP) — It seems no one wants to cut Social Security or Medicare benefits. Not President Joe Biden, who’s telling voters his upcoming federal budget proposal will “defend and strengthen” the programs. Not Republican House Speaker Kevin McCarthy, who’s declared cuts to the programs off the table in negotiations to raise the federal debt limit. There’s just one glitch with these declarations: Social Security won’t be able to pay out its promised benefits in a dozen years. Medicare won’t be able to do so in just five years. Economists who’ve done the projections say both programs will drive the national debt higher in the coming decades, forcing tough choices for the next generation of lawmakers.
