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(EMAILWIRE.COM, June 05, 2013 ) Denver, CO -- If some people find itÂ’s harder than ever to get on social security, itÂ’s probably due to the quickly draining funds available. The longer congress waits to deal with the financial shortfalls in the trust fund, programs will face imminent doom. The underlying financial condition of Social Security and Medicare did not change greatly in 2012 and both are still on borrowed time, trustees of the massive, politically sensitive programs said in separate reports on Friday.
The longer the government waits to deal with the programs’ depletion, the harder it will be to find a solution, especially since the US is facing an aging population and will soon see a surge in social security eligible senior citizens. Public trustee Charles Blahous warned at the briefing for the reports that “the window for effective action is closing as [the committee] speaks”.
National Economic Council Director Gene Sperling noted that the Medicare trustees project, Part B premium, which pays to cover doctorsÂ’ services, would not increase between 2013 and 2014, even though the cost of medical care continues to rise.
Some 58 million Americans currently receive Social Security benefits, the Associated Press says. Benefits may have to be cut up to 23 percent across the board, including those being received by disabled veterans and retirees. But if congress continues to delay finding a solution to the problem, even cutting back 100 percent on those that to those newly eligible for retirement but not those already getting benefits, would still not be sufficient to fill the systemÂ’s gaps in veteran recipients.
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Source: EmailWire.com
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