Medicare and Social Security insolvency is right around the corner

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President Joe Biden is accusing Republicans of wanting to cut Social Security and Medicare source: gettyimage.com [{ "selector": ".dutrs-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 10px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

He says he’ll protect these key pillars of the social safety net source: gettyimage.com [{ "selector": ".aawsp-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 15px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

Republicans, while they do want cuts to deal with “runaway source: gettyimage.com [{ "selector": ".piwdr-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 10px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

The cold, hard, actuarial truth is that we don’t need Scott’s plan source: gettyimage.com [{ "selector": ".pdcks-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 10px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

Medicare hospital coverage (Medicare Part A) will have a zero balance source: gettyimage.com [{ "selector": ".tcdpj-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 10px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

That’s right. In their annual report, released last June source: gettyimage.com [{ "selector": ".kuwuk-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 13px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

fund will bring in $412.6 billion in 2023. It will spend $415.6 billion source: gettyimage.com [{ "selector": ".ckogx-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 10px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]