Wednesday, May 13, 2009

Alarm Sounded On Social Security Report Also Warns Of Medicare Collapse

Posted in by Illuminated One | Edit
Alarm Sounded On Social Security
Report Also Warns Of Medicare Collapse

By Amy Goldstein
Washington Post Staff Writer
Wednesday, May 13, 2009

The financial health of the Social Security system has eroded more sharply in the past year than at any time since the mid-1990s, according to a government forecast that ratchets up pressure on the Obama administration and Congress to stabilize the retirement system that keeps many older Americans out of poverty.

The report, issued yesterday by the trustees who monitor the government's two main forms of help for the elderly, shows that Medicare has become more fragile as well and is at greater risk than Social Security of imminent fiscal collapse. Starting eight years from now, the report says, the health insurance program will be unable to pay all its hospital bills.

The findings put a stark new face on the toll the recession has taken on the two enormous entitlement programs. They also intensify a political debate, gathering strength among Democrats and Republicans, over how quickly President Obama should tackle Social Security when health-care reform is his administration's most urgent domestic priority.

SOURCE: WASHINGTON POST

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