Social Security, Medicare and Medicaid Are On A Path Of No Return

Post image for Social Security, Medicare and Medicaid Are On A Path Of No Return

Would you believe that an incredible 61+ million Americans already receive Social Security, Supplemental Security Income, or both.  On top of that, another 46+ million Americans are on food assistance.  On Social Security alone the US is already running a deficit of about $30billion dollars a year, and by 2021 the deficit on Social Security alone is expected to top $118 billion dollars a year.  And Medicare and Medicaid costs will probably make that deficit look like child’s play.  The problem is that the base of workers to pay for all these benefits for the elderly and unemployed is shrinking rapidly.  For example, back in 1960 there was almost 5 workers for every Social Security beneficiary.  Today there are less than 3 workers for every beneficiary, and by 2035 there will be less than 2 workers per beneficiary.  There simply is no way to sustain this trend and maintain the current benefit structure.  If you are putting all your eggs in the Social Security and Medicare basket, you may want to rethink that plan.  The time to assess your alternatives is NOW.

Share

Tagged as: deficit, medicare, social security

Comments on this entry are closed.

Previous post:

Next post: