Medicare and Social Security are on a fast track to deep fiscal problems, trustees for the two programs warned Monday.
By 2024, the trustees said, Medicare’s trust fund won’t be able to cover seniors’ hospital benefits. Social Security is expected to reach the same tipping point in 2033 — three years earlier than the trustees estimated last year.
The funds won’t be entirely empty on those dates, but rather will not be taking in enough money to keep paying 100 percent of the benefits they’re supposed to provide.
Treasury Secretary Timothy Geithner said the trustees’ reports show a clear need for Congress to make significant changes to entitlement programs, but he continued to hold firm against Republican proposals to partially privatize Medicare.