Medicare To Be Bankrupt In 13 Years
The latest Medicare Trustee’s report is fairly sobering:
The new Medicare trustees report says the trust fund is now likely to run out of money in 2024, five years earlier than predicted last year.
The reason, according to CMS, is that the economic recovery has been slower than expected — making tax revenues come in more slowly.
At a press briefing, Treasury Secretary Timothy Geithner said the change in the projection was due to “technical changes in the economic assumptions underlying the projections.”
Which is Washington-speak for “those rosy economic assumptions we made were pretty much crap.”