Posted on Wednesday, June 6, 2018 7:29 PM
According to an annual government report, the financial future of Medicare is deteriorating quicker than expected and as a result funds will run out in 2026.
There are numerous factors that are contributing to this expedited loss of funds. The new tax laws passed earlier this year means that the government will be collected less in income taxes. Also, the repeal of the Affordable Care Act enforcement that everyone carries health insurance means that there will be more uninsured patients which will require Medicare to pay for the care.
However, Treasury Secretary Steven Mnuchin issued a statement putting a positive spin on the administration’s economic agenda, saying that tax cuts, regulatory changes and altered trade policies “will generate the long-term growth needed to help secure these programs and lead them to a more stable path.”
The annual reckoning of the stability of one of the nation’s largest entitlement program amplifies earlier warnings that it is unsustainable over time. It also urges Congress to revise the program to ward off the shortfalls soon to “minimize adverse impacts” on the tens of millions of elderly and other vulnerable people who rely on the government help.
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