Medicare covered around 66 million people last year, a majority of which are 65 and older.
FILE - A Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. Congress has some extra time to figure out a way to shore up the finances of Medicare and Social Security thanks to an improved economy pushing back the date both entitlement programs are expected to reach insolvency and bring on automatic cuts to benefits.
“It’s kind of like you have a meteor that’s falling to earth and each year you make a assessment of how it’s crashing into earth. It’s still crashing into earth no matter what,” said Charles Blahous, a senior research strategist at George Mason University’s Mercatus Center and a former trustee for Social Security and Medicare.
The longer Congress waits, the more likely it will be that they will need to dip into general funds to keep full benefit payouts, which would be a significant departure from how Social Security and Medicare have operated since they were launched. The gloomy financial outlook for Social Security and Medicare has led many Americans, particularly younger people entering the workforce, to wonder if they will be able to receive the same benefits that older generations did.
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