While Democrats and Republicans bicker over who said what about Social Security and Medicare, both programs are running out of money. Medicare won’t have enough to keep up with its required payments after 2028, and Social Security will be able to cover just 77% of what it pays out after 2034. That’s according to the annual report from the Social Security Administration.
Cong. Darin LaHood says things need to change. He wouldn’t change anything for people on the programs now or those close to retirement. But younger workers can’t expect the same thing. They’re already not going to get it.
LaHood says people live a lot longer now than when Social Security started and the program needs to be adjusted for that.