By the numbers: Social Security and Medicare’s budget woes

By the numbers:

• Over 62 million people are receiving Social Security benefits, with an average monthly payment of $1,294.
• Nearly 60 million people are on Medicare.
• The two programs account for "about 40 percent of government spending."
• In 16 years, Social Security funds could be depleted (which was also reported last year.)
• Medicare's main fund for hospital and nursing care will run dry in 8 years.