Jun 5, 2018

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

A woman holds up a sign advocating for "Medicare for All"

Photo: Jim Watson/AFP/Getty Images

Both Social Security and Medicare are facing an uncertain future, the Associated Press reports, unless lawmakers take action.

The details: The financial problems plaguing the two programs were revealed in an annual government assessment. While President Trump said on the campaign trail that he would not cut the programs, he "hasn't offered a rescue plan for either."

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.
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