This is supposed to be good news?
Well…Social Security is set to go bankrupt one year later than estimated:
The trust fund for Social Security will be exhausted in 2041 and the Medicare trust fund in 2019, the trustees of the two programs said Monday. Both dates were one year later than previously estimated.
In their annual report on the financial health of the government’s two biggest benefit programs, the trustees said that slight reductions in projected benefits and slightly higher tax collections had extended the dates that the trust funds are projected to be depleted.
However, the trustees said both programs continue to face serious financial problems with the pending retirement of 78 million baby boomers. The report for the first timed triggered a Medicare funding warning that will require
President Bush to submit to Congress next year proposals for trimming Medicare costs.
And what was the title of the AP article? Social Security, Medicare: Good news. I am not joking. Social Security and Medicare are going to last one year longer than previously estimated and that is some how “good news.” Meanwhile, you are throwing your money down the drain. It’s gone…you’ll never see it again.