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| Version 1 | Version 2 |
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| Social Security and Medicare running out of money faster than projected | Social Security and Medicare running out of money faster than projected |
| (about 1 month later) | |
| The trustees of the Social Security and Medicare trust funds issued a dire warning about the future of the programs on Monday. | The trustees of the Social Security and Medicare trust funds issued a dire warning about the future of the programs on Monday. |
| By 2036, the Social Security trust fund that goes mainly to US retirees will be exhausted – two years earlier than previously projected. In 2011, 44.8 million Americans received benefits from the fund, up 1 million over the previous year. | By 2036, the Social Security trust fund that goes mainly to US retirees will be exhausted – two years earlier than previously projected. In 2011, 44.8 million Americans received benefits from the fund, up 1 million over the previous year. |
| Social Security paid out more than it took in in 2010 – the first time since 1983 – because of fewer workers paying into the system during a weakened economy. | Social Security paid out more than it took in in 2010 – the first time since 1983 – because of fewer workers paying into the system during a weakened economy. |
| Indeed, the ratio of workers paying taxes per Social Security beneficiary continued to fall and is projected to hit 2.8 workers per beneficiary in 2012, down from 3.4 in 2000. | Indeed, the ratio of workers paying taxes per Social Security beneficiary continued to fall and is projected to hit 2.8 workers per beneficiary in 2012, down from 3.4 in 2000. |
| The combined Social Security trust funds – the one for retirees and a separate disability insurance fund – would be depleted in 2033, three years earlier than projected. | The combined Social Security trust funds – the one for retirees and a separate disability insurance fund – would be depleted in 2033, three years earlier than projected. |
| By 2024, Medicare's trust fund won't be able to cover hospital benefits for seniors, the trustees warned. | By 2024, Medicare's trust fund won't be able to cover hospital benefits for seniors, the trustees warned. |
| "Lawmakers should address the financial challenges facing Social Security and Medicare as soon as possible," the report urged. | "Lawmakers should address the financial challenges facing Social Security and Medicare as soon as possible," the report urged. |
| "Taking action sooner rather than later will leave more options and more time available to phase in changes so that the public has adequate time to prepare." | "Taking action sooner rather than later will leave more options and more time available to phase in changes so that the public has adequate time to prepare." |
| Treasury secretary Timothy Geithner said the trustees' report reflects a deep need for Congress to make significant structural changes to the entitlement programs. | Treasury secretary Timothy Geithner said the trustees' report reflects a deep need for Congress to make significant structural changes to the entitlement programs. |
| He said: "We will not support proposals that sow the seeds of their destruction in the name of reform, or that shift the cost of health care to seniors in order to sustain tax cuts for the most fortunate Americans." | He said: "We will not support proposals that sow the seeds of their destruction in the name of reform, or that shift the cost of health care to seniors in order to sustain tax cuts for the most fortunate Americans." |
| Mitt Romney, the presumptive Republican nominee in the 2012 election, has called for converting Medicare into subsidies to help seniors buy private insurance. | Mitt Romney, the presumptive Republican nominee in the 2012 election, has called for converting Medicare into subsidies to help seniors buy private insurance. |
| In response to the report, Romney's campaign issued a statement that the news "reminds us that President Obama continues to play shell games with the health care of our seniors, taking hundreds of billions for Medicare to spend on Obamacare and now using a bogus experiment to conceal the damage until after the election." | In response to the report, Romney's campaign issued a statement that the news "reminds us that President Obama continues to play shell games with the health care of our seniors, taking hundreds of billions for Medicare to spend on Obamacare and now using a bogus experiment to conceal the damage until after the election." |
| In 2011, 48.7 million people were covered by Medicare, up from 47.5 million the year before. | In 2011, 48.7 million people were covered by Medicare, up from 47.5 million the year before. |
| The program took in $106bn last year, while spending $132bn. According to the report, at the end of the year, it had $154bn left in its trust fund. | The program took in $106bn last year, while spending $132bn. According to the report, at the end of the year, it had $154bn left in its trust fund. |
| Neither party has offered a plan for Social Security, which at $736bn is the US government's largest single program. | Neither party has offered a plan for Social Security, which at $736bn is the US government's largest single program. |
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