WKYT | Lexington, Kentucky | News

Annual report card for Social Security and Medicare could be bleaker

WASHINGTON (AP) - Analysts say today's release of a report card
on Social Security and Medicare won't be anything to celebrate.
Analysts think this year's trustees' report will project the two
trust funds will run out of money sooner than projected a year ago,
thanks in part to the worst recession in decades and resulting high
unemployment.
The economic downturn has resulted in a loss of 5.7 million
payroll jobs since it began in December 2007 and an unemployment
rate that hit a 25-year high of 8.9 percent in April.
Fewer people working means less money paid into the trust funds
for Social Security and Medicare.
Last year, trustees predicted the Social Security trust fund
would be depleted by 2041, while the Medicare trust fund would run
out of cash by 2019.


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