Medicare, Social Security to survive one more year, report finds
The Bush administration urged reform after a newly released report tacked on one more year to the lives of the nation's major healthcare and retirement plans. Federal officials issued ominous-sounding warnings with the report.The exhaustion date for the U.S. Medicare Hospital Insurance trust fund will be in 2019. Social Security will exhaust its assets in 2041. Both dates appeared in an annual report released Monday.
"I have no doubt these programs will be reformed and restructured. The only question is when," Treasury Secretary Henry Paulson said. "The longer we wait, the more costly and the more difficult it's going to be to do it and the greater the weight that will be placed on younger generations."