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  1. Medicare, the government-sponsored health insurance that covers 65 million older and disabled people, will be unable to pay full benefits for inpatient hospital visits and nursing home stays by 2031, the report forecast. And just two years later, Social Security won’t have enough cash on hand to pay out full benefits to its 66 million retirees.
    apnews.com/article/medicare-social-security-finances-shortfall-debt-biden-b1f45ba6dd6fdef18e741e308d8ecf12
    apnews.com/article/medicare-social-security-finances-shortfall-debt-biden-b1f45…
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    WASHINGTON (AP) — The financial safety nets millions of older Americans rely on and millions of young people are counting on will run short of money to pay full benefits within the next decade, the annual Social Security and Medicare trustees report released Friday warns.
    The future of Social Security and Medicare has become a top political talking point as President Joe Biden heads into his expected 2024 reelection campaign. Biden, a Democrat, has vowed to rebuff any Republican-led efforts to cut Medicare or Social Security benefits to brace for the shortfall.
    “Today’s Social Security and Medicare Trustees reports reinforce that while they are financially strong today, both programs face long-term funding needs, and Congress must act to find solutions to ensure Social Security and Medicare will be there for the next generation and into the future,” Jenkins said.
    The Social Security program is expected to run short of cash to pay promised benefits in about ten years, while a key trust fund for Medicare will run out of funds by 2031, according to new forecasts issued Friday by trustees of both programs. The projections serve as an annual reminder that the popular programs rest on shaky financial footings.
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