My favorite columnist at the Los Angeles Times, Michael Hiltzik (scroll), has written another excellent piece, this time covering the "no-bad-news day" for Social Security and the "distinctly good news" about Medicare. Sorry, GOP. I know I'm rubbing it in after my post about all those upbeat economic news reports that broke today, but hey, a blogger's gotta do what a blogger's gotta do.
Republicans *coughPAULRYANcough* are just dying to privatize us all into oblivion, which would mean cutting earned benefits for those who rely on them. Way to appeal to voters, GOP. It's a good thing we have Michael Hiltzik around to deliver a more even-handed (read: accurate) approach to informing us about the current state of both Social Security and Medicare.
"[T]he news is essentially that there is no news" in the reports, as Kathy Ruffing of the Center on Budget and Policy Priorities, a leading expert on Social Security, said during a conference call Monday on the Social Security report.
The trustees still estimate that the Social Security trust fund will be exhausted in 2033 -- same as its estimate last year. The range of estimates -- for these things can never be exact -- places the date at some time between 2029 and 2041. Even then, the trustees say, there will still be enough money coming in to the program each year to pay 77% of currently scheduled benefits. And the trustees do, however, suggest that their best-case scenario for economic growth and other demographic and economic factors is brighter this year than it looked in 2013.
As of now, Social Security is in surplus (by $32 billion last year), and is expected to remain so on an annual basis at least through 2019.
Hiltzik goes on to say that the B Word (bankrupt) is more like the BS Word. His exact phrasing was, anyone who challenges the facts has "given up his or her right to be taken seriously as a policy expert." Are you listening, Wannabe President Ryan?
Now how about Medicare? Is there good news there, too? And if so, would it possibly have anything to do with the O Word (Obamacare)? Don't be silly! Oh wait:
As for Medicare, there's distinctly good news. The continuing drop in healthcare expenses has made Medicare healthier -- the estimated date of its trust fund's depletion has been moved out by four years, to 2030. If you're keeping track, that date has been moved off by a total of 13 years since enactment of the Affordable Care Act.
Hiltzik also includes a few warnings, so please link over to read the entire column.
He concludes by rightfully calling out Congress for taking a five-week break just when we need them to "pay attention." He's clearly as miffed at them as we are. One can almost hear him throwing his head back and screaming, "Enough!"
Or as I like to call it, the
F G Word (Gaaa!).