The Financial Condition of the Social Security and Medicare Trust Funds
The Financial Condition of the Social Security and Medicare Trust Funds
The Social Security and Medicare Trustees Reports were released on August 5, 2010. The reports — which were delayed by over three months in order to incorporate the impacts of the new health care reform law — provide both the short-and long-term financial outlooks for the trust funds. The two largest entitlement programs face growing financial challenges which will directly impact the overall federal budget. Demographic changes and rising health care costs pose a threat to the sustainability of these programs. Reforms will be necessary to address the increasing demand. To read a statement by Peter G. Peterson Foundation President and CEO, David Walker, click here.
PGPF provides a brief discussion of the updated financial outlooks of the Social Security and Medicare trust funds as well as their budget implications. For general information on trust funds click here.
Further Reading
Budget Basics: What Is the Child Tax Credit?
The CTC provides assistance to families with children, and while it represents a relatively modest part of overall government spending, it is one of the largest tax expenditures.
Budget Basics: Tax Expenditures
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
What Are the Economic Costs of Child Poverty?
Child poverty is higher in the United States than in other wealthy countries. Studies show that it has quantifiable economic costs.