Source: Town Hall
by Sally C Pipes
“President Joe Biden recently unveiled his $7.3 trillion budget proposal for next fiscal year. He has pitched his plan as one that would ‘preserve Medicare benefits and the Medicare trust fund’. It’s a nice soundbite. But it’s not the whole story. The president’s budget would raise taxes without solving Medicare’s financial woes. … For years, Medicare’s Board of Trustees has warned of the imminent bankruptcy of the entitlement’s Part A hospital insurance trust fund. According to the latest projection, the fund will run out of money by 2031. That’s in part because the entitlement is growing. Roughly 26 million Baby Boomers will turn 65 and become eligible for Medicare through 2030. As a result, Medicare spending is expected to more than double in the next decade. Last year, Medicare spending was roughly $1 trillion. That number will reach about $2.1 trillion by 2034, according to a new projection by the Congressional Budget Office.” (04/22/24)