The Bipartisan Policy Center, a Washington, DC-based think tank, published a chartbook that explains the status of Social Security and Medicare – who the programs cover, how they are funded, and what their financial outlook is – in 10 questions and answers.
Social Security and Medicare provide crucial support and have stood the test of time, contributing to the financial security of millions in the United States, according to the BPC, but they face substantial financing challenges.
“If left unaddressed, these programs’ trust funds will run out and their spending (e.g., benefits) will face drastic cuts,” said the BPC.
Members can get more detailed information about Social Security by downloading Social Security Benefits, Finances and Policy Options: A Primer published by the National Academy of Social Insurance.