US Medicare and Social Security Facing Bankruptcy – The Australian Tribune

Contrary to what many believe, the US federal government does not spend the bulk of its revenue on its military. Or even on politicians hefty paycheques.

Instead, almost 45% of taxpayer dollars go to support Medicare, Social Security and disability benefits to the tune of $2.43 trillion (US$1.74 trillion) per year. But in a sign of what happens when governments overpromise retirement welfare benefits Medicare could be insolvent within six years.

On Monday a report was released by the governments overseers of Medicare and Social Security, which revealed the programs are becoming more financially unstable every year.

As AP reports, Social Security would become insolvent in 2035, one year later than previously estimated. And both programs w…

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