Tuesday, April 24, 2012

Poor economy worsens Social Security's finances

Government: Poor economy, high energy prices, shorten life of Social Security fund by 3 years WASHINGTON (AP) -- High energy prices and an economy that has been slow to rebound are worsening Social Security's finances, shortening the life of the trust funds that support program by three years, the government said Monday. Those trust funds will now run dry in 2033, according to a report issued by the trustees that oversee the massive retirement and disability program. Medicare's hospital insurance fund is projected to run out of money in 2024, which is unchanged from last year. The trustees, however, said Medicare spending continues to rise.