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U.S. NEWS Friday 14 July 2017
Trustees project biggest Social Security increase in years

tirees, disabled workers, currently have surpluses. ton have long clamored
spouses and surviving chil- But the trustees warn that to address the long-term
dren receive Social Secu- the longer Congress waits financial problems of Social
rity benefits. The average to address the programs’ Security and Medicare, the
monthly payment is $1,253. problems, the harder it will largest benefit programs
Medicare provides health be to sustain Social Secu- run by the federal govern-
insurance to about 58 mil- rity and Medicare without ment. But don’t expect
lion people, most of whom steep cuts in benefits, big them to do much about it.
are at least 65 years old. tax increases or both. Over the years, House
Unless Congress acts, the For example, in 2034, So- Speaker Paul Ryan, R-Wis.,
trust funds that support So- cial Security is projected to has insisted on overhauling
cial Security are estimated have a $546 billion shortfall, the programs, proposing
to run dry in 2034, the same which would grow to more a voucher-like system for
year as last year’s projec- than $3 trillion in the first five Medicare and calling for
tion. Medicare’s trust fund years. “Congress must act partially privatizing Social
for inpatient care is project- to ensure the long-term fis- Security.
This April 4, 2017 photo, shows the Capitol at dawn in Washing- ed to be depleted in 2029, cal viability and sustainabil- Now that Republicans
ton. On July 13, the trustees who oversee Social Security and a year later than last year’s ity and survival of Medicare control Congress and the
Medicare issued their annual report about the finances of the forecast. and Social Security,” said White House, Ryan says he
federal government’s two largest benefit programs. If Congress allows either Health and Human Ser- doesn’t want to tackle So-
(AP Photo/J. Scott Applewhite) fund to be depleted, mil- vices Secretary Tom Price. cial Security. Instead, Re-
By STEPHEN OHLEMACHER Some good news for se- lions of Americans living on “There are a great many publicans and the White
Associated Press niors: The trustees proj- fixed incomes would face ways that the situation can House are focused on
WASHINGTON (AP) — Mil- ect that Medicare Part B steep cuts in benefits. be addressed. The bottom repealing and replacing
lions of Americans who premiums will remain un- Neither Social Security nor line is that it must be ad- former President Barack
rely on Social Security can changed next year. Most Medicare faces an imme- dressed.” Obama’s health care law.
expect to receive their big- beneficiaries pay $134 a diate crisis — they both Republicans in Washing- q
gest payment increase in month, though retirees with
years this January, accord- higher incomes pay more.
ing to projections released Both Social Security’s cost-
Thursday by the trustees of-living adjustment and
who oversee the program. the Medicare Part B premi-
But older Americans um are to be announced
shouldn’t get too excited. in the fall.
The increase is projected The trustees released the
to be just 2.2 percent, or 2018 projections Thursday,
about $28 a month for along with their annual
the average recipient. warning about the long-
Social Security recipients term financial problems of
have gone years with tiny Social Security and Medi-
increases in benefits. This care, the federal govern-
year they received an in- ment’s two bedrock retire-
crease of 0.3 percent, after ment programs.
getting nothing last year. More than 61 million re-

US budget deficit rose higher

in June to $90.2 billion: report

By M. CRUTSINGER months of this budget year,
AP Economics Writer the deficit totals $523.1 bil-
WASHINGTON (AP) — The lion, up from a deficit of
federal budget deficit rose $399.2 billion during the
sharply in June compared same period a year ago.
to a year ago, although The Congressional Budget
much of the increase re- Office released an up-
flected calendar quirks. dated forecast last month
The Treasury Department that projected the deficit
said Thursday the June for this year will total $693
deficit totaled $90.2 billion billion. That represented a
compared to a surplus in sharp increase of $134 bil-
June 2016 of $6.3 billion. lion from CBO’s January
However, outlays grew forecast. The deficit in 2016
by $39 billion this year be- totaled $585.6 billion.
cause benefit payments CBO blamed much of this
that normally would have year’s increase on the fact
been distributed in July that the government is col-
were made in June since lecting less money in tax
July 1 fell on a Saturday. revenue this year than had
Through the first nine been expected.q