Medicare, Social Security going broke, feds warn

As talk of government-run healthcare gains steam on the 2020 presidential campaign trail, a new report warned Monday that Medicare and Social Security could soon be insolvent. The annual report by the Social Security Board of Trustees said Medicare is on track for insolvency within the next seven years and Social Security will run dry within the next 16 years. Ahead of next year’s election, President Donald Trump has declared cuts to those programs off-limits. Many Democratic White House contenders say they want to expand Medicare benefits. The two programs combined account for almost half the nation’s federal spending, and costs are continuing to rise. Monday’s report urges lawmakers to “take action sooner rather than later to address these shortfalls.”