Social Security

The Medicare trust-fund, which provides coverage to 55 million Americans, will exhaust its reserves by 2028. Similarly, the Social Security trust-fund, which provides retirement benefits to 49 million Americans, will be depleted by 2034, triggering a 21% benefit cut if Congress doesn’t act. Social Security and Medicare accounted for 41% of federal spending last year, up from 36% in 2011. Last year, there were 2.8 covered workers/Social Security beneficiary.