Social Security provides retirement, disability and survivor benefits to qualifying recipients, the bulk of whom are age 65 or older. The Social Security trust fund, which helps support it, is projected to be depleted by 2035. At that point, unless changes are made, recipients will receive only about 75 percent of benefits, according to the Social Security Board of Trustees.
Medicare, which provides healthcare coverage for some 50 million older Americans, is also in jeopardy.
“Medicare still faces a substantial financial shortfall that will need to be addressed with further legislation,” according to a 2017 report by the program trustees. “Such legislation should be enacted sooner rather than later to minimize the impact on beneficiaries, providers, and taxpayers,” the report said.
Between 2010 and 2050, the population of people over the age of 65 in America will double, according to The Kaiser Family Foundation. In 2016, $912 billion of government spending went to Social Security, and $588 billion went to Medicare.
Despite repeated campaign promises by the president not to touch Social Security and Medicare, Congressional Republicans have hinted that these programs are not immune to cuts.