Here's a breakdown of the dilemma, the potential fixes and the harsh politics around Social Security and Medicare.
Rely more on general revenues to cover the gap, which could mean higher budget deficits or cuts to other programs.
Democrats are also trying to rein in spending on the increasingly popular -– and expensive -– Medicare Advantage program, a network of private insurance plans that are reimbursed by the government. Recently, 70 Democrats signed a letter to the president asking his administration to crack down on scams and wasteful spending in the program, which federal investigators say has cost taxpayers billions of dollars.
Last year, members of the House Republican Study Committee proposed raising the age at which someone could qualify for Social Security and Medicare. Right now, people can access their full Social Security benefits at 67, an age minimum that's increased by two years since the program was first established nearly 90 years ago. You must be at least 65 to access Medicare.
The CBO has also laid out nearly 60 policy options that could save the federal government billions of dollars on Medicare, including higher monthly premiums for some older and disabled adults.In his State of the Union address, Biden got boos from GOP lawmakers when he said that some Republicans want to cut spending for the programs. It led to an improvised standing ovation for seniors as both parties on the spot committed to avoiding any cuts to Social Security and Medicare.
In the 1984 elections, there was little political fallout. Reagan won a second term in a landslide, while Democrats held onto the House.It's not just the U.S. There's pushback in other countries amid efforts to restrain costs tied to an aging population.
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