Richard French: Social Security cuts

Editor: In their annual joint report released Wednesday, the trustees overseeing the nation's entitlement programs issued an urgent warning: Social Security and Medicare's primary trust funds are projected to become insolvent by 2033, forcing steep automatic benefit cuts unless the Republican Congress acts.

Social Security faces 23% cut in the Old‑Age and Survivors Insurance (OASI) portion of Social Security projected to pay 100% of scheduled benefits through 2033, but once reserves are depleted, beneficiaries would only receive 77% of their scheduled payments equating to a potential 23% cut, unless Congress intervenes.

And what's the chances of our Republican Congress taking action to help their constituents?

In addition, Medicare Part A to shrink by 11%, as the Medicare Hospital Insurance (HI) trust fund, covering inpatient hospital stays (Part A), is now expected to exhaust its reserves in 2033 three years earlier than estimated in last year's report. After depletion, HI payments would cover just 89% of scheduled claims for hospital, nursing home, and hospice services equivalent to an 11% cut.

So, it is easy to understand why "We the People" 'distrust' their government!

Richard A. French

Glendale, Calif.

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