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And the prognosis for Medicare and Social Security is not promising.
Today's annual report reinforces what most of you -- to believe that without some changes both are in trouble financially.
Chief national correspondent Jim -- Jim Angle looks at the numbers.
With 101000 baby boomers retiring every day for the next two decades is clear the young -- -- higher taxes -- seniors collect all their social security and Medicare benefits.
Promises that far exceed any plans to -- -- them we're looking at over thirty trillion -- total.
Obligations that we have to find financial resources to pay for above and beyond projected payroll tax and premium revenues both of these vitally important programs -- -- On unsustainable paths.
The Congressional Budget Office down last year there without benefit changes -- -- -- for younger workers would have to increase across the board.
And 2030 and 86%.
The program and biggest trouble is Social Security.
58 million people nearly one in five Americans will receive Social Security benefits but by 2033 there will be millions more and benefits will be cut for every one by 23%.
The first part of Social Security to hit the wall however is the disability trust fund in 2016.
At that point -- on the program everywhere that's disabled.
We'll get an automatic 20% across the -- benefit cut.
The next crisis the Medicare hospital trust fund which is now projected to run short of money and 20/20 six a slight improvement.
Two years longer than was projected in last year's report but one of the trustees says he is not that clear.
There is less than one year's worth of benefit payments basically in the Medicare hospital insurance trust fund officials however say the new health care law is already helping.
This is it not only putting Medicare on stronger footing for the future it's also benefiting seniors right now.
But the way -- today is his by taking money from providers.
By simply clamping down on provider payments and that could help for -- while.
But probably has its limits everyone agrees something must be done -- -- -- but no -- taking the lead and all agree the longer we wait the more painful any fix will be.
-- Jim thank you.
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