The Unsustainable Burdens Posed by the So‐​Called Medicare and Social Security Trust Funds

According to the Social Security and Medicare Boards of Trustees’ 2023 reports, Medicare and Social Security now exceed $78 trillion in long‐​term unfunded obligations. This equates to an obligation of more than $600,000 for every U.S. household. That’s three times all the goods and services produced in the United States last year, as measured by gross domestic product (GDP).

Each year the Social Security and Medicare Boards of Trustees prepare 75‐​year estimates assessing the programs’ long‐​term financial conditions. While such long‐​range estimates are inherently uncertain, these projections provide important information about the direction...