The Medicare and Social Security Reports Are Nothing to Celebrate

The Medicare and Social Security trustees’ reports illustrate the same thing they do every year: These programs are not financially sustainable and will require reforms if they are to continue to exist.

The insolvency date for Medicare was extended to 2036, rather than 2031 from last year’s report, leading some to conclude that the program has fundamentally improved. This conclusion is wrongheaded for two reasons.

First, the insolvency date is only for Part A of Medicare, the hospital-insurance trust fund. The bulk of Medicare spending increases in the foreseeable future...