The Medicare Hospitalization Insurance (HI) fund will be totally exhausted by 2024: "Medicare’s HI Trust Fund is expected to pay out more in hospital benefits and other expenditures than it receives in income in all future years. The projected date of HI Trust Fund exhaustion is 2024, five years earlier than estimated in last year’s report, at which time dedicated revenues would be sufficient to pay 90 percent of HI costs."
This is a ticking time bomb. The choices are either massive tax increases or massive spending cuts. Medicare will be spending more than $1 trillion per year by 2024, and it will be very difficult to cut spending.
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