The State of Medicare and Medicaid-The Stability of the Social Safety Net

Most Americans are aware that the Social Security program will soon run short of money. William G. Gale, PhD, Arjay and Frances Miller Chair in Federal Economic Policy, Senior Fellow in the Economic Studies Program at the Brookings Institution discussed the even shakier financial situations of Medicare and Medicaid. He said the Medicare trust fund will run out of money in 2026. He stressed the importance for Congress to either reduce costs, raise taxes or make other major policy changes soon.