New predictions for the exhausting of the Social Security& Medicare "trust funds": the Social Security deadline has been moved up a year to 2040, and Medicare has been moved up from 2020 to 2018.
Treasury Secretary John Snow, who is the chairman of the trustees' panel, told a news conference that the country faced a ''looming fiscal crisis as the baby boom generation moves into retirement.'' He said the administration stood ready to work with Congress to come up with a solution.
Don't hold your breath. In 1983, the last time there was a major overhaul, they waited until Social Security was literally days away from running out of cash.