With spending of $1.1 trillion in 2021, Social Security is the largest program in the federal budget. In that year, Social Security spending came to
Current law makes automatic cost-of-living adjustments for many entitlement programs based on the consumer price index (CPI). The Bureau of Labor Statistics (BLS) adopted another
Social Security’s current benefit formula is progressive, where beneficiaries with lower lifetime earnings receive higher benefits compared to their earnings than those with higher lifetime
In 2021, Federal spending on Medicare amounted to $689 billion or 3.1% of GDP. Government actuaries project Medicare’s hospital insurance trust fund will go insolvent
Medicare is an extraordinarily complex program, consisting of four parts that provide payments to health care providers to reimburse them for health care services or
In addition to Medicare savings, the plan assumes savings in the Medicaid program and through malpractice reform. Medicaid is a joint Federal-state health care program
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