WASHINGTON, D.C. — A new report is heightening concerns about the financial future of medicare.
According to the Washington post, a new Medicare trustees report reveals that the Medicare trust fund will dry up by 2026—three years sooner than was predicted in 2017.
The Medicare fund pays the hospital bills of Medicare recipients.
The Washington Post says that the report, issued by Trump Administration officials who are trustees for both Medicare and Social Security, cites policy changes such as the new GOP tax law as the reason.
With the government collecting less money in income taxes, the Medicare trust fund will receive considerably less funding.
In a statement, Treasury Secretary Steve Mnuchin said that the government's economic agenda will generate the long-term growth needed to help stabilize both Medicare and Social Security.