Baby boomers can at least cheer about one aspect of the U.S. economy.
It looks as if Medicare will be around and solvent as the last of the baby boom generation hits retirement age. A slowdown in health care spending means the hospital trust fund won’t be depleted until 2030, The Associated Press reports.
Social Security also will be solvent until 2034. Government reports by the Trustees last week showed the financial health of the two largest U.S. benefit programs.
Together in 2013 they accounted for 41 percent of all federal spending. The programs remain sound.
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That should relieve baby boomers. That’s a generation of 78 million Americans born between 1946 and 1964.
But without reforms, our kids need to be very worried.