Medicare and Social Security, the nation's two largest programs, have long-term deficits of $63.3 trillion, according to annual reports from the programs' trustees released today. The reports underscore the dire need to reform the programs if the nation wants to avert a fiscal crisis. Though most news reports will focus on the trust fund exhaustion date (2024 for Medicare and 2033 for Social Security) the reality is that the trust fund is a farce. The Social Security program is financed primarily by payroll taxes.
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