The federal government revealed Monday that Social Security is on its way to drying up in the year 2033, three years earlier than previously believed. The weak economy is partnering with a massive group of aging baby boomers in sucking up the fund, which lawmakers have not made a move to try and fix. Medicare is said to be insolvent by the year 2024, unchanged from its previous expiration date. Higher energy costs and fewer hours worked are also contributing to Social Security’s path towards insolvency, and government officials said that Congress must act drastically to save both it and Medicare.
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