Medicare, Social Security Drying Up Faster Than Expected - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Medicare, Social Security Drying Up Faster Than Expected

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A review of Social Security and Medicare shows the government's giant trust funds could be depleted in the next 30 years.

The crunch comes just as millions of baby boomers reach retirement age.

But, Bob Weiner, former Chief of Staff for the House Committee on Aging, says there's no cause for alarm on Social Security because the baby boomers had the fewest babies themselves in our history.

"You have the lowest birthrate by the baby boomers, 2.1. You have a 2.9 birthrate for the, for the current baby-boomers. But they're having the fewest children. So as soon as you get past the little blip, the system goes back into complete solvency. And that's a point that no one takes into account," explained Weiner.

Medicare is another story. Weiner adds that the government health care program for seniors is projected to run out of money in 2017.

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