Overseers for Social Security and Medicare Wanted

The prolonged lack of overseers for Social Security and Medicare is a dire situation, with Washington insiders saying such advisers help keep annual financial reports sound and unbiased, reports the Associated Press . Public trustees are typically economists or retirement experts, and this year's assessment of Social Security and Medicare found both programs to be ailing. The insolvency date for Medicare's inpatient trust fund moved three years closer, to 2026, while Social Security's insolvency forecast still stands at 2034. However, for the first time in nearly four decades, the cost of the retirement program is projected to top its annual income in 2018, meaning reserves will be tapped to cover benefits. Former Health Secretary Mike Leavitt says the absence of public trustees signals deeper problems with senior programs that Americans are refusing to confront. He notes public trustees fulfill "a piercing and profound purpose" as "knowledgeable private citizens empowered with information to make a declaration to their fellow citizens." Lacking public trustees, Social Security and Medicare officials are reluctant to rethink their assumptions underlying financial estimates, and this means the estimates can get out-of-date, according to former Medicare official Rick Foster. "The closer we get to the cliff with these two programs, the more critical these positions and the integrity of the process become," warns economist Robert Reischauer.