Released on March 19, 2001, the 2001 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds reports on the current status of the Social Security and Medicare trust fund. According to this year's report, Medicare's financial condition has improved over the past few years. It will, however, probably face severe financial difficulties in the future. Social Security has improved slightly over the past year, and the Board of Trustees predicts that funds will "be adequately financed one year longer than in last year's report, or until 2038, based on intermediate economic and demographic assumptions." For those lacking the time to read the entire 198-page report, the summary provides an excellent abridgement of the document.
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