Social Security and Medicare are both severely underfunded, and both have steadily accrued significant debt since 2010. Currently, Social Security owes $34.9 trillion in unfunded promises, Medicare owes even more with $38.7 trillion in unfunded promises. This means that the government has promised this money, but has not set it aside to pay for these benefits. Social Security makes up 23 percent of federal spending. Social Security has fallen more than $17 trillion further in debt since 2008 and Medicare is now $15.5 trillion more in debt than it was when it spiked in 2010.

From 2010 to 2011 Medicare funding jumped by $10 trillion but then fell again by almost $2 trillion the next year. 2011 was the first year that Baby Boomers became eligible for Medicare, which contributed to the dip in debt. As more people enroll and start to collect Social Security and Medicare, the programs will fall further into debt. Over time, the amount of Social Security benefits being paid out has increased. Longer life exactly and a larger pool of participants have resulted in an increase in payments, which then led to an increase in debt. Without a change, many fear that Social Security will not be around for the young and unborn. 

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