Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses.Marketsread more
The therapy, Zolgensma, is a one-time treatment for spinal muscular atrophy — a muscle-wasting disease and leading genetic cause of infant mortality, affecting 1 in every...Biotech and Pharmaceuticalsread more
SpaceX has raised just over $1 billion in financing since the beginning of the year.Investing in Spaceread more
An analyst for Ark Invest, which has a major investment in Tesla, says recent drastic price-target cuts by others on Wall Street are missing the big picture.Investingread more
A federal judge in California has blocked President Donald Trump from building sections of his long-sought border wall with money secured under his declaration of a national...Politicsread more
Former Foreign Minister Boris Johnson is seen as the bookmaker's favorite to succeed outgoing Prime Minister Theresa May.Europe Politicsread more
The race is underway to find a vaccine that can control African swine fever, a highly contagious and deadly viral infection ravaging China's hog population. There is currently...Agricultureread more
Two big items were missing from President Donald Trump's State of the Union address on Tuesday night: Medicare and Social Security.
While these entitlement programs were absent from the President's speech, together they take up almost all of the government's mandatory spending.
"The harm of neglecting them is they're underfunded," said Howard Gleckman, a senior fellow at the Urban Institute's Tax Policy Center. "There is a cliff we're going to face in a few decades, at which point the programs won't have enough to pay their beneficiaries. Real people would lose the benefits they need."
Social Security provides retirement, disability and survivor benefits to qualifying recipients, the bulk of whom are age 65 or older. The Social Security trust fund, which helps support it, is projected to be depleted by 2035. At that point, unless changes are made, recipients will receive only about 75 percent of benefits, according to the Social Security Board of Trustees.
Medicare, which provides healthcare coverage for some 50 million older Americans, is also in jeopardy.
"Medicare still faces a substantial financial shortfall that will need to be addressed with further legislation," according to a 2017 report by the program trustees. "Such legislation should be enacted sooner rather than later to minimize the impact on beneficiaries, providers, and taxpayers," the report said.
Between 2010 and 2050, the population of people over the age of 65 in America will double, according to The Kaiser Family Foundation. In 2016, $912 billion of government spending went to Social Security, and $588 billion went to Medicare.
Despite repeated campaign promises by the president not to touch Social Security and Medicare, Congressional Republicans have hinted that these programs are not immune to cuts.
"We're going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit," House Speaker Paul Ryan, R-Wisconsin, said on a radio show in December.
Rep. Tom Cole, R- Oklahoma, told CNBC in December that "tax cuts produce growth, entitlement spending doesn't."
David Kamin, a former economic policy advisor in the Obama administration and a law professor at New York University, said Trump's silence on these programs in the State of the Union address was purposeful.
"The fact that he didn't mention any of these things indicates this isn't an area where he is willing to discuss with the American people the actual trade-offs that the tax cut involves," Kamin said.
More from Personal Finance
Trump cites 401(k) gains, yet most workers don't have one
Trump touts college savings gains in speech, but ignore student debt
Equifax extends free credit freezes until June 30