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What You Should Know / May 31, 2011 -- Hmm, that sounds familiar.... Chicago Tribune July 2, 1969: The Medicare hospital trust fund faces bankruptcy by 1976 and taxes must either be raised or benefits reduced the senate finance committee was told today. New York Times July 7, 1981: Medicare payroll taxes already imposed by Congress, including two increases scheduled for 1985 and 1986, will only be able to keep the hospital insurance system solvent for eight to 10 more years, three Cabinet officers informed Congress. Even under the Reagan Administration's highly optimistic economic projections, the fund will be bankrupt before 2000, the three said.

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