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What do economists mean when they say Social Security and Medicare are pay-as-you-go plans? What are the Social Security and Medicare trust funds, and how

What do economists mean when they say Social Security and Medicare are "pay-as-you-go" plans? What are the Social Security and Medicare trust funds, and how long will they have money left in them? What is the key long-run problem of both Social Security and Medicare? Do YOU favor increasing taxes or do you prefer reducing benefits to fix the problem? Can it be fixed? I so, how? If not, what do you think will happen and within what approximate time (such as year 2040)?

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