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CBO estimates a funding shortfall in 2032

The Congressional Budget Office (CBO) estimates federal spending on Social Security and Medicare will outpace the revenues and the economy overall. They quoted a variety of factors, including rising costs of medical services, large cost-of-living adjustments, and the last of the baby boomers becoming eligible for retirement benefits. As a result of these factors, CBO estimates the combined spending on Social Security and Medicare will almost double by 2033. Mike Lillis reports on the latest CBO estimates of a funding shortfall in 2032 — two years sooner than the previous projection. Read Mr. Lillis’ article here…

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