Social Security Factors Big in CBPP Analysis of Future Spending
Citing the aging of America’s population and a rise in health care costs that exceeds overall growth in the economy, a report issued yesterday by the Center on Budget and Policy Priorities‘ Paul Van de Water provides a projection that Social Security and Medicare/Medicaid (and other major health programs) will rise to 6.2% and 7.2%, respectively, of GDP by 2035. His report, Federal Spending and Revenues Will Need to Grow in Coming Years, Not Shrink, examines the impact of an aging America and how the growth in this segment of the population is likely to drive federal spending in the years ahead. The CBPP report can be accessed here…
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