Entitlement Spending Explosion: Implications for the Federal Budget, Taxpayers, and Young Americans
Congressional Budget Office projections show that the combined costs of Social Security, Medicare, and Medicaid will double as a share of the nation's economy by 2040. Without reforms, those costs imply a future of either huge tax increases, or government that does little else than fund entitlements as all other spending gets squeezed out. Will CBO's long-term projections become reality? What are the implications for young Americans?
Douglas Holtz-Eakin will discuss the latest CBO long-range spending projections. Jagadeesh Gokhale will discuss his research on measuring federal unfunded obligations and the generational trade-offs to restoring fiscal policy to sustainability. Chris Edwards will discuss the budget and taxpayer impacts of not reforming the entitlements.