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.