CBO warns of sharp uptick in Social Security, Medicare spending ...Middle East

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CBO warns of sharp uptick in Social Security, Medicare spending
Federal spending on Social Security and Medicare is projected to rise dramatically over the next decade, far outpacing revenues and the economy on the whole while putting new pressure on Congress to address accelerated threats of insolvency, according to new estimates from the Congressional Budget Office.  The increase is driven by a variety of factors, including Social Security’s new cost-of-living adjustment; the rising cost of medical services under Medicare; and greater participation rates in both programs, as the last of the baby boomers become eligible for retirement benefits.  The result, CBO estimates, is that combined spending on Social Security and Medicare will almost dou

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