CBO Projects Substantial Spending Growth For Social Security & Major Health Care Programs Through 2039

Between 2014 and 2029, federal spending on Social Security and major health care programs is projected to increase, and population aging is the key driver. As a percentage of gross domestic product (GDP), spending on Social Security benefits is projected to increase from almost 5% of GDP to more than 6% by 2039. Combined spending on Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), and health insurance premium subsidies for Marketplace plans is projected to increase from almost 5% of GDP to about 8% of GDP by 2039.

The aging Baby Boomer population accounts for 55% of spending growth . . .