{"id":552368,"date":"2023-02-16T00:41:51","date_gmt":"2023-02-15T21:41:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cbo-warns-of-sharp-uptick-in-social-security-medicare-spending\/"},"modified":"2023-02-16T00:41:51","modified_gmt":"2023-02-15T21:41:51","slug":"cbo-warns-of-sharp-uptick-in-social-security-medicare-spending","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cbo-warns-of-sharp-uptick-in-social-security-medicare-spending\/","title":{"rendered":"#CBO warns of sharp uptick in Social Security, Medicare spending"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2537d887f19\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2537d887f19\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cbo-warns-of-sharp-uptick-in-social-security-medicare-spending\/#CBO_warns_of_sharp_uptick_in_Social_Security_Medicare_spending\" >CBO warns of sharp uptick in Social Security, Medicare spending<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"CBO_warns_of_sharp_uptick_in_Social_Security_Medicare_spending\"><\/span>CBO warns of sharp uptick in Social Security, Medicare spending<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2020\/03\/socialsecurity_wealthtax_091319istock.jpg?w=900\" \/><\/p>\n<div>\n<p>Federal spending on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> 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.\u00a0<\/p>\n<p>The increase is driven by a variety of factors, including Social Security\u2019s 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.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>The result, CBO estimates, is that combined spending on Social Security and Medicare will almost double by 2033, when required funding for the two programs will <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach $4 trillion, representing more than 10 percent of the country\u2019s total economic output.<\/p>\n<p>Another consequence, said CBO Director Phill Swagel, is that Social Security now faces a funding shortfall in 2032 \u2014\u00a0two years sooner than the previous projection.\u00a0<\/p>\n<p>The numbers are sure to animate the already contentious debate over federal spending, the national debt and the future of the popular entitlement programs, which have taken a center stage in the early months of this year as President Biden and Speaker Kevin McCarthy (R-Calif.) begin high-stakes negotiations over raising the nation\u2019s debt limit.\u00a0<\/p>\n<p>McCarthy, while demanding spending cuts as a part of those talks, has said reductions to Social Security and Medicare are \u201coff the table.\u201d And Biden \u2014 making similar vows to protect the popular senior benefits \u2014 appears ready to hold the Speaker to his word.<\/p>\n<p>Yet Medicare is\u00a0projected to experience\u00a0a funding shortfall in 2028, and Social Security is forecast to follow in 2032, according to Swagel. And lawmakers in both parties \u2014 liberals and conservatives alike \u2014\u00a0are warning that the longer Congress waits to address those projected deficiencies, the tougher the remedy will become.<\/p>\n<p>\u201cEvery year it gets more expensive and harder to do,\u201d Rep. John Larson (D-Conn.), a strong Social Security advocate, said Tuesday, before the CBO\u2019s new report was issued.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<p>Yet if the parties agree that Congress must intervene to shore up entitlement finances, they\u2019re at sharp odds over how to go about doing it.\u00a0<\/p>\n<p>Democrats like Biden and Larson have floated a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of tax hikes on the wealthiest taxpayers to cover the shortfalls, including a proposal to apply the Social Security tax \u2014 which is currently capped at earnings up to $160,200 \u2014 to much higher incomes.\u00a0<\/p>\n<p>Republicans, by contrast, are opposed to any tax hikes, proposing instead to adopt changes like raising the eligibility age for receiving benefits under Social Security and Medicare, while scaling back benefits for wealthier seniors.<\/p>\n<aside class=\"ad-unit ad-unit--mr3_ab\"><\/aside>\n<p>The CBO has added some urgency to the debate. Not only has Social Security\u2019s solvency timeline been accelerated, but the new report warns that heightened spending on Social Security, Medicare and other mandatory programs over the next decade \u2014 combined with rising interest payments on the federal debt \u2014 will put a greater squeeze on the discretionary programs that occupy the remainder of the budget.\u00a0<\/p>\n<p>Social Security spending will almost double, from $1.2 trillion in fiscal 2022, to almost $2.4 trillion in 2033, CBO estimated. As a percentage of GDP, it will grow from 4.8 percent to 6 percent over that span. The jump begins immediately, with a $123 billion increase in fiscal 2023, a 10 percent spike, largely due to the large, 8.7 percent cost-of-living increase for Social Security beneficiaries that took effect last month.\u00a0<\/p>\n<p>Medicare spending will more than double over the same span, from $710 billion in the last fiscal year, to more than $1.6 trillion in 2033, when it will represent 4.1 percent of GDP, CBO reported.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr4_ab\"><\/aside>\n<p>Spending on other mandatory health care programs, including Medicaid, the Children\u2019s Health Insurance Program and ObamaCare subsidies, will also rise significantly, from $695 billion in 2022, to $1 trillion in 2033, CBO said.\u00a0<\/p>\n<p>All told, CBO found, the federal debt \u2014 currently capped at $31.4 trillion \u2014 is on pace to balloon to roughly $50 trillion a decade from now, as annual deficits are projected to rise from $1.4 trillion this fiscal year to $2.9 trillion in 2033. And budget watchdogs wasted no time on Wednesday pressing Congress to bring those numbers down, with some calling for immediate reforms to Social Security and Medicare as part of this year\u2019s coming budget debates.\u00a0<\/p>\n<p>\u201cToday\u2019s CBO report should provide an important dose of reality for politicians making promises they can\u2019t afford to keep,\u201d\u00a0Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thehill.com\/finance\/3860012-cbo-warns-of-sharp-uptick-in-social-security-medicare-spending\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":552369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2020\/03\/socialsecurity_wealthtax_091319istock.jpg?w=1280","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[30889,139943,73798,134661,70610,80445,139944,35813,100275,4999,71694,134345,4965],"class_list":["post-552368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-biden","tag-cbo","tag-defense","tag-energy-environment","tag-finance","tag-healthcare","tag-john-larson","tag-kevin-mccarthy","tag-medicare","tag-policy","tag-social-security","tag-state-watch","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/552368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=552368"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/552368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/552369"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=552368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=552368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=552368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}