Projected growth in spending on the federal government’s big health and retirement programs–Medicare, Medicaid, and Social Security–dominates the long-run budget outlook. If current policies continue, that spending is likely to grow significantly faster than the economy as a whole over the next few decades. By 2040, the Congressional Budget Office (CBO) projects those outlays will rise to about 17 percent of gross domestic product (GDP)– more than double their current share.
CBO report ready for hawking in year 2000.
Was this before or after our deficit hawks started crowing in year 2000?
(a figure virtually identical to current estimates…oops…2010)
Hat tip Simon Johnson in It’s hard to take the fiscal hawks seriously.
Perhaps if we dismiss the current hawks we could actually address the issue of deficits.