Figure 7.7 shows that the Congressional Budget Office forecasts that less than half of the future increase
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Figure 7.7 shows that the Congressional Budget Office forecasts that less than half of the future increase in spending on Medicare and Medicaid as a percentage of GDP will be due to the aging of the population. What factors explain most of the increase?
Data given in Figure 7.7
Transcribed Image Text:
Federal spending as a percentage of GDP 20% 15 10 5 0 2014 2024 2034 2044 Effect of excess cost growth Effect of aging population 2054 2064 2074 2084
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