CBO: Do Not Delay, Reform Entitlements Now
Stephen Keen /
Yesterday, the non-partisan Congressional Budget Office (CBO) released its latest Long-Term Budget Outlook and the news is grim. The preface opens,
Under current laws and policies, rapidly rising health care costs and an aging population will sharply increase federal spending for Medicare, Medicaid, and Social Security. Unless increases in revenues kept pace with escalating spending, or spending growth was sharply reduced, soaring federal debt would weigh heavily on economic output and incomes.”
Make no mistake, the pressure put on the federal budget by out of control entitlement spending is massive and unsustainable. To avoid massive tax increases or crowding out of any other spending program, entitlements must be reformed.