Wednesday, July 12, 2017

Demographics Drive Our Long-Term Fiscal Challenges | Concord Coalition

Demographics Drive Our Long-Term Fiscal Challenges | Concord Coalition:
"...In 1960, there were five workers paying for each Social Security beneficiary.
But today that ratio has fallen from 5-to-1 to just 3-to-1.
And over the next 20 years, as baby boomers continue to leave the workforce, the ratio will fall to just 2-to-1.
The result is that Social Security (and Medicare, which serves a similar population) will consume an increasing share of federal spending...
...In addition to covering more beneficiaries, health care programs like Medicare will have to contend with higher costs per beneficiary.
In 2016, one-in-four of eligible Medicare beneficiaries were 80 or older.
Over the next 25 years, that will rise to one-in-three.
Because older beneficiaries tend to have more expensive health care needs, this trend will further increase federal spending on old-age health care programs..."

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