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The Long-Term Budget Outlook in the United States and the Role of Health Care Entitlements

Manchester, Joyce and Schwabish, Jonathan A.

Abstract:

In the absence of significant changes in policy, rising costs for health care will cause federal spending to grow much faster than revenues, putting the federal budget on an unsustainable path. Budgetary projections prepared by the Congressional Budget Office indicate that if current laws and policies remain in place, federal debt in the United States will continue to grow much faster than the economy over the long run. Although long-term budget projections are highly uncertain, under any plausible scenario rising costs for health care and the aging of the U.S. population will cause federal spending to increase rapidly.

Citation

Manchester, Joyce and Schwabish, Jonathan A. (2010), The Long-Term Budget Outlook in the United States and the Role of Health Care Entitlements, National Tax Journal, 63:2, pp. 285-305

DOI: dx.doi.org/10.17310/ntj.2010.2.06