In its updated Budget and Economic Outlook report released on Tuesday, the CBO projects that Social Security will account for $11.149 trillion in spending from 2014 to 2023 while federal health care entitlements, including Medicare, Medicaid, and ObamaCare, will spend $13.85 trillion. (That total includes TRICARE, CHIP, and "other" spending listed by the CBO under healthcare.) ObamaCare’s insurance subsidies, exchange costs, and other spending are expected to cost the government $949 billion over the next 10 years. Medicare is expected cost $8.1 trillion while Medicaid is expected to cost $4.4 trillion. Combined, these two entitlement categories (Social Security and all health care programs) will comprise 52.9 percent of the projected $47.2 trillion in total federal outlays from 2014 to 2023.Editor's comment - A little egg on the proverbial face of the Ron Paul people, who like to say that entitlements don't matter much. It's military spending that gobbles up most of our federal outlays. If... 'f... 'f... only we could downsize the military, and eliminate aid to Israel, we'd have a balanced budget, don't you know.
Wednesday, February 6, 2013
Entitlement spending now gobbling up the vast majority of the federal budget
Revenge of the moocher class From Eric Dondero: Silly boy (or girl). And you thought it was spending on stuff that mattered like F-14s and new aircraft carriers, or defending America's borders from illegal immigrants. Nope. That's old school spending. A new study by the CBO shows that because of the costs associated with ObamaCare, total entitlement programs expenditures will amount too "53 percent of all federal spending over the coming decade." CBO: Reported by CNSNews.com, "Entitlements, ObamaCare To Make Up 53% of Federal Spending":