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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":

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.

5 comments:

Alan in Spokane WA said...

So if we add in the interest payments, what is the percentage of spending?

KN@PPSTER said...

"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.)"

Nice switcharoo. TRICARE is military spending.

I wonder if the rest of military medical spending is in the "other" category there, and whether or not sneaking all that spending from military to healthcare changes the figures much.

Charlie said...

52.9% is a "vast majority"???

citizen121 said...

didn't we have a budget surplus at the end of the clinton administration?

and didn't we end up paying $450,000,000 PER DAY FOR OVER 10 YEARS for the afghanistan and iraq wars?

didn't we have to borrow money from china to pay for those wars?

and didn't we have a massive banking crisis as a result of the tremendous influence that the wealthy have over congress?

hmmmmm... sounds like the "fiscally conservative" folks in the republican party really stuck it to the middle class... again...

The Right Guy said...

Clinton benefitted from the internet boom, which went bust.