Between 2014 and 2029, federal spending on Social Security and major health care programs is projected to increase, and population aging is the key driver. As a percentage of gross domestic product (GDP), spending on Social Security benefits is projected to increase from almost 5% of GDP to more than 6% by 2039. Combined spending on Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), and health insurance premium subsidies for Marketplace plans is projected to increase from almost 5% of GDP to about 8% of GDP by 2039.
The aging Baby Boomer population accounts for 55% of spending growth . . .