Long-Term Fiscal Challenge Looms, as the Baby Boom Generation Begins to Retire

Download or read book Long-Term Fiscal Challenge Looms, as the Baby Boom Generation Begins to Retire written by Susan J. Irving and published by DIANE Publishing. This book was released on 2008-08 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: There have been long-term fiscal simulations of what might happen to fed. deficits and debt levels under varying policy assumptions. These simulations were updated with Jan. 2008 budget and economic projections and continue to indicate that the long-term fed. fiscal outlook remains unstable. The fiscal challenges facing all levels of gov¿t. are linked and should be considered in a strategic and integrated manner. The fed. gov¿t. faces large and growing structural deficits driven primarily by rising health care costs and known demographic trends. Nearly 80 million Americans will become eligible for Social Security retirement benefits in the next 20 yrs. Medicare and Medicaid are both large and projected to continue growing rapidly in the future.