In its 2017 “Long-Term Budget Outlook,” The Congressional Budget Office (CBO) paints a dire picture of US deficits and debt. It shows that the largest single contributing factor to our rising debt and deficits is aging.
In this and previous budget outlooks, the CBO has made it clear that the only part of the budget that is growing in proportion to the total is spending on the aged, particularly for their medical costs.
Can’t Borrow Our Way to Good Healthcare
The CBO includes a warning in the opening section of the report. It says that, “The amount of debt that is projected … [will] increase the likelihood of a fiscal crisis, an occurrence in which investors become unwilling to finance a government’s borrowing unless they are compensated with very high interest rates.”
In other words, things get so bad that it is no longer possible for the US government to borrow enough to maintain current spending. As Alan Greenspan has said, this problem cannot be solved via traditional economic policies, because it’s about aging.
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