The Economic Impact of Selected Social Security Reforms

Testimony

The Economic Impact of Selected Social Security Reforms

Testimony before the Senate Budget Committee
July 23, 1998

Abstract

The nation is about to experience an enormous demographic shock. Between 2010 and 2030, the over-65 population will rise by 70 percent while the labor force will rise by a little over 3 percent. The Congressional Budget Office (CBO) projects that Social Security benefits will be absorbing 3 percentage points more of the GDP by 2040 while Medicare and Medicaid will be absorbing an additional 6 percentage points.

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