Assessing the President's 2020 Budget: More for the Elderly, Bond Holders, and Almost No One Else

Brief

Assessing the President's 2020 Budget: More for the Elderly, Bond Holders, and Almost No One Else

Abstract

The FY 2020 budget from the White House continues the nation’s unsustainable fiscal path. Spending on Social Security, Medicare, and interest on the debt increasingly dominate the budget, which is projected to run substantial deficits in every year over the next 10 years. The accumulation of these structural expenses, locked in place by prior laws and regulations, makes it extremely difficult for the federal government to devote resources to any other priorities. As a result, programs for the elderly receive a larger and larger share of federal spending while those for children and the nonelderly face an uncertain future.

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