Testimony The Economic Impact of Selected Social Security Reforms
Testimony before the Senate Budget Committee
Rudolph G. Penner
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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.
Research Areas Health and health care Aging and retirement
Tags Social Security Medicaid and the Children’s Health Insurance Program  Medicare Medicare and private health insurance