Budget chief Douglas Elmendorf says the fundamental federal budgetary challenge is due to federal programs becoming much more expensive because of the retirement of the baby boomers and the rising costs of health care. This chart shows just how the federal budget is changing, with Medicaid, Medicare, and Social Security gobbling up more and more of government spending.
Budget chief Douglas Elmendorf says the fundamental federal budgetary challenge is due to federal programs becoming much more expensive because of the retirement of the baby boomers and the rising costs of health care. This chart shows just how the federal budget is changing, with Medicaid, Medicare, and Social Security gobbling up more and more of government spending.