CBO: 53% Of Federal Spending Over Next Decade in Entitlements, ObamaCare
The Congressional Budget Office is offering a bleak picture of the exponential growth of entitlement spending over the next decade, stating that 53% of all federal spending in that time, amounting to $24.9 trillion, will be due to entitlements and Obamacare.
Of that $24.9 trillion, Social Security will cost $11.149 trillion, while Medicare, Medicaid, and ObamaCare will total the other $13.85 trillion. The tripartite health entitlements break down this way: Medicare $8.1 trillion, Medicaid $4.4 trillion, and ObamaCare $949 billion.
Some entitlements are paid for by dedicated revenue sources, one of which is the payroll tax. But federal entitlements that are not paid for by Congress, “mandatory spending,” has to be paid for by raising taxes or growing the deficit. Of the $13.85 trillion that will be spent on the three health care programs, $12.2 trillion will have to be paid for this way.
The picture is even gloomier because the “mandatory spending” programs will total $31.6 trillion in the next ten years, while the revenue that the government will obtain without raising taxes is only $2.6 trillion.