SOURCE: Office of Management and Budget, Budget of the United States Government, Fiscal Year 2015, March 2014; and the Bureau of Economic Analysis. Compiled by PGPF.
NOTE: Medicare spending is net of offsetting receipts. GDP is based on estimates following the July 2013 revisions.
Since the 1960s, most of the increases in government spending can be attributed to the growth of Medicare, Medicaid, and Social Security. The growth of spending on these entitlement programs has more than made up for reductions in defense spending since the 1960s. Looking forward, driven by rising healthcare costs and our aging population, entitlement programs and interest on the national debt will account for all of the growth of government spending in the next 30 years, according to the Congressional Budget Office.
Peter G. Peterson Foundation Chart Pack:
The PGPF chart pack illustrates that budget-making involves many competing priorities, limited resources, and complex issues. In this set of charts, we aim to frame the financial condition and fiscal outlook of the U.S. government within a broad economic, political, and demographic context.
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