Tax system
September 30, 2020
TYPE: M SECTION: 1 DIFFICULTY: 2 85.
September 30, 2020
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In its 2012 Long-Term Budget Outlook , the Congressional Budget Office (CBO) reported “During the next decade alone, the number of people over the…

In its 2012Long-Term Budget Outlook, the Congressional Budget Office (CBO) reported “During the next decade alone, the number of people over the age of 65 is expected to rise by more than a third. Over the longer term, the share of people age 65 or older is projected to grow from about 13 percent now to 20 percent in 2035”. In its more recentBudget and Economic Outlook: 2014 to 2024, the CBO reported “Beyond 2017, CBO expects that economic growth will diminish to a pace that is well below the average seen over the past several decades. That projected slowdown mainly reflects long-term trends—particularly, slower growth in the labor force because of the aging of the population.” In addition, “Federal outlays are expected to increase by 2.6 percent this year, to $3.5 trillion, or 20.5 percent of GDP—their average percentage over the past 40 years. CBO projects that under current law, outlays will grow faster than the economy during the next decade and will equal 22.4 percent of GDP in 2024.” Briefly explain the implications of these facts for federal government spending as a percentage of GDP in 2035.

 

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