Post by Logan on Jan 25, 2016 17:37:20 GMT -6
CBO report says health spending surpassed Social Security in '15; Warns of potential record public debt
WASHINGTON, Jan. 25 (UPI) -- Federal spending on health care-related programs exceeded the amount given to Social Security for the first time in history in 2015, the Congressional Budget Office said in a ten-year fiscal outlook Monday -- which also said the federal deficit will increase in 2016 for the first time in six years, and that accompanying public debt could reach crisis-levels in the decades to come.
Money spent on health programs like Medicare, Medicaid, the Children's Health Insurance Program and ACA subsidies amounted to $936 billion last year, the CBO's report said -- $54 billion more than Social Security received ($882B).
Spending on Social Security increased by $37 billion in 2015, an increase of 4 percent -- while health spending rose 13 percent, or $105 billion, from 2014. A $48 billion hike in Medicaid spending represented the largest increase, at 16 percent.
The figures were included on page nine of the office's budget outlook for the next decade, which was posted to the CBO website Monday.
Read more: www.upi.com/Top_News/US/2016/01/25/CBO-report-says-health-spending-surpassed-Social-Security-in-15-Warns-of-potential-record-public-debt/8551453755416/?spt=hts&or=2
WASHINGTON, Jan. 25 (UPI) -- Federal spending on health care-related programs exceeded the amount given to Social Security for the first time in history in 2015, the Congressional Budget Office said in a ten-year fiscal outlook Monday -- which also said the federal deficit will increase in 2016 for the first time in six years, and that accompanying public debt could reach crisis-levels in the decades to come.
Money spent on health programs like Medicare, Medicaid, the Children's Health Insurance Program and ACA subsidies amounted to $936 billion last year, the CBO's report said -- $54 billion more than Social Security received ($882B).
Spending on Social Security increased by $37 billion in 2015, an increase of 4 percent -- while health spending rose 13 percent, or $105 billion, from 2014. A $48 billion hike in Medicaid spending represented the largest increase, at 16 percent.
The figures were included on page nine of the office's budget outlook for the next decade, which was posted to the CBO website Monday.
Read more: www.upi.com/Top_News/US/2016/01/25/CBO-report-says-health-spending-surpassed-Social-Security-in-15-Warns-of-potential-record-public-debt/8551453755416/?spt=hts&or=2