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.
n its updated Budget and Economic Outlook report released on Tuesday, the CBO projects that Social Security will account for $11.149 trillion in spending from 2014 to 2023 while federal health care entitlements, including Medicare, Medicaid, and ObamaCare, will spend $13.85 trillion. (That total includes TRICARE, CHIP, and “other” spending listed by the CBO under healthcare.)
ObamaCare’s insurance subsidies, exchange costs, and other spending are expected to cost the government $949 billion over the next 10 years. Medicare is expected cost $8.1 trillion while Medicaid is expected to cost $4.4 trillion.
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