082714debt
Economics, Pethokoukis, Taxes and Spending, U.S. Economy

3 things account for 85% of higher government spending over the next decade

Federal spending is projected to rise by $2.3 trillion over the next decade, according to CBO. That average annual increase of 5.2% will help take the US debt/GDP ratio from 72% last year – and just 35% in 2007 – to 77% in 2024. This is key: just three parts of the budget account for 85% of that increase. read more >

Gene Steuerle
Economics, Entitlements, Pethokoukis, Taxes and Spending

The fiscal math doesn’t work: Average 50something couple will pay $1 million in payroll taxes and get $1.4 million in Social Security and Medicare benefits

The Urban Institute’s Eugene Steuerle and Caleb Quakenbush: Our updated numbers for lifetime Social Security and Medicare benefits and taxes are now available, based on the latest projections from the Social Security and CMS actuaries for the 2013 trustees’ reports for OASDI … read more >