Future Increases in Federal Interest Rate Payments Equal Cost of Boomers May 8, 2014Posted by geoff in News.
Wonkblog has a series of charts that talk about the economic recovery. The entire series is worth a look, but I’d like to focus one chart in particular:
The thing that is striking about this chart (other than the fact that the total federal budget will be above 22% of GDP in 10 years), is that all of the OMG, THE BABY BOOMERS ARE COMING panic related to increased spending on Social Security and health care is matched by the increased interest payments we’re facing.
Somehow, the fact that we’ve accumulated an enormous debt that’s going to continue to rise (see Chart 9, “4.3.1 Federal Unified Budget Surplus/Deficit”) doesn’t seem to panic liberal pundits, even though it’s just as important to the budget as the entitlements for our aging population.