The Trump budget will obviously not be enacted, yet it helpfully shows the sea of red ink coming from major entitlements.
The proposal allows annual Social Security and Medicare spending to double from $1.5 trillion to $3 trillion over the next decade. Neither the president’s assumed economic growth, nor his deep alternative spending cuts can come close to offsetting these escalating costs.
Thus, annual deficits are heading toward $2 trillion within a decade. Overall, Social Security and Medicare face a daunting $82 trillion cash deficit over the next 30 years – which no taxes or other spending cuts can offset.
To read Brian’s full analysis, click here.
– Brian Riedl, Senior fellow, Manhattan Institute