Federal Spending on Seniors Is Soaring

About 50 percent of federal spending will be dedicated to seniors within the next 10 years, according to Axios.

The website detailed the findings of a report by the Congressional Budget Office.

Axios said the report found:

• The rising cost of healthcare will be largely responsible for the increased spending.
•  Medicare and Social Security cost the government about $1.3 trillion last year and will reach $2.7 trillion by 2029
• Subtracting money spent on interest payments on the debt, programs for those over 65 will make up for half the remaining spending.

“The aging of the population and the rising cost of healthcare contribute significantly to the growth in spending for major benefit programs, such as Social Security and Medicare,” the report said.

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