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The Looming Budgetary Impact of Society's Aging [i] (July 2002)

handle is hein.congrec/cbo0712 and id is 1 raw text is: LONG-RANGE FISCAL POLICY BRIEF CBO A series of issue summaries from the Congressional Budget Office July 3, 2002 The Looming Budgetary Impact of Society's Aging The federal budget-making process is near-term in nature, with rules and procedures that are applicable only five or 10 years into the future. As a result, the looming multidecade rise in government spending associated with society's aging is not in the budget picture on which the Administration and the Congress are required to act annually. The relatively sanguine budgetary outlook for the next decade does not encompass the demographic shifts--emerging with the retirement of the post-World War II baby- boom generation--that will cause federal spending to begin rising sharply within the next 20 years (see Figure..). At the same time, the near-term outlook offers an opportunity to introduce the necessary policies to mitigate the long-term pressures. Those policy changes affecting federal commitments to the elderly should be implemented far enough in advance to offer future recipients of Social Security and other entitlement benefits time to alter their savings and retirement plans. For the President and the Congress, the immediacy of having to make year-to-year budgetary policy will always place heavy emphasis on the near term. However, it is critical for policymakers to begin addressing the long-term budgetary pressures associated with the aging of the U.S. population. Figure 1. Federal Outlays, Fiscal Year? 2002 to 2075 (As a percentage of GD 40 35- 30- 25- 20- 15- 10- 1- P) 10-Yea;. Next Budget 63 Years Horizon _4 .1J

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