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GAO-04-275R 1 (2003-11-21)

handle is hein.gao/gaobaamjd0001 and id is 1 raw text is: im Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 November 21, 2003 The Honorable Larry E. Craig Chairman Special Committee on Aging United States Senate Subject: Aging Issues: Related GAO Products in Calendar Years 2001 and 2002 Dear Mr. Chairman: This report responds to the Committee's request for a compilation of our calendar years 2001 and 2002 products pertaining to older Americans and their families. We are in the midst of one of the most profound changes in American history- America's population, estimated at over 288 million in 2002,' is growing older at a rapid pace. The number of Americans age 65 and older, estimated at 35 million in 2000, is expected to grow to 70 million by 2030 and to about 82 million in 2050, according to Bureau of the Census projections (fig. 1). Census projections also indicate that the fastest growing segment within the older population is individuals age 85 and older. This group, estimated at about 4 million in 2000, is expected to grow to 19 million by 2050. The nation's aging population promises to have major policy and budgetary implications for the federal government. While there will be large increases in the number of older people who will be active and in very good health, there will also be growing numbers of older Americans requiring increased medical and long-term care. Health care has been one of the most rapidly rising elements of federal spending, growing at an average annual rate twice that of the rest of the federal budget over the last 10 years. Of particular concern is the growth in Medicare expenditures, estimated to total about $264 billion in 2002. Without changes, Medicare is expected to nearly double its share of the economy by 2030, crowding out other spending and economic activity of value. 'Population Division, U.S. Census Bureau, Table NA-EST2002-01-National Population Estimates: April 1, 2000 to July 1, 2002 (Release Date: December 31, 2002). GAO-04-275R Calendar Years 2001/2002 Summation on Aging

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