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CBO: Social security spending will outpace tax revenues

October 2, 2012HME News Staff

WASHINGTON - Spending for Social Security totaled $773 billion in fiscal year 2012, about 5% of gross domestic product (GDP) and one-fifth of federal spending, the Congressional Budget Office (CBO) stated in an updated report released Oct. 2.Over the next 10 years, outlays will exceed dedicated tax revenues by, on average, about 10%. That gap will grow larger in the 2020s.“As more members of the baby-boom generation retire and the U.S. population grows older in the coming decades, Social Security...

Congressional Budget Office (CBO), Home Medical Equipment (HME), Social Security, spending