Industrial Insight

Spending on entitlements is the problem… | September 22, 2010

http://www.aei.org/outlook/100991
What Every American Needs to Know about Government-Entitlement Reform
By Andrew G. Biggs | AEI Online
(September 2010)

The simple problem is spending: today, we spend 9.7 percent of GDP on entitlements, while by 2030 we will spend around 14.4 percent.[2] In contrast, the federal government spent only 6.7 percent of GDP on entitlements in 1990 and 4.0 percent in 1970. Two forces push entitlement spending upward: the aging population and rising health care outlays per beneficiary. More retirees collecting higher benefits means higher costs

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I'm the executive vice president for a steel casting trade association, the Steel Founders' Society of America. I've got a crazy wife, five crazy children, three crazy people that married into the family, and two crazy fun little grandsons.

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