Federal Health Care Spending Tops Social Security Spending for the First Time in History
Spending on federal health care programs outpaced spending on Social Security for the first time in 2015, according to an expansive report from the congressional budget scorekeeper released Monday. The government spent $936 billion last year on health programs including Medicare, Medicaid and subsidies related to the Affordable Care Act, a jump of 13 percent from 2014, according to the Congressional Budget Office. Spending on Social Security, in contrast, totaled $882 billion, the Congressional Budget Office (CBO) reported. The CBO report also offers a wider warning about mandatory spending programs and their growing share of the federal budget. Spending on mandatory programs rose by $200 billion, or 9.5 percent, last year. That’s almost double the average annual rate of increase, 5.4 percent, during the previous decade. The 200-page budget summary also offers a detailed forecast for federal deficits.
Source/more: The Hill
David Wingate is an elder law attorney at the Elder Law Office of David Wingate, LLC. The elder law office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick and Montgomery Counties, Maryland.