Our friends at Committee for a Responsible Federal Budget put out a blog post on the growth of federal government spending. Unfortunately, the rise in spending falls almost entirely on mandatory spending. They estimate that healthcare spending, Social Security, and interest on the debt will account for over 80% of growth from 2018-2028.
This massive increase in spending is simply not sustainable. Mandatory spending has to be reined in to help address our uncontrolled debt. Recently the Congressional Budget Office (CBO) released their budget and economic outlook, estimating that public debt will reach almost 100% of GDP by 2028 and that the federal government will borrow another $14 trillion.
In summary, CBO states:
“Federal borrowing reduces national saving over time, the nation’s capital stock ultimately would be smaller, and productivity and total wages would be lower than would be the case if the debt was smaller.”
In TownHall.com, Coalition’s outreach director Jake Grant wrote in depth on CBO’s full outlook.
For more info on mandatory spending and the programs that fall under it, read up on what the Coalition has written here.