A new government report projects federal spending will top an incredible $4 trillion for the first time ever in 2017. The Congressional Budget Office released its 2017-2027 Budget Outlook last week, showing that total federal spending in 2017 will hit $4,008,000,000,000.
The report projected the government will spend $1.5 trillion on Social Security alone in the next decade, and the program will add $356 billion to the deficit just in 2027.
Getting our debt under control will require policymakers to address its primary driver: Social Security, Medicare and Medicaid. These programs consume 71 percent of our entire federal budget, with interest on our debt now costing an estimated $223 billion per year. These programs largely account for the near-quadrupling of our national debt over the last two decades.
Failing to address our federal spending addiction will hamstring the economy and harm Americans for future generations to come. Policymakers should lead and provide solutions to begin addressing the biggest drivers of our debt – instead of continuing to ignore the crises that are looming.