Come 2030, the U.S. deficit will be worth 5.9% of GDP-more than the outlays for social security, and equal to spending on major health programs | Fortune

"In 2030, the U.S. government will spend the equivalent of 6% of the nation's GDP on major healthcare programs, according to the latest reporting from the Congressional Budget Office (CBO), and the equivalent of 5.6% of GDP on social security initiatives. But these major, mandatory spends will contribute to growing deficits in the U.S."

"Healthcare spending (Medicaid, Medicare, the Children's Health Insurance Program, and premium tax credits for health insurance established under the Affordable Care Act) will stay roughly the same until the end of the decade, then steadily creep up until it reaches 8% of GDP by 2050. Social security payments follow a similar, but less steep trajectory, increasing from 5.2% of GDP in 2025 to 5.8% by 2050."

"The CBO wrote earlier this month that the federal deficit for 2026 will be $1.8 trillion. Next year, that figure will be approximately $1.9 trillion, and by 2036 it spikes to $3.1 trillion."

The United States confronts significant fiscal challenges as its population ages, with those 65 and older expected to reach 82 million by 2050, a 42% increase from the early 2020s. Government spending on healthcare programs will reach 6% of GDP by 2030, while social security spending will account for 5.6% of GDP. These mandatory expenditures drive growing deficits, projected at 5.9% of GDP in 2030. Healthcare spending will climb from current levels to 8% of GDP by 2050, while social security increases from 5.2% to 5.8% of GDP over the same period. Federal deficits are expected to grow substantially, reaching $1.8 trillion in 2026, $1.9 trillion in 2027, and $3.1 trillion by 2036.

Read at Fortune