Medicare spending predicted to skyrocket beyond budget
Case Management Weekly, January 2, 2008
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The U.S. Treasury Department and the Office of Management and Budget report funding for Medicare and Social Security will fall $45 trillion short in the next 75 years. According to the Fiscal 2007 Financial Report of the United States Government, the cost of these programs will make up 18% of the gross domestic product by 2080 unless spending reforms are implemented.
Medicare, Medicaid, and Social Security currently make up 40% of total government expenditures, and the numbers are expected to increase. Over the past three decades, Medicare spending has grown at more than twice the overall rate of economic growth and Medicare trustees predict the program's future expenditures will continue to outpace overall economic growth.
Source: Modern Healthcare
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