Baby Boom Bomb - SOCIAL SECURITY AND MEDICARE COSTS SCHEDULED TO RISE SHARPLY AS RANKS OF RETIREES SWELL

The next two decades will be dangerous for taxpayers and the people who depend on them.

After slow-simmer growth rates since 1960, the number of senior citizens (those over age 65) will boil up from 20%  to 35% of the working age population (those age 18 to 64) by 2030.

Social Security and Medicare costs will rapidly expand from 7.8% to 11.4% of everything the country produces according to President Obama's people by 2030 - a pressurizing 46% increase.

Taxpayers can clearly see the financial bomb planted squarely in the middle of the road, but have not been able to wrest control of the steering wheel.


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Sources:

Data for the Dependency Ratio chart are from the 2009 OASDI Trustees Report, available at http://www.ssa.gov/OACT/TR/2009/tr09.pdf,  page 85, Table V.A2.

Data for Social Security and Medicare costs as a percent of GDP are from the 2010 Budget of the United States Government, Analytical Perspectives, page 192, Table 13-2, available at:
http://www.whitehouse.gov/omb/budget/fy2011/assets/spec.pdf