Soaring Federal Spending on Seniors

More than 50 percent of federal spending will soon be dedicated to America's senior population, according to the latest Congressional Budget Office (CBO) estimates cited by Axios . The two main drivers of that spending are aging baby boomers and rising healthcare costs. Medicare and Social Security alone cost the federal government around $1.3 trillion annually, CBO reports. Researchers expect those two programs to top $2.7 trillion by 2029. Factor in a handful of other programs Capitol Hill legislators fund each year, and federal spending on men and women over 65 is projected to account for more than 10 percent of the total U.S. economy in a decade. Not including the money the government spends on interest payments on the debt, programs for older adults would comprise half of all remaining spending.