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Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the latest data for Fiscal Year 2021, charted out monthly and on a year-over-year basis.
Medicare spending is projected to rise rapidly.
Medicaid provides health insurance to low-income Americans. Children make up nearly half of the program’s enrollment, but most spending is directed towards the elderly and disabled.
Medicare's Hospital Insurance trust fund will be depleted in 2026.
General revenue — not the Medicare payroll tax — is now the largest source of Medicare’s financing.
Transfers from programs like Medicaid, CHIP, and SNAP represent an increasing share of income for low to middle income groups.
By the Numbers: 2021 Trustees Reports.
“It makes no sense that we allow programs as essential as Social Security and Medicare to remain on such shaky and uncertain fiscal ground," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
CBO projects that interest rates will remain low throughout the decade.