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|GAO Chief Says Federal Budget Cannot Sustain Current Social Security and Medicare Policies (PDF)|
Comptroller David Walker, U.S. Government Accountabilty Office [GAO]
Mar. 12, 2002
15 pages; testimony provided at Senate Budget Committee hearing on February 27, 2002. Excerpt: Beginning about 2010, the share of the population that is age 65 or older will begin to climb, surpassing 20 percent by 2035.... Because of the coming demographic shift, the message from our simulations remains the same ... Absent changes in Social Security and health programs, in the long term, persistent deficits and escalating debt driven by entitlement spending will overwhelm the budget.
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