Thursday, May 26, 2011

Social Welfare in America

Over the 12 months through April, Social Security and Medicare outlays totaled $721.1 billion and $462.1 billion, respectively. They are up 203.7% and 415.3% since January 1990. They are both well outpacing the CPI, which rose 76.0% over this period. In April, the civilian noninstitutional population 65 years old or older total 39.5 million. So spending per senior citizen on Social Security and Medicare averaged $18,265 and $11,704 over the 12 months through April. These two are up 123.5% and 279.4% since the start of 1990s, also well outpacing inflation.

Total spending on Social Security and Medicare was $1.2 trillion over the latest 12 months. That’s up 261.7% from the start of 1990. Total spending on these two programs per senior citizen was $29,969 over the past year, a 166% increase from $11,256 at the start of 1990. How many other Americans have seen their incomes nearly triple over the past two decades? Not too many. By the way, the number of seniors is projected to more than double to 88.5 million by 2050 as the Baby Boomers age and live longer. (We update these charts for subscribers to your service in our
Social Welfare in America briefing book.)

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