The Urban Institute released a report in 2012 that looked at figures from 2008 for the combined local, state and federal spending that directly benefited Americans 65 and older versus spending that went to Americans under 19; the per capita discrepancy was $26,355 versus $11,822. Julia Isaacs, a senior fellow at the institute, told me that while data for subsequent years hadn’t been analyzed yet, it wouldn’t show a significant change in that gap.
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Isaacs also drew attention to a follow-up report released by the institute last year. It projected federal spending in 2023 and envisioned that entitlement payments to older Americans would rise to 46 percent of the budget from 40 percent now. Interest payments on the debt would be another 14 percent. That would leave well under 50 percent for everything else, including the military.
She noted that the population was aging. Meanwhile, there’s a resistance to tax increases. “That makes me very worried that children will be squeezed out,” Isaacs said.
“I’m glad that my parents are living longer,” she added. “But it’s creating this budgetary math problem that we’re unwilling to look at.”