At the root of the problem is the global economy, but underlying problems and the structure of our own economy and society will shape how the global downturn will impact on us. The recent data coming out of the world economy makes depressing reading.
The projected fiscal imbalances associated with the Social Security system are notably smaller than those for federal health programs, but they still are significant and thus present an important challenge for policy. Elsewhere in the budget, noninterest spending for programs outside of Medicare, Medicaid, and Social Security has comprised roughly half of total outlays over the past couple of decades.