Mark W Olson: The Federal Open Market Committee and the formation of monetary policy Remarks by Mr Mark W Olson, Member of the Board of Governors of the US Federal Reserve System, at the 26th Conference of the American Council on Gift Annuities, Orlando, Florida, 5 May 2004.
The long-run projections from the Office of Management and Budget suggest that the share will rise to 9-1/2 percent by 2015 and to about 13 percent by 2030. So long as health-care costs continue to grow faster than the economy as a whole, they will exert budget pressures that seem increasingly likely to make current fiscal policy unsustainable.