Estimates that unless changes are made to social security

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According to a Congressional Budget Office (CBO) report: CBO projects that the population age 65 or older will increase by 87 percent between now and 2037, compared with an increase of just 12 percent over that period in the number of people ages 20 to 64. . . . CBO . . . estimates that, unless changes are made to Social Security, spending for the program will rise from 5.0 percent of GDP today to 6.2 percent by 2037. Why is the over-65 population increasing so much more rapidly than other age groups? Is there a connection between the increases in the over-65 population and the projected increases in federal spending on Social Security as a percentage of GDP? Briefly explain.

Reference no: EM131022956

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