Paper | April 13, 2005

Restoring Fiscal Sanity 2005: Meeting the Long-Run Challenge

This report provides an in-depth assessment of the long-run outlook for the federal budget. Increased longevity, the retirement of the large baby boom generation, and rapidly increasing medical costs will drive spending on Social Security, Medicare, and Medicaid sharply upward over the next three decades unless their current structure is radically changed. The report suggests specific steps that could be taken to increase government revenues and reduce spending, especially on the big three entitlement programs.

Overview

(PDF—78kb)

Full Manuscript

(PDF—847kb)

Chapter 1:
Dimensions of the Budget Problem

(PDF—96kb)

Chapter 2:
The Size and Role of Government

(PDF—91kb)

Chapter 3:
Social Security

(PDF—83kb)

Chapter 4:
Health

(PDF—107kb)