[Related to the Apply the Concept on page 565] According to a 2017 Congressional Budget Office (CBO) report, “By 2047, 22 percent of the population will be age 65 or older, CBO anticipates, compared...

[Related to the Apply the Concept on page 565] According to a 2017 Congressional Budget Office (CBO) report,

“By 2047, 22 percent of the population will be age 65 or

older, CBO anticipates, compared with 15 percent today.”

Why is the over-65 population increasing so rapidly?

What are the implications of this increase for future federal spending on Social Security and Medicare as a percentage of GDP? What choices do policymakers face in

dealing with this issue?

Source: Congressional Budget Office, “The 2017 Long-Term Budget

Outlook,” March 2017, p. 7.