CBO: Healthcare spending continues to grow faster than U.S. economy
The CBO also estimated that Social Security, Medicare and Medicaid will account for about 70 percent of mandatory, or direct spending in 2010, excluding offsetting receipts.
According to the CBO, 76 million people, a 10 million increase from 2009's 66 million participants, will be enrolled in Medicaid in 2020, equaling $428 billion, or 2 percent, of gross domestic product spending. Medicare's spending is estimated to exceed $1 trillion in 2020 with the anticipation that future spending for Medicare will grow by an average of 7 percent annually over the coming decade.
This figure would result in increasing Medicare spending as a percentage of gross domestic product from 3.5 percent in 2009 to 4.6 percent by 2020.
In 2009, Medicare had about 46 million beneficiaries; by 2020 that number is expected to climb to 61 million, according to the CBO.