#USNationalDebt Three main drivers of  national debt

Demographics

America is undergoing significant demographic change. Our society is aging as the large baby-boom generation begins to retire — 10,000 people will turn 65 every day through 2030. Moreover, people are expected to live longer, on average. That is great news, but it means that we must prepare for the financial needs of longer retirement.

Those huge demographic trends put increasing pressure on the federal budget — and in particular on vital programs that serve older Americans like Social Security and Medicare.

Rising Healthcare Costs

In many ways, healthcare is the most important issue for our nation’s fiscal and economic future. It represents nearly one-fifth of our entire economy, and it is one of the fastest-growing parts of the budget.

The U.S. healthcare system is the most expensive in the world, but we do not really get what we pay for. We spend nearly twice as much on healthcare as other advanced nations, but our system does not provide better overall health outcomes. Improving the performance of the U.S. healthcare system will not only improve Americans’ lives, it will help stabilize our fiscal and economic outlook.

Inadequate Revenues

It would be one thing if our tax code was designed to fund all the promises we are making. But it is not.

The U.S. tax system does not generate enough revenues to cover the spending policymakers have enacted. This rapidly growing imbalance between revenues and spending leads to higher and higher annual deficits, resulting in mounting debt. #BinanceSquareTalks Why is it So High? That's $106,109 for every

single person in America