As we all know entitlement reform is a big topic of conversation for this upcoming election. Will the Romney/Ryan plan break down Medicare? Will President Obama continue the constantly growing entitlement program?
In a new analysis from The Wall Street Journal we see that entitlement programs have grown at an average rate of 4% each year since 1960.
The growth of entitlement payments over the past half-century has been breathtaking. In 1960, U.S. government transfers to individuals totaled about $24 billion in current dollars, according to the Bureau of Economic Analysis. By 2010 that total was almost 100 times as large. Even after adjusting for inflation and population growth, entitlement transfers to individuals have grown 727% over the past half-century, rising at an average rate of about 4% a year.