Population aging is already reshaping the federal budget. At the 2026 PRC symposium, Dr. Karen Dynan explained how rising Social Security, Medicare, and debt-servicing costs could constrain economic growth, limit the government’s ability to respond to future crises, and leave retirement programs more vulnerable. She cautions that delaying fiscal decisions could make future reforms more abrupt and more burdensome for the households that rely on these programs most.
Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7314099
Presentation: http://youtube.com/watch?v=GMTjkcuct7U
