Per Charles Blahous (@rstloup on Twitter), “Nearly three-fifths of the federal government’s long-term structural fiscal imbalance derives from legislation enacted between 1965 and 1972, including the enactments of Medicare and Medicaid in 1965, expansions of Medicare and Medicaid in 1971–72, and substantial increases in Social Security benefits in 1972.” That said, nearly two-thirds of the current federal deficit is the result of recent pandemic-related legislation. Spending on income security benefits, Medicaid, and other programs have increased dramatically and some tax reductions have reduced federal revenues.

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