During the next decade alone, the number of people aged 65 or older is expected to rise by more than one-third, and the share of the population aged 65 or older is projected to grow from the current 15 percent to 21 percent in 2040.

• What are the implications of this increase for future federal spending on Social Security and Medicare as a percentage of GDP? Name at least one opportunity cost of those decisions?
• What fiscal policies should our government implement to deal with the pending crisis in Social Security and Medicare? (How should we as a country deal with this issue from a fiscal point of view).