Dec. 10 (Bloomberg Politics) — Americans age 65 and older will rise to account for more than 20 percent of the population by 2030, according to Census Bureau projections released Wednesday. About 74.1 million of the 359.4 million people (20.6 percent) the Census projects for 2030 will be 65 and older, compared with 47.8 million out of 321.4 million in 2015 (14.9 percent). 

To put a finer point on it: the 65-and-older population will account for 69 percent of the nation's NET population increase during that 15-year span.

The graying of America has potentially dire implications for budget policy and politics.

While federal budget deficits have shrunk as the economy continues to recover from the worst recession since the Great Depression, the shortfalls will rise again if there aren't any changes to tax and spending laws. The baby boom generation will continue to retire, age, and consume the Social Security and Medicare dollars that eat up a big share of the federal budget.

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