New Report Reveals Poverty On The Rise Among The Elderly Confirming Previous Site Claims

October 18. 2022

President Joe Biden

This is a follow up to the June 24, 2022 article "U.S. President Joe Biden's Inflation Is Destroying The Retail Industry In America With Companies Filing For Bankruptcy." In the article I stated, "I remember when I was a preteen in Florida people would say poor elderly people who couldn't afford much were eating tins of cat food (which is inadvisable). Is that what Biden wants to happen again. The elderly are going to take a worse hit than many from this outrageous inflation, as a number of them are too feeble to get back into the work place and their bills/cost of living continues to rise."

This week a new report in the New York Times stated, "Seniors didn’t fare as well through the pandemic as most. But longer-term trends aren’t moving in their favor, either. In the 1960s, more than a third of older Americans lived in poverty. With the aid of federal programs like Medicare to help the elderly, the situation improved significantly. But last year, the poverty rate for those 65 or older increased, even as it sank for everyone else."

The article also stated, "The uptick offers new evidence that elderly people haven’t fared as well as younger generations in recent years, and some experts worry that it may signal a broader setback in the financial security of those past their prime working years."

STORY SOURCE

An Uptick in Elder Poverty: A Blip, or a Sign of Things to Come?

Published Oct. 17, 2022Updated Oct. 18, 2022, 9:41 a.m. ET - Seniors didn’t fare as well through the pandemic as most. But longer-term trends aren’t moving in their favor, either.

In the 1960s, more than a third of older Americans lived in poverty. With the aid of federal programs like Medicare to help the elderly, the situation improved significantly. But last year, the poverty rate for those 65 or older increased, even as it sank for everyone else.

The uptick offers new evidence that elderly people haven’t fared as well as younger generations in recent years, and some experts worry that it may signal a broader setback in the financial security of those past their prime working years.

While 9.5 percent of the elderly population lived in poverty in 2020, that figure rose to 10.7 percent last year, the Census Bureau reported. The coronavirus pandemic was a central driver, disproportionately disrupting the employment and income of older people.

They usually weren’t eligible for as much pandemic relief as families with children. And older workers left the labor force at higher rates than others as Covid-19 spread, and can have difficulty returning...

https://www.nytimes.com