By James H. Schulz
With the approaching retirement of a few seventy six million child boomers in a interval of big executive deficits, public nervousness concerning the social and monetary well-being of an getting older kingdom is common. The coverage debates are contentious―from identifying who should still obtain constrained backed housing and clinical prone to the continuing conflict over "saving" Social safety and different entitlement courses. a few coverage makers and pundits forecast catastrophe: aged humans could be placed out to pasture with insufficient future health care and fiscal assets, and a crumbling social welfare infrastructure will implode lower than the stress of intergenerational clash.
In Aging Nation, popular specialists James H. Schulz and Robert H. Binstock agree that there's enormous reason for drawback yet insist demographic tsunami isn't inevitable. Drawing from the most up-tp-date information, the authors offer an in-depth research of the nation's evolving inner most and public regulations on retirement, faltering corporation pensions, healthiness care, place of work stipulations, and entitlement courses. they think about such well timed concerns as poverty between older humans, rejoining the group after retirement, Social protection and well-being care reform, in addition to the increase of aged humans as a strong political strength.
Dispelling renowned myths and misconceptions perpetrated through politicians and pundits, Schulz and Binstock ponder the commercial, political, and social demanding situations bobbing up from the getting older U.S. inhabitants, and current a balanced―and reassuring―assessment of the long run.
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Additional info for Aging Nation: The Economics and Politics of Growing Older in America
The personal pension approach to retirement preparation requires workers to master complex financial issues and choose from a variety of investment strategies. In addition, they will need to choose and evaluate financial managers delegated to exercise fiduciary responsibility over personal accounts. One result will be increased demands for individuals to acquire significant financial acumen to deal with their new financial responsibilities. But in Chapter 6 we discuss why it is almost inevitable that there will be pension losses by many—losses as a result of the uncertainties, risks, and inevitable market shocks that surround individual financial retirement accounts.
When early America was basically agrarian, many of the older people who owned land did relatively well—at least until their health turned bad. 4 Landless workers were at the mercy of a very harsh but highly productive market system that rewarded and punished people according to their usefulness to the production process. Older workers were unable to easily compete in the new industrial environment and were often “discarded”—forced to survive on economic resources other than from jobs in the market economy.
R Social Security will go bankrupt and will not be there when younger workers retire. r The entire federal budget will ultimately have to go to pay for entitlements. r Government support for older people at more than minimal levels will come at the expense of our children and grandchildren. r Population aging will destroy our nation’s global competitiveness, perpetuating the curse of low growth and a shrinking economic pie. The predictions of calamities by the Merchants of Doom have fallen on receptive ears, in part because they argue that the survival of some of our most important social and economic ideals is at stake.