"The Decade in Retirement: Wealthy Americans Moved Further Ahead-Prospects for most Americans’ retirement security haven’t improved. For affluent households, however, the odds of a successful retirement have gotten much better," Mark Miller, New York Times, December 14, 2019
"Retirement in America has become a tale of two very different realities in the decade now drawing to a close.

In 2010, the economy was just beginning to recover from the worst recession and financial crisis in recent memory. The unemployment rate was high, the stock market was coming back and millions of workers were worried that their retirement plans were ruined.

Since then, a robust economic rebound has put some Americans back on solid footing for retirement, but progress has been uneven. Despite the gains made in employment, wage growth has only recently begun to recover — and remained flat for older workers. Retirement wealth has accumulated almost exclusively among higher-income households, while middle- and lower-income households have only held steady or lost ground, Federal Reserve data shows."

Go here -> https://www.nytimes.com/2019/12/14/business/retirement-social-security-recession.html?smid=nytcore-ios-share
And here -> https://www.nytimes.com/2018/09/12/business/middle-class-financial-crisis.html

Defining Economic Security for Older Americans: The Elder Index
"The Elder Index measures the costs faced by households that include one or two older adults age 65 or older living independently. The Elder Index defines economic security as the income level at which older people are able to cover basic and necessary living expenses and age in their homes,
without relying on means-tested income support programs, loans or gifts. The Elder Index is calculated for every county in the United States; statewide and national averages are also generated. Elder Index expenses include housing, food, transportation, health care, and basic household items
including clothing, a telephone, hygiene items and cleaning supplies. The Elder Index is a basic budget, allowing no vacations, restaurant meals, savings, large purchases, gifts or entertainment of any kind."

Go here -http://www.advancingstates.org/sites/nasuad/files/Living%20Below%20the%20Line_%20Economic%20Insecurity%20and%20Older%20Americans%20I.pdf

"Thirty-nine percent of U.S. adults reported lacking sufficient liquidity to cover even a modest $400 emergency without borrowing or selling an asset, and 60 percent reported experiencing a financial shock (e.g., loss of income or car repair) in the prior year. While facing precarious financial situations may leave households unable to manage essential expenses and plan for the future, the research also suggests that U.S. households report feeling optimistic about their finances. These disparate findings suggest a complex interplay between a person’s objective financial circumstances (such as their savings) and their own perceptions of their financial situation."

Go here -> https://www.brookings.edu/blog/up-front/2019/12/13/financial-well-being-measuring-financial-perceptions-and-experiences-in-low-and-moderate-income-households/

"You’re probably already aware that wealth in America is a tale of haves and have-nots.

But new research shows just how big the disparity is in 401(k) plan accounts — workplace retirement savings plans that were created to help all individuals get ahead.

There are two main reasons why the 401(k) plan and other workplace retirement savings plans don’t work, according to the Economic Policy Institute, the non-partisan think tank that authored the study.

One reason is that roughly half of workers don’t have access to one of these plans in the first place."

Go here -> https://www.cnbc.com/2019/12/12/why-retirement-savings-have-not-recovered-from-the-great-recession.html

And here ->https://www.epi.org/publication/the-state-of-american-retirement-savings/

 

"Poverty, food insecurity, and poor nutrition have harmful impacts on the health and well-being of older adults, which, in turn, can limit their ability to work (for those still capable of working), carry on daily activities, and live independently. Maintaining good health, consuming a nutritious diet, and/
or managing an existing chronic disease can be especially challenging for older adults struggling with food insecurity for a variety of reasons, including limited finances and resources, the cost of healthy foods, competing priorities, functional limitations, and stress. One essential strategy to
improve food security and health is connecting vulnerable older adults to the federal nutrition programs, including the Supplemental Nutrition Assistance Program (SNAP), Congregate Nutrition Program, and Home-Delivered Nutrition Program. These profoundly important programs
have well-documented benefits for older adults.

This brief will review food insecurity rates and risk factors among older adults; the connections between food insecurity and health among older adults; and the effectiveness of the federal nutrition programs in alleviating food insecurity and supporting health for this population."

Go here -> http://www.frac.org/wp-content/uploads/hunger-is-a-health-issue-for-older-adults-1.pdf

"This holiday season, many people will donate money, food, or time to a local food bank or soup kitchen. Yet how much do we know about the individuals and families who use charitable food assistance?

New data from the Urban Institute’s Well-Being and Basic Needs Survey (WBNS) reveal that more Americans than previously estimated turn to charitable food services to feed their families. As we discuss in our new brief, about 1 in 10 adults (10.3 percent) who were surveyed as part of the December 2018 WBNS said they or someone in their household received charitable food assistance in the 30 days before being surveyed.

Among low-income adults, the rate is even higher—about 1 in 5. The WBNS is an annual, nationally representative, internet-based survey of approximately 7,500 adults."

Go here -> https://www.urban.org/urban-wire/new-data-show-about-1-10-adults-turns-charitable-food-assistance

And here -> https://www.urban.org/research/publication/who-accessing-charitable-food-america

"The Medicare Part D program, launched in 2006, extended outpatient prescription drug insurance to almost all Americans over age 65. This expansion of Medicare was a response to the rapid growth of drug costs and the resulting strain on patients’ budgets. Participants in Part D generally pay monthly
premiums, face an annual deductible, and make copayments on drug purchases above the deductible. These payments typically are less than the value of the drugs received. Estimating the precise size of this subsidy for any individual depends on many factors. A simpler task is estimating the size of the average subsidy that retirees can expect to receive. This brief calculates the average lifetime Part D subsidy for a typical 65-year-old in 2019."

Go here -> https://crr.bc.edu/wp-content/uploads/2019/12/IB_19-20.pdf

"One-quarter of American adults say they or a family member has put off treatment for a serious medical condition because of cost, according to data released this week by Gallup. That number is the highest it’s been in nearly three decades of Gallup polling.

An additional 8 percent have made the same choice for less serious ailments, the survey showed. That means a collective 33 percent of those polled have prioritized financial considerations over their health, tying the high set in 2014.

The report also shows a growing income gap in cost-related delays. In 2016, for instance, one-fourth of U.S. households earning less than $40,000 a year reported cost-related delays, vs. 13 percent for households making more than $100,000. In 2019, the rate of cost-related delays among poorer households shot up to 36 percent, while the rate for the richer group remained at 13 percent."

Go here -> https://www.washingtonpost.com/business/2019/12/10/stunning-indictment-us-health-care-system-one-chart/

And here -> https://news.gallup.com/poll/269138/americans-delaying-medical-treatment-due-cost.aspx?utm_source=alert&utm_medium=email&utm_content=morelink&utm_campaign=syndication

Civilized countries treat health care as a human right. Only in the richest country in the world do people have to suffer for lack of care, while we debate how much we love our health insurance companies!
"It’s 5:30 a.m., and Michael and Lancelot have been sitting on a metal bench in the dark for two and a half hours. At the Beltway Church of Christ in Suitland, Maryland, the two brothers are wrapped in blankets in the December cold; when the sun rises, a faded marble sign will tell us that this patch of grass is called the Fallen Saints Garden. They aren’t homeless, lost, or just very eager to attend church: They’re here to attend a free clinic put on by Remote Area Medical.

RAM is an organization founded in 1985 by Stan Brock, a former actor and ascetic servant of the poor; according to a profile in The Independent in 2014, Brock slept on a “cowboy’s mat inside the offices” of RAM. As the name implies, the organization was founded with the intent to serve inaccessible parts of the world, but it quickly became clear that the need was also severe closer to home. The organization even serves places right outside our nation’s capital—the home of some of the most extravagant and undeserved wealth in America, where Jeff Bezos can buy a $23 million house with 25 bathrooms."

Go here -> https://newrepublic.com/article/155931/scenes-ragged-edge-american-health-care

"The news that – according to a recent survey of 2,000 people in the US – people feel they are too old to start exercising at 41 would raise a few eyebrows in Fauja Singh’s house. He took up running at 84, and ran his first marathon aged 89. He went on to run a further seven marathons, including one at age 100 So if you have just turned 41 and think you’re too old, think again.

Rangan Chatterjee, a GP and author of Feel Better in 5, says exercising in our 40s is vital. “Exercise will help no matter what age you are,” he says. “But once we’re over 30 we start to lose muscle mass each year – and lean muscle mass is one of the main predictors of longevity. So exercise, especially strength training, becomes arguably more important than ever.”

Go here -> https://www.theguardian.com/lifeandstyle/shortcuts/2019/dec/03/why-do-people-think-41-is-too-old-to-exercise-its-a-perfect-time-to-start

And here -> https://www.studyfinds.org/survey-reveals-the-surprisingly-young-age-many-give-up-on-working-out/

"Many people experience a decline in cognitive function with age, such as a worsening memory and trouble processing information. In most cases, this is perfectly normal. In some cases, however, age-related cognitive decline may affect a person’s ability to carry out complex tasks, such as managing finances or preparing a meal. At times, it may even make it difficult for a person to perform daily tasks, such as dressing and feeding.

Around 18% of the UK’s population is aged 65 and older. By 2030, it’s estimated that one in five UK people will be aged over 65.

But this doesn’t account for the number of people who will experience cognitive decline and dementia as they age. Incidence of dementia sharply rises at the age of 75 – and it is expected that the number of people in the UK living with dementia could triple by 2050. Cognitive function is very important to older people’s well-being. It influences everything they do, including working and socialising, and has a huge social and economic impact on families. Finding ways to prevent cognitive decline is increasingly important."

Go here -> https://theconversation.com/how-simple-policy-changes-can-help-us-age-better-and-prevent-cognitive-decline-126314

"Despite some claims that Americans are in the midst of a "loneliness epidemic," older people today may not be any lonelier than their counterparts from previous generations - there just might be more of them, according to a pair of studies published by the American Psychological Association.

"We found no evidence that older adults have become any lonelier than those of a similar age were a decade before," said Louise C. Hawkley, Ph.D., of NORC at the University of Chicago, lead author of one of the studies. "However, average reported loneliness begins to increase beyond age 75, and therefore, the total number of older adults who are lonely may increase once the baby boomers reach their late 70s and 80s."

Go here -> https://www.eurekalert.org/pub_releases/2019-12/apa-lmb120519.php
And here ->https://www.apa.org/pubs/journals/releases/pag-pag0000365.pdf 

"In Good Company-We all feel lonely at times. But it doesn't have to be that way," Next Avenue, 2019 

"According to AARP’s Loneliness Study, which surveyed adults ages 45 and older, more than 35 percent of older adults are lonely, and loneliness is a significant predictor of poor health.

This report also found that lonely people are less likely to be involved in social events, which, too, can mean poorer health, since being social is so important for your mental, physical, and emotional well-being.

Additional consequences of loneliness include:

45 percent increase in risk of death
59 percent greater risk of mental and physical decline
Development of brain biomarkers associated with Alzheimer’s
More likely to need long-term care and live in nursing homes"

Go here -> https://www.nextavenue.org/special-report/in-good-company/all/?orderby=date

"Activists are working to raise public awareness and outrage over a little-noticed Trump administration proposal that could strip life-saving disability benefits from hundreds of thousands of people by further complicating the way the Social Security Administration determines who is eligible for payments.

The proposed rule change was first published in the Federal Register last month but has received scarce attention in the national media. Last week, the Social Security Administration extended the public comment period on the proposal until January 31, 2020."

Go here-> https://www.salon.com/2019/12/17/trump-proposes-social-security-change-that-could-end-disability-benefits-for-hundreds-of-thousands/

"The Trump administration is proposing changes to Social Security that could terminate disability payments to hundreds of thousands of Americans, particularly older people and children.

The new rule would change aspects of disability reviews — the methods by which the Social Security Administration determines whether a person continues to qualify for benefits. Few recipients are aware of the proposal, which is open for public comment through January.

Social Security officials declined to comment. For years, Republicans have argued that Social Security benefits need to be reined in to save money."

Go here -> https://www.inquirer.com/news/social-security-ssi-ssdi-trump-administration-disability-20191212.html

"Several months before the TCJA was enacted, the Congressional Budget Office (CBO) projected that corporate tax revenues for fiscal years 2018 and 2019 would total $668 billion. In the forecast published soon after the TCJA was enacted, however, the CBO projected $519 billion in corporate tax revenue over those two years—a $149 billion decrease. Actual corporate tax revenue over that period came in significantly lower, at $435 billion—a $233 billion drop. Essentially, corporations have already received $233 billion in tax cuts, $84 billion more than the CBO projected. To put that in perspective, the federal government spent just $47 billion on Pell Grants over the past two years.

The CBO’s adjusted forecasts now put the 10-year cost of corporate tax cuts at roughly $750 billion, $400 billion more than the pre-TCJA projections. That figure includes the temporary revenue from the TCJA’s repatriation provision, which gave corporations steeply discounted tax rates on stockpiles of overseas profits from prior years."

Go here -> https://www.americanprogress.org/issues/economy/news/2019/12/19/478924/tcja-2-years-later-corporations-not-workers-big-winners/

And here -> https://www.pewsocialtrends.org/2019/12/11/most-americans-say-the-current-economy-is-helping-the-rich-hurting-the-poor-and-middle-class/

"For our economy to work for everyone, Wisconsin needs to invest in strong communities across the entire state. But Wisconsin has gone back on its commitment to providing resources to local governments, forcing counties, cities, and towns to implement taxes and fees that fall most heavily on residents with the lowest incomes.

While state lawmakers have been reducing support to local communities, they have also been passing billions in tax cuts, providing a disproportionate benefit to the wealthy and well‑connected.

Local governments are the backbone of successful communities. Local governments plow roads, protect children from neglect and abuse, provide police and fire protection, immunize residents against deadly diseases, provide public transportation that people need to get to work, and perform other vital services that families and communities need to thrive.

Local governments need revenue to make these crucial investments in families and communities. Support from the state makes up one of the major sources of revenues for local governments. Yet state policymakers have starved local governments of state aid in recent years, while severely restricting property tax growth and limiting other options for local revenue. This combination of actions by the state legislature has forced harmful cuts to local services that keep families healthy and communities safe."

Go here -> http://www.wisconsinbudgetproject.org/with-the-state-going-back-on-its-commitment-to-communities-local-governments-are-pushed-to-consider-regressive-tax-and-fee-increases

On Wisconsin. See the comment above.

"The decline in general support for counties and municipalities is especially notable given the increase in the overall size of the state budget during this period. These two trends – less support for counties and municipalities, and more spending in general – mean that the state is spending a much smaller share of each dollar on supporting local communities than it did in previous years. In 1996, the state spent 11.5¢ out of every dollar in the budget on Shared Revenue, an amount that dropped to 4.5¢ out of every dollar by 2020."

Go here -> https://jakehasablog.blogspot.com/2019/12/more-property-taxes-more-wheel-taxes.html