Teresa Ghilarducci and Christopher Cook highlight the dire state of seniors' economic security in the United States in their recent article for Progressive Magazine titled, Why the Senior Poverty Rate Keeps Rising. The U.S. faces high elder poverty rates due to low benefits and inadequate financing of its retirement systems, contrasting sharply with other wealthy nations. The U.S.’s situation is exacerbated by diminishing Social Security, failing 401(k)s, and rising medical costs. Their article dispels the myth that seniors' financial needs are at the expense of younger generations. To address these issues, the article advocates for policies like enhanced Social Security, targeted tax increases on the wealthy, and a reformed tax system that favors ordinary workers, emphasizing the need for simultaneous support of both seniors and children to tackle poverty effectively.
Why the Senior Poverty Rate Keeps RisingNovember 30, 2023
Both senior and child poverty are high in America. We must defend both generations and their common fate.