Category Archives: Elders

Chart of the day: Elders love her, the young don’t

From Gallup, the Hillary Clinton generation chasm:

BLOG Hillary

Chart of the day: Multigenerational households

While growing numbers of youth in Europe are jobless and not in school or training [see previous post], in the U.S. the Great Recession has spurred a rise of multigenerational households, reversing a trend that had dominated the last half of the 20th Century.

Another factor in the shift has been the growing percentages of the Latino and Asian populations, cultures in which multigenerational households are the norm.

From the Pew Research Center:


More From the report:

The number and share of Americans living in multigenerational family households has continued to rise, even though the Great Recession is now in the rear-view mirror. In 2014, a record 60.6 million people, or 19% of the U.S. population, lived with multiple generations under one roof, according to a new Pew Research Center analysis of census data.

Multigenerational family living – defined as a household that includes two or more adult generations, or one that includes grandparents and grandchildren – is growing among nearly all U.S. racial groups as well as Hispanics, among all age groups and among both men and women.  The share of the population living in this type of household declined from 21% in 1950 to a low of 12% in 1980. Since then, multigenerational living has rebounded, increasing sharply during and immediately after the Great Recession of 2007-09.

Coup government targets Brazil’s elder workers

The bloodless coup that replaced the government of President Dilma Rosseff with an acting president and ministers far more corrupt than the Rousseff’s government is adopting one of the desiderata of neoliberalism: They are targeting older workers with measures to extend the retirement age while slashing social security payments.

Rousseff has been sidelined pending her trial by the senate, an action now delayed until after the Summer Olympics, and the popular former President and Rousseff party colleague Luiz Inacio Lula da Silva will likely run to ensure that the programs he began and Rousseff continued will be restored.

But until and if Lula returns, the future looks increasingly bleak for Brazil’s seniors, who will now be faced with the world’s oldest retirement age in a country with a lower average death age that countries in the industrialized North.

From teleSUR English:

Pension reform has become a national priority for Brazil’s coup-imposed President Michel Temer, who wants to establish the world’s harshest retirement age for worker’s irrespective of the level of their contributions to social security.

Although no country in the world has a minimum retirement age above 67, Temer is holding negotiations with a labor commission that has excluded many of the country’s main trade unions and involves government representatives.

Speaking to the press Friday, Presidential Chief of Staf Eliseu Padilha said the project has yet to be submitted to Congress, but it will be approved by the end of the year if the impeachment of President Dilma Rousseff is confirmed by the Senate.

Analysts say the move to raise the retirement age to 70 would be unprecedented, impacting future generations in a country where the median age is 29 and life expectancy is 71.6 for men and 78.8 for woman, according to official government statistics.

Another measure announced by Temer’s government is the plan to reduce benefits paid by social security. The minimum pension individuals currently receive in Brazil is equivalent to the minimum wage, which accounts for 70 percent of pensioners.

And lest we forget, Barack Obama himself once proposed reducing Social Security payments, a move torpedoed by a guy named Bernie Sanders. . .

Chart of the day: Stunning Brexit demographics

Those who voted for it will live the least with it, while those who opposed it will bear the greatest consequences from a revolt of the elders.

From YouGov:

BLOG Brexit vote

Chart of the day: Oldest Americans working more

BLOG Elders

The only group of Americans with employment levels recovered from and surpassing those reached before the start of the Great Recession are folks who have passed the normal retirement age.

And more elders, the largest growing sector of the population, are working full-time, meaning few job openings for younger workers.

We suspect part of the reason is that price increases in basic staples, including housing, have surpassed fixed income pensions and Social Security payments:

From the Pew Research Center:

More older Americans – those ages 65 and older – are working than at any time since the turn of the century, and today’s older workers are spending more time on the job than did their peers in previous years, according to a new Pew Research Center analysis of employment data from the federal Bureau of Labor Statistics.

In May, 18.8% of Americans ages 65 and older, or nearly 9 million people, reported being employed full- or part-time, continuing a steady increase that dates to at least 2000 (which is as far back as we took our analysis). In May of that year, just 12.8% of 65-and-older Americans, or about 4 million people, said they were working.

We used the employment-population ratio – the employed percentage of a given group’s total population (including those not actively looking for work) – to measure employment among different age groups. The steady increase in the share of working older Americans contrasts with the adult population as a whole, whose employment-population ratio fell sharply during the Great Recession and has yet to recover to pre-slump levels. In May 2000, according to the BLS’ seasonally unadjusted data, 64.4% of all adults had jobs, a figure that had drifted down to 62.5% by May 2008 as the recession took hold. The ratio bottomed out at 57.6% in January 2011, and as of last month stood at 59.9%.

John Oliver tackles those pension fund cons

We’re not talking about shark-suited hucksters peddling Brooklyn Bridge futures.

No, we’re talking about the ones peddled by women and men offering “financial products” issued by household name banksters and insurance companies, products likely to do more poorly than the stock market but certain to earn the agents who sold them nice fat commissions.

Once upon a time, folks worked for companies that built up their own pension funds to pay retired workers, but in the neoliberal era, those companies have long snapped up and merged, taken over partly to gain access to those very pension funds, leaving the workers scrambling to make sense of markets so complex that Wall Street banksters are hiring the finest computer minds of the age to play with them.

And we’re left with having to bankroll our own pensions, with a little bit of help [sometimes] from our employers, and prey to those smiling folks and their “products.”

And now, on with the show.

From Last Week Tonight:

Last Week Tonight with John Oliver: Retirement Plans

Program note:

Saving for retirement means navigating a potential minefield of high fees and bad advice. Billy Eichner and Kristin Chenoweth share some tips.

Headline of the day: Lest we forget. . .

From the Intercept, battling Barry to save seniors [esnl included]:

Obama Wanted to Cut Social Security. Then Bernie Sanders Happened.

The Obama administration argued in 2012 for reducing Social Security benefits by recalculating the way cost of living adjustments are made.