The Wall Street Journal: The Economic Argument for More Aid to the Elderly Poor

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KAREN LINCOLN: A rising tide lifts all boats. This idiom, typically referring to the economy, suggests that a good outcome will benefit all. There has been much debate about whether economic growth benefits the rich, middle class and poor, equally. But, what if the debate was framed differently? Can policies that benefit the poor also benefit those who are better off?

There are over 6 million seniors who live in poverty in the U.S. and those numbers will rise as boomers age, and the impact of the economic recession and rising health-care costs is realized. Saving for retirement was not an option for many seniors who earned low wages during their working years. Now many face economic insecurity and rely onSocial Security as their sole source of income. Medicare pays for roughly 60% of seniors’ health-care costs. So, out-of-pocket costs are cumulative.

Continue reading here: http://blogs.wsj.com/experts/2015/01/23/the-economic-argument-for-more-aid-to-the-elderly-poor/

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