Boom in Baby Boomer Bankruptcies

[Deleted]

   I've seen this one coming for awhile, mainly through my conversations with baby boomers and their friends at the office.

    As the Baby Boomers are retiring, growing numbers of them have been driven to bankruptcy because of inadequate savings, vanishing pensions, substandard healthcare coverage, medical expenses, and a shrinking safety net.  Baby Boomer suicides are also increasing dramatically.

   I predicted last December that the problem would become a worsening national disaster in 2019, after the Trump/GOP Tax Scam and Healthcare Demolition Act of 2017 begins in earnest.  Among other problems, the Trump bill will demolish Medicaid coverage and cut Medicare funding, just as demand by seniors surges.

   Currently, almost half of the American people are barely able to pay their monthly bills.

    Meanwhile, Trump is trying to push through another YUGE tax cut (on capital gains) for his billionaire donors.

[Walter]

Deleted the negative reference to Trump supporters.
See how it works?

You will get the hang of it eventually.

[trnyerheadncough]

Aug 5, 2018 18:06:07 GMT -5 Walter said:

Deleted the negative reference to Trump supporters.
See how it works?

You will get the hang of it eventually.

You’re going to be busy in the early going.

[Walter]

Aug 5, 2018 19:44:51 GMT -5 trnyerheadncough said:

Aug 5, 2018 18:06:07 GMT -5 Walter said:

Deleted the negative reference to Trump supporters.
See how it works?

You will get the hang of it eventually.

You’re going to be busy in the early going.

Indeed...

[Deleted]

Aug 5, 2018 20:44:47 GMT -5 Walter said:

Aug 5, 2018 19:44:51 GMT -5 trnyerheadncough said:

You’re going to be busy in the early going.

Indeed...

No. 

When any one person gets to decide if a FACT is offensive, this section won't last long.

Just FTR, I'll stay in the section that celebrates the First Amendment.

[Walter]

Aug 5, 2018 20:55:18 GMT -5 @muttthemaster said:

Aug 5, 2018 20:44:47 GMT -5 Walter said:

Indeed...

No. 

When any one person gets to decide if a FACT is offensive, this section won't last long.

Just FTR, I'll stay in the section that celebrates the First Amendment.

..not sure what that to do with this concept, but if you are more comfortable in the other sections of the board, by all means post there.

[Deleted]

Getting back to the actual subject of my thread, here's a new reference about the increase in Baby Boomer bankruptcies in the U.S.*

And, to reiterate, I predict that this problem will become a widespread national catastrophe, starting in 2019.

Do people here realize how many impoverished seniors in the U.S. have been living in Medicaid-funded nursing homes?   What are they going to do in 2019-- wheel these old folks out onto the sidewalks?

*   ‘Too Little Too Late’: Bankruptcy Booms Among Older Americans

      www.nytimes.com/2018/08/05/business/bankruptcy-older-americans.html

[AlaCowboy]

Why do older people have inadequate savings? Did they not save a portion of every paycheck and tax return to plan for retirement? Why do they have inadequate health insurance? Didn't they all sign up for Obamas "affordable" health care with government subsidies?
I know retirees that are still in their 4 and 5 bedroom houses when there are only two, and sometimes one, person living there. Heating and electric bills are ridiculous, and they complain about someone driving an SUV that gets average gas mileage, as they drive their Lexus or Cadillac to the grocery store.
If people live within their means as they move through their careers and save every month, then they may scrimp in retirement but they will not starve. Those that spend every penny and run up their credit card bills will have nothing set aside for retirement, then complain that their Social Security isn't enough. Too bad they bought The Big Lie and thought the government will take care of them in spite of their own foolishness.

[Deleted]

Aug 6, 2018 13:12:37 GMT -5 AlaCowboy said:

Why do older people have inadequate savings? Did they not save a portion of every paycheck and tax return to plan for retirement? Why do they have inadequate health insurance? Didn't they all sign up for Obamas "affordable" health care with government subsidies?
I know retirees that are still in their 4 and 5 bedroom houses when there are only two, and sometimes one, person living there. Heating and electric bills are ridiculous, and they complain about someone driving an SUV that gets average gas mileage, as they drive their Lexus or Cadillac to the grocery store.
If people live within their means as they move through their careers and save every month, then they may scrimp in retirement but they will not starve. Those that spend every penny and run up their credit card bills will have nothing set aside for retirement, then complain that their Social Security isn't enough. Too bad they bought The Big Lie and thought the government will take care of them in spite of their own foolishness.

    The middle class in the U.S. has been disappearing for the past 38 years, since the glorious, plutocratic Reagan revolution, and half of Americans today are barely scraping by.  As Thomas Piketty, Stiglitz, and other world-class economists have documented, the marginal wealth in the U.S. since 1980 has gone almost entirely to the wealthiest 1 per cent.

    The Great Bush-Cheney Recession also took a huge toll on America's working class.

     Obamacare has been a life-saver for many of these people, but Trump and the GOP Congress have demolished it for 2019.

[Deleted]

Yo, Cowboy, speak of the Devil...

The lead article at the top notch CommonDreams.org newsite today is a direct response to your question above about senior poverty in the U.S.

They have a lot of economic data and charts from the Federal Reserve's Bankruptcy Project documenting how public policy changes of the past 40 years have contributed to Baby Boomer bankruptcies.

Enjoy.

[AlaCowboy]

Aug 6, 2018 18:00:17 GMT -5 DrSchadenfreude said:

Yo, Cowboy, speak of the Devil...

The lead article at the top notch CommonDreams.org newsite today is a direct response to your question above about senior poverty in the U.S.

They have a lot of economic data and charts from the Federal Reserve's Bankruptcy Project documenting how public policy changes of the past 40 years have contributed to Baby Boomer bankruptcies.

Enjoy.

I already have three fiction books on my summer reading list. Don't need another one.

[Deleted]

Aug 6, 2018 19:22:00 GMT -5 AlaCowboy said:

Aug 6, 2018 18:00:17 GMT -5 DrSchadenfreude said:

Yo, Cowboy, speak of the Devil...

The lead article at the top notch CommonDreams.org newsite today is a direct response to your question above about senior poverty in the U.S.

They have a lot of economic data and charts from the Federal Reserve's Bankruptcy Project documenting how public policy changes of the past 40 years have contributed to Baby Boomer bankruptcies.

Enjoy.

I already have three fiction books on my summer reading list. Don't need another one.

The Federal Reserve's Bankruptcy Project report is "fiction?"

Let me guess, do you also think Thomas Piketty's landmark study of Capitalism in the Twenty-First Century is "fiction?"

Geez... What's next in America, forum administrators comparing Nobel Laureates like Paul Krugman to racist right wing hacks from the Hoover Institute?

[daleko]

Aug 6, 2018 12:36:42 GMT -5 DrSchadenfreude said:

Getting back to the actual subject of my thread, here's a new reference about the increase in Baby Boomer bankruptcies in the U.S.*..............

If you're willing to take politics out of the discussion for a moment and explore this challenging issue, some Qs.

Is this another example of boomers, because of their size, compared to previous generations, another example of the "boomer population hump" moving through time? Since 1946 that has been the case in other areas. Is bankruptcy, w current laws and protections, a more acceptable form of dealing w senior debt and poverty V previous generations?

www.census.gov/data/tables/time-series/demo/income-poverty/historical-poverty-people.html

This link holds several tables that might lend some data to evaluate. In 2016 9.7% of the 65 and older, live below the poverty level. In 1959, 35.2% of the population did. Since '95 its been around 10%.  As the boomers age and the hump moves ever onward, the same historical, over the last 57 yrs (using this chart 2016 and back), % will certainly raise the numbers. Would one expect the gross number to rise as the boomer population ages? Historical data suggests yes.

Though it still is an issue to address, it appears it's been an issue for a few generations. The new mobility of the following generation, no data to support just personal experience, may also be impacting the issue. I left home at 18 and eventually found my way around the world. I expect my sons to follow the same path. That compared to my parents living near their parents and, in the case of my maternal grandparents, grandpa lived w us.


65 years and over
2016-1959


Total/ Below poverty Number/ Percent

49,274 4,568 9.3

47,547 4,201 8.8

45,994 4,590 10.0

44,963 4,569 10.2

44,508 4,231 9.5

43,287 3,926 9.1

41,507 3,620 8.7

39,777 3,558 8.9

38,613 3,433 8.9

37,788 3,656 9.7

36,790 3,556 9.7

36,035 3,394 9.4

35,505 3,603 10.1

35,209 3,453 9.8

34,659 3,552 10.2

34,234 3,576 10.4

33,769 3,414 10.1

33,566 3,323 9.9

33,377 3,222 9.7

32,394 3,386 10.5

32,082 3,376 10.5

31,877 3,428 10.8

31,658 3,318 10.5

31,267 3,663 11.7

30,779 3,755 12.2

30,430 3,928 12.9

30,590 3,781 12.4

30,093 3,658 12.2

29,566 3,363 11.4

29,022 3,481 12.0

28,487 3,563 12.5

27,975 3,477 12.4

27,322 3,456 12.6

26,818 3,330 12.4

26,313 3,625 13.8

25,738 3,751 14.6

25,231 3,853 15.3

24,686 3,871 15.7

24,194 3,682 15.2

23,175 3,233 14.0

22,468 3,177 14.1

22,100 3,313 15.0

21,662 3,317 15.3

21,127 3,085 14.6

20,602 3,354 16.3

20,117 3,738 18.6

19,827 4,273 21.6

19,470 4,793 24.6

18,899 4,787 25.3

18,559 4,632 25.0

18,240 5,388 29.5

17,929 5,114 28.5

(NA) (NA) (NA)

(NA) (NA) (NA)

(NA) (NA) (NA)

(NA) (NA) (NA)

(NA) (NA) (NA)

(NA) (NA) (NA)

15,557 5,481 35.2

[snap infraction]

Aug 5, 2018 18:02:37 GMT -5 DrSchadenfreude said:

   I've seen this one coming for awhile, mainly through my conversations with baby boomers and their friends at the office.

    As the Baby Boomers are retiring, growing numbers of them have been driven to bankruptcy because of inadequate savings, vanishing pensions, substandard healthcare coverage, medical expenses, and a shrinking safety net.  Baby Boomer suicides are also increasing dramatically.

   I predicted last December that the problem would become a worsening national disaster in 2019, after the Trump/GOP Tax Scam and Healthcare Demolition Act of 2017 begins in earnest.  Among other problems, the Trump bill will demolish Medicaid coverage and cut Medicare funding, just as demand by seniors surges.

   Currently, almost half of the American people are barely able to pay their monthly bills.

    Meanwhile, Trump is trying to push through another YUGE tax cut (on capital gains) for his billionaire donors.

the legacy of the baby boomer generation will not be kindly judged imo.  once baby boomers obtained political power, they have constantly pushed govn't to lower and lower taxes while at the same time increase their own govn't entitlements.  future generations will likely have to pay for their fiscal irresponsibility.  

[daleko]

Aug 22, 2018 7:10:47 GMT -5 snap infraction said:

Aug 5, 2018 18:02:37 GMT -5 DrSchadenfreude said:

   I've seen this one coming for awhile, mainly through my conversations with baby boomers and their friends at the office.

    As the Baby Boomers are retiring, growing numbers of them have been driven to bankruptcy because of inadequate savings, vanishing pensions, substandard healthcare coverage, medical expenses, and a shrinking safety net.  Baby Boomer suicides are also increasing dramatically.

   I predicted last December that the problem would become a worsening national disaster in 2019, after the Trump/GOP Tax Scam and Healthcare Demolition Act of 2017 begins in earnest.  Among other problems, the Trump bill will demolish Medicaid coverage and cut Medicare funding, just as demand by seniors surges.

   Currently, almost half of the American people are barely able to pay their monthly bills.

    Meanwhile, Trump is trying to push through another YUGE tax cut (on capital gains) for his billionaire donors.

the legacy of the baby boomer generation will not be kindly judged imo.  once baby boomers obtained political power, they have constantly pushed govn't to lower and lower taxes while at the same time increase their own govn't entitlements.  future generations will likely have to pay for their fiscal irresponsibility.  

Q. What was the most recent % paid by the top 1%, that's NET? Write the check tax owed. Not marginal tax rate. And compare it to what was paid in the 50s w a marginal tax rate of 90% for the top 1%.