Poverty Among Seniors At Surprising High - 19% Estimate Is Nearly Double What Was Previously Thought

[Kadie]

Sep 4, 2009 11:44 am US/Pacific
Poverty Among Seniors At Surprising High
19 Percent Estimate Is Nearly Double What Was Previously Thought

WASHINGTON (AP) ― The poverty rate among older Americans could be nearly twice as high as the traditional 10 percent level, according to a revision of a half-century-old formula for calculating medical costs and geographic variations in the cost of living.

The National Academy of Science's formula, which is gaining credibility with public officials including some in the Obama administration, would put the poverty rate for Americans 65 and over at 18.6 percent, or 6.8 million people, compared with 9.7 percent, or 3.6 million people, under the existing measure. The original government formula, created in 1955, doesn't take account of rising costs of medical care and other factors.

"It's a hidden problem," said Robin Talbert, president of the AARP Foundation, which provides job training and support to low-income seniors and is backing legislation that would adopt the NAS formula. "There are still many millions of older people on the edge, who don't have what they need to get by."

If the academy's formula is adopted, a more refined picture of American poverty could emerge that would capture everyday costs of necessities besides just food. The result could upend long-standing notions of those in greatest need and lead eventually to shifts in how billions of federal dollars for the poor are distributed for health, housing, nutrition and child-care benefits.

more...
http://cbs13.com/cbsnational/senior.citizens.poverty.2.1164568.html

[Individualist]

1. K&R

[Juche]

2. Damn

However we are in many ways not a wealthy country. About 10% owns nearly 70%+ of the wages and wealth, which means the other 270 million have to split about 5 trillion in wages and wealth.

Its going to get worse.

[PDJane]

3. This is why a more progressive tax system

And a functioning social safety net is needed.

[RUMMYisFROSTED]

4. "Fuck socialism!"

:grr:

[OHdem10]

5. With Blue Dogs and DLC running the show, the numbers will

increase.

[Individualist]

6. No doubt

Their supporters are already touting the CPI index which is BS.

[kiva]

7. Maybe this will counter some of the claims

that we are spending too much money on seniors, which is generally said in conjunction with the notion that money should be spend on children instead. We don't spend enough money on either group.

[Kadie]

8. .

:kick: