Capitol Report New Mexico - It’s been said that facts are stubborn things. So are demographics. The baby boom generation — some 77 million strong — is hitting retirement age at a staggering rate: an American turns 65 every 10 seconds. What does that mean for the social safety net in place, namely Medicare and Medicaid? Steve Moses, the president of the Center for Long-Term Care Reform in Seattle, says it means financial disaster unless some changes are made immediately. “We can expect those costs for long-term care — care in a nursing home, assisted living or in the home to skyrocket as the aging population grows,” Moses told Capitol Report New Mexico in a recent interview. And New Mexico faces some daunting issues as well. Moses points out that New Mexico has the nation’s fourth-highest rate of growth in population aged 85 or older through 2030. “When Franklin Roosevelt brought us Social Security, there were 35 [workers] paying in for every one taking benefits,” Moses, 66, said. “We’ll soon be down to where there’s only two [workers paying in for every one receiving benefits]. Every working couple will be supporting one us baby boomer oldsters.” Moses says in order to keep the system alive for the truly poor and needy, means-testing will have to done. Means-testing – distributing fewer benefits to people who have more money – is pure poison for any politician who broaches the subject but Moses says it’s inevitable. Read More News New Mexico
New Mexico’s impending old age crisis: We’ve got the fourth-highest rate of growth 85+
Capitol Report New Mexico - It’s been said that facts are stubborn things. So are demographics. The baby boom generation — some 77 million strong — is hitting retirement age at a staggering rate: an American turns 65 every 10 seconds. What does that mean for the social safety net in place, namely Medicare and Medicaid? Steve Moses, the president of the Center for Long-Term Care Reform in Seattle, says it means financial disaster unless some changes are made immediately. “We can expect those costs for long-term care — care in a nursing home, assisted living or in the home to skyrocket as the aging population grows,” Moses told Capitol Report New Mexico in a recent interview. And New Mexico faces some daunting issues as well. Moses points out that New Mexico has the nation’s fourth-highest rate of growth in population aged 85 or older through 2030. “When Franklin Roosevelt brought us Social Security, there were 35 [workers] paying in for every one taking benefits,” Moses, 66, said. “We’ll soon be down to where there’s only two [workers paying in for every one receiving benefits]. Every working couple will be supporting one us baby boomer oldsters.” Moses says in order to keep the system alive for the truly poor and needy, means-testing will have to done. Means-testing – distributing fewer benefits to people who have more money – is pure poison for any politician who broaches the subject but Moses says it’s inevitable. Read More News New Mexico
Posts
0 comments:
Post a Comment