Lawmakers do not seem to be focused on dealing with the issues before they arise.
The Baby Boomer generation is steadily moving toward retirement, seniors are continuing to live longer and the younger generations are going to need to support the country in the next few decades. However, most politicians are not doing anything about those looming issues, according to Politico in “Aging: 5 icebergs Washington is ignoring.”
Among the issues being ignored are:
- The country is likely to have a shortage of people of working age. This will make it difficult for businesses to find employees. It could also be damaging to the overall economy and make it difficult to raise enough revenue for government services.
- The U.S. does not have an adequate long-term care system in place to meet expected needs. There is a severe lack of home health caref aides and funding to pay for nursing homes.
- Social Security, state pensions and many private pension plans all face looming shortages. They will not be able to make promised payments, unless something is done. Most people do not have enough saved for retirement to make up for any lost or reduced pension payments.
- Older people are more expensive to cover in the health care system. An even greater percentage of GDP will be needed to pay for seniors’ care in the future.
- Age discrimination remains a big issue for many. When there are more seniors, there will be even more discrimination.