The “Unsolvable” Elderly

When my wife died, I decided I didn’t need two homes, so I gave my Illinois home to my children and moved permanently to Florida.

Because we don’t have snow and ice, the weather here generally is more accommodating for us elderly than up north, though the occasional hurricane can be stressful.

An article in the South Florida Sun Sentinel describes a growing problem – local and national. Here are some excerpts:

As South Florida’s seniors grow older, experts warn of the ‘silver tsunami’ financial crisis By Lisa J. Huriash | [email protected], November 18, 2024

Aging experts unveiled a grim outlook for aging seniors who increasingly are impoverished and dependent on government help to get by.

And in South Florida, they say the numbers are reaching more of a crisis level as the number of seniors grow, often with no pensions and not enough savings — relying instead on Social Security benefits.

“If you aren’t being kept up at night by the impending ‘silver tsunami,’ then you aren’t paying attention,” declared Broward County Commissioner Steve Geller, who is also the chair of the South Florida Regional Planning Council.

Also, keep in mind the tsunami of misinformation and disinformation regarding the so-called “impending insolvency” of Social Security and Medicare, the two main federal benefits received by the elderly.

Commonly referred to as the “silver tsunami,” residents age 65 and older are projected to number more than 2.13 million in the seven-county region by 2050, reflecting an increase of 54.5% since 2021, according to the Planning Council.

While the article discusses South Florida, the situation is nationwide.

The U.S. population of 65 and older has grown significantly over the past decade.

From 2010 to 2020, this age group increased by 38.6%, from 40.3 million to 55.8 million, the fastest growth rate since 1880 to 1890.

Over the past decade, the increase of 15.5 million people in this age group is the largest-ever 10-year numeric gain. This rapid growth is largely driven by the aging of the Baby Boomer generation (those born between 1946 and 1964), who began turning 65 in 2011.

Of these residents, 520,000 will be 85 years of age or older, reflecting a projected increase of 133.6% from 2025 to 2050.

A conference about “preparing for the silver tsunami” was held Friday at Florida Atlantic University in Boca Raton, presented by the South Florida and Treasure Coast Regional Planning Councils.

There, experts shared what the future could look like, using figures from the U.S. Census, and studies by state agencies, the Federal Reserve Bank, and more:

— By 2034, Americans ages 65 and older will outnumber those 18 and younger for the first time.

— Nearly half of elderly unmarried women rely on Social Security for 90% of their income, compared to 22% of all seniors.

— Older Americans are carrying more debt into retirement.

— The age-85-and-older population in southeast Florida will more than double in 25 years, which means the need for more elder care.

— The median income for American adults is $50,290 while their average annual expenses are $57,818.

Social Security

The average monthly Social Security benefit is $1,907, or $22,884 a year. “There is a disconnect of how much people understand they have to save,” said Angela Antonelli, a research professor and executive director of the Georgetown University Center for Retirement Initiatives.

One in five Americans rely on Social Security for 90% or more of their income, she said. “Social Security does not keep you out of poverty,” she said.

Social Security could and should keep you out of poverty. There is no excuse for a Monetarily Sovereign nation, with the infinite ability to create dollars, to allow its elderly citizens to fall into poverty.

Affordability is not a factor for a Monetarily Sovereign government. Even without collecting a penny in taxes, the federal government could fund a generous version of Social Security, which would keep you out of poverty.  So why not?

On Friday, experts urged policymakers to use the information to try to think of ways to create change when it comes to crucial areas of health care, transportation, housing and finances.

Nan Rich, a panelist, said “right now we have a crisis in our community when it comes to seniors,” especially as the condos they purchased in the 1970s now are in need of expensive repairs and maintenance.

Florida is monetarily non-sovereign. Unlike the U.S. federal government, Florida cannot create infinite money. It would need to levy taxes to fund senior healthcare, transportation, housing, and finances.

The federal government, by contrast, could and should do it without taxes.

There is also an expectation that more seniors are facing being homeless, and Rich said she’s trying to make headway there, too: The county is expected to soon make a decision on whether to build Pallet shelters, tiny transitional houses for the homeless.

Miami-Dade County has nearly half a million residents age 65 and older. But poverty is the highest for seniors than any other age group, said Tyler Moroles, assistant division director of the Section 8 Housing Choice Voucher Program for Miami-Dade.

While housing is expensive for everyone — the median rent is $2,100 which requires a salary of $75,600 to be affordable — it’s nearly impossible for the thousands of seniors in public housing. The average senior income there is $14,691 a year.

The county is now redeveloping 1,800 public housing units to create more living spaces. This year, 137,000 applicants have applied for housing vouchers, he said, and only 5,000 of those were chosen.

“It’s a national issue, we’re trying to deal with it,”he said.

There is no good reason why the states are left to deal with national issues where the fedeal government’s money provides a solution.

Among the issues that the experts pondered: What changes does government need to prepare for, such as “granny flats” to allow housing additions so multiple generations can live together “to encourage senior-friendly housing” and allow seniors to age in place.

“Senior friendly” Pallet shelters? Really? Is that where you would like t0 spend your remaining days?

Health care

There is a national shortage of 30,000 geriatricians, said Dr. Naushira Pandya, the chair of Geriatrics at NSU. “There will never be enough geriatricians for what we need,” she said. “The need is really great.” It’s an “intellectual challenge” to treat the host of medical issues, but it doesn’t get the same level of enthusiasm as other medical fields, she said.

Becoming a geriatrician requires 12-14 years of college and $200,000 – $350,00 in tuition, including undergraduate and medical school tuition, plus living expenses during residency and fellowship.

While the government may be unable to give you back the years, it can undoubtedly underwrite the costs.

That panel conversation sparked an idea to attract more doctors to specialize in geriatrics by state Sen. Gayle Harrell, R-Stuart, who noted how this year’s “Live Healthy” legislation assists in loan repaymentsfor doctors who work in underserved areas.

What a concept! Put them deeply in debt and then force them to work in low-remuneration areas, so paying off the debt will be especially difficult.

How about this: No loans. Have the federal government pay their all their expenses, and give them a supplemental salary if they work in “underserved areas.”

Transportation

“Most adults will outlive their ability to drive by seven to 10 years,” warned panelist Laura Streed, the senior associate state director of AARP of Florida.

Chris Stephenson, the transportation mobility director of the Senior Resource Association in Indian River County, which provides services including Meals on Wheels and adult day care: “Isolation can have profound health consequences. Yet if seniors don’t have adequate transportation they are homebound.}

He shared a popular program in Palm Beach County that has adapted “to meet the needs of our senior population.” It uses Uber and other ride-sharing companies “to fill the gaps” to get seniors to public transit stations, which might be too far to reach by walking.

Karen Deigl, president and CEO of Senior Resource Association urged policy makers to enhance public transit by creating routes that connect to neighboring counties, make transit accessible with wheelchair lifts and low floors, and a voice that calls out each stop, and allow same-day trip requests.

Because “some people just shouldn’t drive,” she said.

Lisa J. Huriash can be reached at [email protected]. Follow on X, formerly Twitter, @LisaHuriash

CONCLUSION

The population is aging which leads to multiple problems. Many possible solutions have been proposed, almost all of which involve funding.

The federal government, being Monetarily Sovereign, has the infinite ability to fund anything without collecting taxes.

Strangely, the resistance to “big government” seems not to extend to big state and local government—just big federal government—though the federal government is the one entity that easily can fund all the solutions without burdening taxpayers.

Even more strangely, the resistance to” big government” comes primarily from the party that elevated a dictator wanna-be to the Presidency.

Go figure.

Rodger Malcolm Mitchell

Monetary Sovereignty

Twitter: @rodgermitchell

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MUCK RACK: https://muckrack.com/rodger-malcolm-mitchell;

https://www.academia.edu/

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The Sole Purpose of Government Is to Improve and Protect the Lives of the People.

MONETARY SOVEREIGNTY