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The Aging of America
Underlying everything done by the Concord Coalition is a
concern about the aging of America.
"Over the 120 years from 1850 to 1970, America's median
age rose from 19 to 28 years old. Yet the Bureau of the Census now projects
that it may exceed age 40 a mere three decades from now. Although comprising
only one person in thirty in 1900, Americans aged sixty-five and over are
projected to comprise at least one person in four by the year 2030 resulting in
2 workers for each retiree."
--
2001 Chartbook "Entitlements and the Aging of America" By Neil Howe and Richard
Jackson
Benefits for the elderly have been rose rapidly from the
modest benefits originally offered by Social Security. From 1965 to 2000
benefits per elderly couple went from $4,781 to $17,637 after adjusting for
inflation. Recent research indicates that many retirees can expect over one
million dollars in government benefits over the course of their retirement.
With retiree population growth greatly outstripping the growth of our workforce,
we are spending over 60% of our budget on entitlements (mostly for the elderly)
and a progressively smaller amount on any other priority.
- From 1850 to 1970 America's median age from 19 to 28
years old.
- In 30 years it is estimated to exceed 40 years old.
- Per capita the Federal Government spends over $18,000
per person over 65, and around $2,100 per person under 18.
Concord Coalition Factoids:
- $17,666: Amount of money spent per capita on people
over 65 (as of 2000)
- $2,094: Amount of money spent per capita on people
under 18 (as of 2000)
- 2004: Cost of Medicare Hospital Insurance exceeds
Medicare payroll tax.
- 2009: Social Security surplus reaches highest level.
- 2009: President promises to cut budget deficit in half.
- 2018: Cost of current Social Security Benefits exceeds
Social Security revenues.
- 2042: Trust fund money promised to pay out Social
Security benefits runs out
- 65.8: Percent of federal budget not subject to periodic
review by Congress
- 34.5: Percent of federal budget devoted to programs for
the elderly
- 19.8: Percent of federal budget devoted to National
Defense
- 19.2: Percent of budget devoted to non-defense
discretionary spending
- 7.1: Percent of budget spent on paying interest on
existing debt
- 37.3: Estimated percentage of budget spent on interest
on debt in 2040
- 16.3: Estimated percentage of budget spent on interest
on debt in 2040 (optimistic scenario)
- 51.5: Percentage of budget not dedicated to Social
Security, Medicare, Medicaid, and Interest in 2004
- 21.7: Estimated Percentage of budget not
dedicated to Social Security, Medicare, Medicaid, and Interest in 2040
- 25.8: Estimated Percentage of budget not
dedicated to Social Security, Medicare, Medicaid, and Interest in 2040
(optimistic scenario)
Supplemental Reading:
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