Looming Entitlement Drain Raises Concerns for Many Retiring Baby Boomers
January 4, 2013
Washington – The intensified talks to prevent the looming fiscal cliff has raised concerns towards the entitlement drain brought by the enormous number of retiring baby boomers, reports said.
This reaction is based on the Congressional Budget Office’s (CBO) warning last June. CBO stated that aging boomers would consume a "significant and sustained" benefits share from the Medicare, Social Security, and other long-term care services that are funded by Medicaid, the government’s health care program for poor U.S. citizens.
This is apparently supported by the United States Census Bureau’s projection. According to the agency’s data, Americans who are 65 years old and above will comprise 19 percent of the population by the year 2030.
The Census Bureau added that solely in Horry County, those who are 65 years old and above grew to 56 percent from 2000 to 2010. To date, this population segment takes up 17 percent of the whole county.
However, the author of "Boomer Consumer,” Matt Thornhill, says otherwise. Thornhill’s book studies marketing for the boomer generation. He stated that the projections had failed to consider that boomers are expected to be employed longer and that they never followed the path of the previous generations.
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