Americans filing more bankruptcy than ever. It seems that the golden years of many Americans have been tarnished. Despite an economic boom, people 65 and older are filing for bankruptcy in record numbers, and the trend is likely to continue, according to new research that warns that seniors are facing a financial crisis with, “increasing force and urgency.” It’s a concern, some experts say, that hasn’t significantly hurt economic growth but presents a serious social problem that has been getting worse for more than two decades as debt and medical costs go up and as seniors savings and pension benefits go down.
Americans filing more bankruptcy has ramifications for elected officials and candidates now campaigning for office, the problem also raises public policy questions about how wide of a safety net the government should offer for older people who are living longer and what the best way is to care for them. “In prior decades, Americans collectively decided that we have a responsibility to our older citizens to absorb the financial risks they face, “a national study published this week found. “But it appears that we have since abandoned that commitment.”
Americans filing more bankruptcy does not have to continue and the lost commitment to our seniors and those less fortunate also does not have to continue. It’s a choice that is made by our society. The reflection we see when we venture out into our society that reflects back into our eyes, is our own choices made, reflecting the values as a society we have made. The homeless people, the veterans who fought bravely for our freedoms, who are without healthcare, all show what we have become. American filing more bankruptcy as the only viable alternative shows the desperation of our society and that our society is on the wrong path.
“The magnitude of growth in older Americans in bankruptcy is so large that the broader trend of an aging population can explain only a small portion of the effect,” the study said. The change, the study suggested is being caused by a shift in responsibility for caring for older people.