In this paperwork, I am going to discuss about the growing proportion of older adults in the United States and how it may affect the nation economic, politically, and culturally.
It has come to both the government and the citizens’ attention, of the unparalleled pace that the United States is aging at, hence resulting to an increase in proportion of the elderly. The economic, social, medical, and personal situations are strongly affected by this continuous increase in the number of people over age 65 years. Critics have argued that this imminent occurrence of aging will place unexpected pressure on the economic resources essential to maintain the inhabitants’ standard of living. Economists are, therefore, not left behind when it comes to contributing on this issue. According to them, economists, the United States government should implement strategies that would prevent the economy from shrinking. An example of these strategies, as depicted by the economists, is absorbing young immigrant workers in their firms, so as to ease the problems associated with aging. According to the economic policy institute, it is reported that 2.3 million American jobs were lost to china, alone, between 2001 and 2007.The economy is, therefore, affected negatively, since the immigrants are interested at developing their countries of origin (Hoffman, 1970). The United States, therefore, should be prepared of the outcomes as a result of this growing proportion of older citizens. It is a fact that this situation will have both positive and negative results, but, according to my stand, the negative results will outweighs the positive results.
How will this situation affects the United States economy? I will start with this question, so as to make it clear that something have to be done before the situation get out of control.
Through the literature review, it is depicted that their, the elderly, looming retirement will create a sprain on the country’s financial resources. They will expect the government to provide them with their retirement’s benefits, hence draining the government social programs. The huge number will result to an inevitable economic shift- when they enter their retirement years. Their large number may results to the United States government borrowing funds from external donors, thereby, placing the country in debts. It is, therefore, clear that the United States economy will be affected negatively trying to settle the debts borrowed. The growing proportion of the elderly is also known as the baby boomers, which comprises of persons born between 1946 and 1964. The elderly lot are said to have predisposed our economy by their steep number. Health care costs for personnel who are between 50 and 65 are almost two times that of their peers in their 30s and 40s. It is, therefore, challenging meeting these people medical care, owing to the fact of the recent recession. It is important to note that, as the median age of workers ascends in the United States, so does the fee of insurance increases- their employers expected to buy for them (Hoffman, 1970).
Through the research, it is depicted that one in ten persons age 50 and older reports of having a disability that has abridged their aptitude to work efficiently, hence the need for help that is provided by the social security insurance. Older individuals are also associated with higher stroke occurrence, elevated occurrence of progressive chronic kidney disease, lower-rerated quality of life, smaller communal networks and lower quality of social relations. It is, therefore, a fact saying that an aging populace is more likely to lower down economic growth, since it tends to lower labor-force contribution and investments rates (Martin, 1994).
Through the literature review, it is argued that people over 50 years of age control 77 percent of all monetary assets in the United States; owning, almost, 50 percent of discretionary spending power- 2.5 times the average per capita. From this, we can see the positive part that these lot plays in enhancing continuity of a successful nation. They have better established firms that present thousands of jobs to the youth, hence creating a bigger picture of why we need them.
When it comes to culture, the growth in proportion of the older adults in the United States creates a better understanding of what the society expects the upcoming generation to behave so as to conform in the society. These customs are passed from this elderly generation to the young generation, thereby, enhancing continuity of these customs (Martin, 1994).
When it comes to politics, the growing proportion of the older adults will create a more stable, reliable, and an efficient government, since they have a high self esteem compared to other age groups as far as political matters are concerned. They keep the federal representative on their toes, since they do not keep silent when a problem comes up, but they meet these leaders for a solution. In 2000 presidential election, the United States Census Bureau confirmed that 72 percent of all American citizens ages 65 to 74 voted which reflected the highest age of any age group that participated in the voting exercise. We should, therefore, learn from these older generations on the importance of practicing our democratic right- right to vote. It is, only, through politics that we can keep our voice heard. Through the research, the United States is depicted as to having lost both its political and economic footing as a result of the high cost of keeping our aging population healthy and out of poverty (Hoffman, 1970).
Works cited
Hoffman, Adeline Mildred. The daily needs and interests of the older people,. Springfield, 1ll:
Thomas, 1970. Print.
Martin, Linda G., and Samuel H. Preston. Demography of aging . Washing, D.C.: National
Academy Press, 1994.Print.
