Quartz, February 15, 2017: Millennials and Boomers feel like they’re living in two different Americas—and that’s a big problem
“Consequently, older generations do have a justifiable motivation to cling to wealth and influence. They are also determined to avoid the poverty and dependency that used to define growing old in America. In 1939, an estimated 78% of Americans over the age of 64 lived in poverty; even in 1959 (the first year of reliable Census data on the subject), the elder poverty rate hovered around a hefty 35%. This plight was what led the government to create senior-focused social safety nets in the first place, such as Social Security in 1935, and later Medicare in 1965. Many believe that the relatively low elder poverty rate—currently comparable to that of working-age adults, according to the National Bureau of Economic Research—is a direct result of these initiatives.”