Real Clear Markets, February 16, 2016: Are the Aged Most Deserving of More Federal Spending?
“One question for both voters and policymakers is whether the aged population is really the most deserving target for additional government spending. Much of the discussion of voter disaffection in the current election cycle has focused on the stagnation of middle class incomes and the rise in inequality. While these represent major problems for families headed by a working-age person, they have not been notably troublesome for the nation’s elderly. The incomes of the elderly, unlike those of the nonelderly, have increased steadily over the past three or four decades. For low- and middle-income retirees, incomes have clearly improved. The same cannot be said for the incomes of low- and middle-income working-age families. Income inequality among the elderly has increased, to be sure, but much more slowly than among working-age families.”