Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

The way you treat your elderly today is how you will be treated tomorrow

Politics / Social Issues Oct 17, 2015 - 03:52 PM GMT

By: Michael_T_Bucci

Politics

The fact that there will be no COLA (Cost of Living) increase in 2016 for 65 million recipients of Social Security will be acutely painful in Maine, which hosts the oldest population in the nation; and in Lincoln County, Maine, the second oldest county in Maine where public transportation is non-existent, community outreach is at best minimal and in which 25% of the population is age 65 and over. (1) Furthermore, 30% of Medicare beneficiaries — an estimated 17 million Americans — could see their Part B premium and deductible rise 52% because of provisions in the Social Security law.


Social Security recipients have lost nearly a fourth of their buying power over the last 15 years, according to the Senior Citizens League. The cost of housing, often a retiree’s greatest expense, rose 44% since 2000; heating oil, 159%; eggs, 117%; and gasoline, 76%. In contrast, Social Security COLAs averaged just 2.2% per year since 2000, or just 36.3% overall. (2)

Next year will mark the third time since 2010 that seniors have received no COLA, a period of shifting priorities in Congress that placed greater emphasis on reducing government spending, sequestration and promoting general austerity chiefly at the expense of the most vulnerable Americans: the elderly, poor and disabled. Maine, reflecting this shift, emerged to twice elect Governor Paul LePage whose neo-liberalism is matched only by the most reactionary conservative governors in the nation.

The Federal Reserve has spent trillions on quantitative easing, maintained interest rates at near 0% for the benefit of banks, hedge funds and speculators who, rather than invest in Main Street, small business or capital investment in infrastructure and industrial expansion, invested in stock markets reaping returns of 300% or more since the Great Recession. Arguably, this layer "did nothing" to earn these gains yet crowned themselves "job creators" and stewards of our economic health.

The military-industrial complex has spent trillions more on Messrs. Bush and Obama's "endless war" with sacrifices paid by many dead and wounded young Americans.

Wealth concentration in the hands of the few is not limited to America. According to Credit Suisse, 50% of global wealth is held by 1% of the world population. (3) The Credit Suisse report notes the particularly rapid rise in inequality since the Wall Street crash of 2008 and relates it directly to the stock market boom that followed the bailout of the banks, initiated by the Bush administration and greatly expanded by the Obama administration

What kind of country will America become if the present system of wealth allocation to the rich further expands? If monies continue to be redirected from social welfare, Social Security and entitlement programs to fund financial sectors, stock markets and wars? If more and more safety nets are removed from more and more people? If those who play no active, productive and profit-enriching role in the economic order (e.g., elderly, disabled, retirees) are deemed marginal and ultimately abandoned? Is the future to find America further devoid of national cohesion and social consciousness?

Someone once said to judge a nation's humanity and civility measure how it regards its elderly. While fundamental change in this nation's value system toward the vulnerable is unlikely to be delivered by any current Republican and Democratic presidential candidate — only more Wall Street, economic disparity and global wars — it can occur from the ground-up, as it did in the 1930s and 1960s.

It is eighty years since FDR signed the Social Security Act and fifty years since President Johnson signed the Social Security Amendments which established Medicare and Medicaid, promising that they would "improve a wide range of health and medical services for Americans of all ages". (4) By 2015, the New Deal and "Great Society" have died; the guarantee of a secure future for all Americans has been betrayed by both political parties; the alleviation of poverty, protection for the elderly and vulnerable, and provision of health care "for Americans of all ages" has seen health care become a lethal political football undeserving of the label "civil"; the poor become invisible and unrepresented; the elderly to face a narrower and narrower range of health and medical services and potentially undeserved abandonment by the country they supported, fought and died for, and help become prosperous.

It is over 100 years since the RMS Titanic sunk. Cunard Line claimed its ship was "unsinkable" and did not provide lifeboats for all passengers. As the ship was sinking, the measure of civility shown in 1912 guaranteed that woman and children go first into the lifeboats, the others last. First Class passenger John Jacob Astor IV relinquished his fortune, home at 840 Fifth Avenue and a seat on a lifeboat to drown with others in the cold waters of the North Atlantic. (5) That was in 1912. What is the measure of civility today? Who will go first into the lifeboats and who last?

Since each and every American is predestined to age and most to someday become elderly, the way you treat your elderly today is how you will be treated tomorrow.

1. Quick Facts: Lincoln County, Maine, US Census 2014

http://quickfacts.census.gov/qfd/states/23/23015.html

2. "Government: No benefit increase for Social Security next year", USA Today, Oct 15, 2015

http://www.usatoday.com/story/money/personalfinance/2015/10/15/government-no-benefit-rise-social-security-next-year/73976990/

3. "Global Wealth in 2015: Underlying Trends Remain Positive", Credit Suisse, Oct. 13, 2015

https://www.credit-suisse.com/us/en/about-us/responsibility/news-stories/articles/news-and-expertise/2015/10/en/global-wealth-in-2015-underlying-trends-remain-positive.html

4. "The 1965 Medicare Amendment to the Social Security Act", LBJ Library

http://www.lbjlibrary.org/press/the-1965-medicare-amendment-to-the-social-security-act

5. "First Class Passengers: Colonel John Jacob Astor", Encyclopedia Titanica

http://www.encyclopedia-titanica.org/titanic-victim/john-jacob-astor.html

(c) 2015 Michael T Bucci

Michael T Bucci is a retired public relations executive currently living in New England. He has authored nine books on practical spirituality collectively titled The Cerithous Material.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in