CDIR Update No.72
September 9, 2008

Increase in bankruptcy filings by the elderly


Tuesday, September 9, 2008 
By: Sunil Freeman

Los Angeles—Recession whatever they call it, marches on!

They called it “ jobless growth”, a “slowdown” an economic crisis and all politicians call it except by its true name. Why are they so afraid of this word?

Although it affects everyone, politicians and bourgeois econimist refuse to call it by its name.

But the hard facts tells the truth. Now, the seniors and older Americans are the latest victims of these recession.

Older Americans, hit hard by the economic crisis, have been declaring bankruptcy in significantly increasing numbers according to a report by the Consumer Bankruptcy Project. According to Sunil Freeman in an article in the PSL website- an increase in bankruptcy by elderly is increasing in the United States.

In 1991, only 8 percent of bankruptcy filings were by people 55 or older. In 2007, that age group accounted for 22 percent of bankruptcies. Between 1991 and 2007, the rate of bankruptcy filings increased 125 percent for people between 65 and 74 years old. For those between 75 and 84 it rose a staggering 433 percent.

Elderly people living on fixed incomes have been overwhelmed by the rising costs of basic goods. Some have had to help children and grandchildren financially. Consequently, their risk of financial vulnerability and bankruptcy increases.

The capitalist system only values workers who produce a profit. Retired workers live out their golden years facing financial uncertainty.

Under socialism, which places a premium on the quality of life of all workers, for sure, seniors are guaranteed a secure retirement.


*****

Senior are being crushed by US recession

The present day recession is the worse financial crisis that has involved working people and seniors since the Great Depression; and the only way out of this mess is not by bailing out big corporation.

Working people cannot hope that the capitalist ruling class will offer any solutions that will bring relief to seniors or the working class; major social and economic changes are needed now. The capitalists will not call this economic disaster a recession until we are in the midst of a depression.

The Democrats and Republicans have failed to enact any effective federal legislation that will protect the well-being and future of the aging; and our seniors cannot depend on the promises of John McCain and Barack Obama. This U.S. Congress and the two corporate parties have failed to introduce a national health care program and both parties have leaned toward increasing privatization of America’s health care system; this is not a solution, but increase real societal costs and aggravates the problems. Also, the rising cost of health care and food is forcing many seniors into bankruptcy.

The Socialist Party USA has been an advocate for working class people and seniors for decades. The platform of the party proposes a basic income that would alleviate poverty and would provide for the basic needs of seniors and all working class people. Socialist Party USA also advocates the adoption of a national healthcare plan that would cover all medical needs for the entire population, a lack that is shameful today; as all other industrialized countries have such programs.

Unfortunately, many of our seniors are becoming victims of this U.S. recession and have to file bankruptcy; like so many others, they are presently in a capitalist system that is monetarily and politically bankrupted.

Stewart A. Alexander
Vice Presidential Nominee
Socialist Party USA

I guess the troll needs to say the same inane thing ten minutes apart.
Denial of the banking,housing inflationary squeeze to save Wall Street as money is printed to try and patch a multi trillion diritives market of fictive capital.
Good 1 hour lectures
http://takingaimradio.com/m3u/takingaim080513-1.m3u
and
http://takingaimradio.com/m3u/takingaim080513-2.m3u
which analyze this on going crisis of criminal greed.