The Great Recession Analysis

Elderly people (women and men age sixty-five or older) (Macionis, 2005), Have many obstacles to face as they grow older, many of these obstacles involve social inequality. Not only do the elderly have to learn to deal with many forms of Ageism (the stereotyping and prejudice against individuals or groups because of their age), some also have to deal with the fact that they do not have enough savings or pension benefits to be self supporting, for most people over sixty-five, the major source of income is social security (Macionis, 2005). This forces many elderly Americans back into the workforce to continue to earn money to support themselves and or spouses. Although many elderly Americans may choose

Max: Hi I’m Max Lessins. This is Crash Course for economics and today we’ll be discussing the Great Recession, focusing on the fiscal and monetary policies used to recover from the 2008 economic meltdown.

The Great Recession of 2007-2009 was one of the most economically disastrous events in American history. The housing market took a significant downturn during this period. People were not cautious when it came to their money and loans. Larger loans were given out to people, even to those with bad credit and low incomes. These large loans caused many homes to go through foreclosure since people were unable to pay off their mortgage debts. These debts were created by banks increasing the interest rates on the loans significantly in a short period. In 2008, foreclosures were up by eighty-two percent. This increase is significant because the previous percentage of foreclosures was at fifty-one percent from 2007. Unemployment skyrocketed, and people

We all will one day face the reality of growing older. There are many aspects of this change that will affect us in a large way. According to the Merck Manual of Health and Aging, 1.5% of Americans are 85 or older. This research states that the number of people 100 years or older could rise from 1 out of 5,578 in the year 2000, to 1 out of 472 in the year 2050. It brings out that women have a longer life expectancy than men, among people aged 65 and older in the year 2000, there were 70 men for every 100 women. For people aged 85 and older the figure was 41 men for every 100 women. The site goes on to say that approximately 11% of Americans aged 65 and older are below the poverty line. (The Merck Manual of Health and Aging:

According to the recent studies the older people as compared to the youth are becoming more economically and demographically attractive. However, there are costs of an aging population that the society bears as a whole. (Andrews, 2009)

Aging Americans, like other age groups, are feeling the effects of the declining real estate and stock markets, as well as soaring fuel and food prices. Seniors’ economic security will only increase in importance as the U.S. population ages. The nation’s health and social services resources will face unprecedented demand as 75 million people in the baby boomer generation reach retirement age—some with eroded savings and retirement accounts. Aging people of color are more likely than white

In today’s society, the work industry is comprised of numerous generations from baby boomers to millennia’s. Due to reasons ranging from increased cost of living to political policies, Americans are being forced to work longer in order to obtain the social security benefits they’ve contributed to during their careers. Each generation has certain generational influences such as war times and civil rights for the baby boomers and social media and the technology boom for the millennia’s. One constant that has not changed, however, is that the average American has to work for a living, and with the evolution of the US economy, they are having to work longer and are retiring later.

In Chapter 15: Aging and the Elderly, the U.S. birth rate has been falling for more than a century. It happens because children are more likely to survive into adulthood, and so couple have fewer children. As more women work outside the home, they choose to have fewer children. Greater material wealth and advances in medicine have raised living standards so that people benefit from better housing and more nutrition. The oldest segment of the U.S. population, is increasing rapidly and is already forty times greater than in 1900.

Data from the Census Bureau tell us that in 2015, there are around 47.8 million Americans age 65 and older, up from about 25.5 million just 35 years ago; demographers predict that in another 35 years, there will be nearly 88 million Americans in this age group. The rate of growth of the “oldest old” population—those age 85 and older—is even more dramatic: Their numbers currently stand at approximately 6.3 million, but by 2050, that number will have almost tripled, to 18.7 million Americans. This population explosion is unprecedented in history, and the resulting demographic shift is causing profound social and economic changes.

The aging of the baby boomers is not just a demographic issue. It has important economic implications. Owen and Griffiths (2010) argue that the baby boomers can best be seen as a generational bulge that occurred between 1946 and 1964. This generational bulge is so large that it drives the economy during each state of the baby boomers lives (p. 76). This suggests that the aging of the baby boomers is a demographic issue with important economic implications.

The aging of the population will have wide-ranging implications for the country (Ortman, Velkoff, & Hogan, 2014). By “aging,” demographers often mean that the proportion of the population in the older ages increases. As the United States ages over the next several decades, its older population will become more racially and ethnically diverse. The projected growth of the older population in the United States will present challenges to policy makers and programs, such as Social Security and Medicare. It will also affect families, businesses, and health care providers.

First and foremost, despite slight recent increases in the amount of income obtained by members of the older population, their economic status is still quite perilous (Federal Interagency Forum, 2012).1 Men in this category have a median income of $27,707, while women continue to lag behind with a median income of $15,362 (AOA & AOCL, 2012). A vast majority of these individuals cite Social Security as their primary source for this income, amounting to 86-percent of the total older population (AOA & AOCL,

Allen, S. G., Clark, R. L., & Ghent, L. S. (2004). Phasing into retirement. The Industrial & Labor Relations Review, 58(1), 112-127. Gelfand, D.E., & Bechill, W. (1991, Summer-Fall). The evolution of the older Americans act: a 25-year review of the legislative changes. Generations, 15(3), 19-22. Zastrow, C. H., & Kirst-Ashman, K. K. (2010). Understanding Human Behavior and the Social Environment (8th ed.). Mason , Ohio: Brooks Cole/Cengage.

Over the years, there have been major shifts within the United States in regards to its population. Statisticians have estimated that 20% of the population will be 65 years of age and older. There is an even

Population aging can be defined as the median age of the population increasing over time. Aging population is becoming a global phenomenon as the baby boomers are hitting the 65-year mark and fertility rates are declining. An aging population has become an issue that many countries are having to face with significant impacts in economic areas. The Canadian population has changed drastically over the last several years. As the baby boomers (the segment of the population born post World War II approximately 1946 to 1964) have grown older and become more dependent on health care and social programs to support their living. The Canadian government has become increasingly concerned with this global phenomenon as they now must invest more money in health care and pensions. This trend will continue in time as in 1971 8% of the population was 65 or older compared to today’s statistic of 14.4% of the population being 65 or older. The industrial revolution played a huge role in the demographic transition of societies and has impacted fertility rates; we have seen a large decline in fertility within Canada. On the global scale the natural rate of increase is 2.1 births per women whereas; Canada’s current fertility rate is 1.2. This, too, will have implications on society for the dependent older age sector. Furthermore, the implications of an aging population in Canada are taking great tolls on the health care sector as many of the demographic require medical support. In