Shriveling pensions, soaring medical expenses, slack savings and dwindling incomes are pushing people aged 65 and older to file for bankruptcy at triple the rate they did in 1991. The 65-year-old cohort now accounts for a far greater share of all bankruptcy filers than it did then. Demographers argue that the nation is aging, and thus the federal government is tapping the Social Security Trust Fund for the first time since 1982. But social mood as reflected by stock markets is positive, and financial optimism has driven U.S. household debt to an all-time high of $13.2 trillion in the first quarter of 2018.
The debt boogeyman is alive and squirming beneath this optimism. Will tax cuts, deregulation and better trade deals boost growth and shore up revenues? In this article, Alan Hall surveys the multi-decade, social-entitlement tsunami – a wave that, like all others, will eventually subside as positive social mood shifts negative.
If you look closely, you can see patterns in social mood that help you predict social trends. Learn more with the Socionomics Premier Membership.