Older Americans and Bankruptcy

Here’s what’s wrong with the Republican philosophy of massive tax cuts to starve the federal government of the money it needs to provide the safety net built around Social Security and Medicare: Americans don’t save nearly enough for retirement, and are ill-prepared to provide for themselves.

The working class Trump supporters who are thrilled about getting an extra $300 a year from the recent tax cut missed the other half of the sentence: “giving you back the money you paid in taxes…. so that you can provide for your own retirement and health care.” It’s that second part, the “so that you can provide for your own retirement and health care” that Trump voters are simply not getting.

According to this piece in the New York Times, older Americans are filing for bankruptcy in increasing numbers already, never mind when the wave of tax cuts really begins to bite.

https://www.nytimes.com/2018/08/05/business/bankruptcy-older-americans.html?nl=top-stories&nlid=51947848ries&ref=headline

You may believe, philosophically, that it’s not government’s role to provide for people as they age. That would take you back to a time before FDR’s presidency, when people truly were on their own. The rich got richer, and the poor jumped out of buildings or stood on street corners with printed signs begging for help or set off in jalopies with their few possessions tied to the roof of the car after their farms had turned to dust.

Is that really where we want to be as a nation?

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