Tag Archives for Kathleen Connell

Jenkins: Working Senior’s Priming the Nation’s Economic Engine

Published in the Woonsocket Call on December 22, 2019

In recent years, Senate Majority Leader Mich McConnell of Kentucky, Sen. Marco Rubio of Florida and even former House Speaker Paul Ryan of Wisconsin, have warned that the growing number of seniors is fast becoming an economic drag to the nation’s economic growth, citing the spiraling costs of Social Security and Medicare. As the 2020 presidential election looms, GOP candidates are calling for reining in the skyrocketing federal budget deficit by slashing these popular domestic programs.

In 2015, President Donald Trump declared that he would not touch Social Security and Medicare. But now some GOP insiders are saying he may cut these programs during his second term, if he wins.

But after you read the newly released AARP report, The Longevity Economy Outlook, you may just want to consider these comments about seniors being a drain on the economy as false and misleading claims, just “fake news.”

AARP’s Longevity Economy Outlook report pulls from national data detailing how much people age 50 and older spend, earn working and pay in taxes.

Just days ago, AARP CEO Jo Ann Jenkins penned a blog article on the Washington, DC-based aging group’s website highlighting the findings of this major report. AARP’s top senior executive strongly disputes the myth that people age 50 and over are an economic drain on society. Rather the report’s findings indicate that older workers, who are getting a monthly Social Security check and receiving Medicare benefits, are priming the nation’s economic engine, she says.

“As the number of people over 50 grows, this cohort group is transforming America’s economic markets and sparking fresh ideas, and the demand for new products and services across our economy,” says Jenkins.

Jenkins notes that when older workers delay their retirement they continue to impact the economy by earning a paycheck, purchasing goods and services, and generating tax revenues for local, state and federal government.

“The economic activity of people 50-plus supports 88.6 million jobs in the U.S. generates $5.7 trillion in wages and salaries, and accounts for $2.1 trillion in combined taxes,” says Jenkins.

AARP’s economic impact study, released on Dec. 19, reports that people age 50 and older contribute a whopping $8.3 trillion to the U.S. economy, putting this age group just behind the U.S. (20.5 trillion) and China (13.4 trillion) when measured by gross domestic product. They also create an additional $745 billion in value through being unpaid family caregivers (see my commentary in the November 17/18 issues of the Woonsocket Call and Pawtucket Times).

Jenkins says, AARP ’s major report also projects the economic impact of older works to continue in the coming decades, tripling to more than $28 trillion by 2050 as younger generations (millennials and Generation Z) turn age 50 in 2031 and 2047, respectively.

With the graying of the nation’s population (predicted to be 157 million by 2050), the AARP report predicts that older persons will have more collective spending power, too, says Jenkins. “Fifty-six cents of every dollar spent in the United States in 2018 came from someone 50 or older,” she says, adding that by 2050 this amount is expected to jump to 61 cents of every dollar.

For over six years, AARP has been tracking the economic impact of older adults on the nation’s economy, Jenkins’ penned in her recently published blog article. It’s growing steadily over these years, she says.

“When AARP began researching the economic power of people 50 and older in 2013, we found that they generated $7.1 trillion in economic activity,” says Jenkins, noting that three years later it had grown to 7.5 trillion. “The 2019 report reflects an 11 percent growth in economic impact, a 6 percent growth in jobs created and a 12 percent growth in wages and salaries over the most recent three-year period,” adds Jenkins.

Older Rhode Islanders and the State’s Economy

By virtue of Rhode Island being one of the oldest states per capita in the country we have long been aware of the contribution and buying power older people contribute to the state’s economy,” said AARP Rhode Island State Director Kathleen Connell. “When you add in those 50-64 it becomes a big and powerful percentage of the population,” she says.

Over the years, Connell has observed more engagement with AARP in the younger end of the demographic spectrum because people in their 50s have justifiable concerns about their future. They wonder: “Will they outspend their savings? Will Social Security change in ways that will reduce their benefits? Will out-of-pocket prescription drug expenses sink the savings they hope to put away for retirement?,” she says.

“Waiting for retirement to think about these issues could well be too late,” warns Connell. “This is creating greater interest in government and politics and magnifies the importance of their vote,” she adds.

“At the same time, as older Rhode Islanders remain the workforce longer, they are keep paying taxes – a sizable plus for the state’s economy,” observes Connell. “With their extensive experience, many continue to be movers and shakers, innovators and professionals lending guidance that helps fuel economic growth,” she states.

Connell adds: “Outside the workplace, they are connected in new ways via technology and social media. The great thing is that across the range of 50 and older workers it can be said that more people are sharing the workplace adding to our cultural development and participating in civic engagement more than ever before.”

Wake Up Call to Businesses, Congress

AARP’s report should be a “wake-up call” to businesses and federal and state policymakers to rethink their attitudes, warns Jenkins in the concluding of her blog article. She calls on business leaders to “build strategies for marketing their products and services to older Americans and to embrace a multi-generational workforce.” Jenkins also urges Congress and state law makers to develop policies to support the growing number of uncompensated caregivers.

Herb Weiss, LRI’12, is a Pawtucket writer covering aging, health care and medical issues. To purchase “Taking Charge: Collected Stories on Aging Boldly,” a collection of 79 of his weekly commentaries, go to herbweiss.com.

Uncompensated Cost of Caregivers is a Whopping $470 Billion

Published in the Woonsocket Call on November 17, 2019

Approximately 41 million unpaid family caregivers provided an estimated 34 billion hours of care in 2017 — worth a whopping $470 billion — to their parents, spouses, partners, and friends, according to the latest report in AARP’s Valuing the Invaluable series. The 2019 estimated value of family caregiving is based on 41 million caregivers providing an average of 16 hours of care per week, at an average value of $13.81 per hour. Previous AARP Public Policy reports were released in 2006, 2008, 2011 and 2015.

“It’s encouraging to see greater recognition of the emotional, physical and financial struggles that caregivers face,” said Susan Reinhard, senior vice president, AARP Public Policy Institute, in an April 14th statement announcing the release of the 32-page report. “But the demands on family caregivers are not just a family issue and we must continue to push for meaningful support and solutions,” says Reinhard.

Every caregiver, as well as their families, know the value of their efforts,” said AARP Rhode Island State Director Kathleen Connell. “In Rhode Island, the estimated total value of 114 million hours of work by the state’s 136,000 caregivers is $1.8 billion. The aggregate is astounding, making a clear case for supporting this vital commitment made by family and loved ones.”

“These numbers inspire our members who spend many hours at the State House as AARP Rhode Island advocacy volunteers,” Connell added. “They have helped pass key legislation — the CARE Act, paid caregiver leaves and many other key bills — that have given caregivers resources and opportunities to make their task less daunting. Caregivers are truly invaluable,” she says.

Putting a Spotlight on the Nation’s Caregivers

AARP’s report notes that the estimated $470 billion equates to about $1,450 for every person in the United States (325 million people in 2017). Its economic impact is more than all out-of-pocket spending on US health care in 2017 ($366 billion). Uncompensated care provided by caregivers is also three times as much as total Medicaid spending on long-term services (LTSS) and supports ($154 billion in 2016) and even the total spending from all sources of paid LTSS, including post-acute care ($366 billion in 2016).

The AARP researchers say that the estimate of $470 billion in economic value of uncompensated care is consistent with nearly two decades of prior research studies, all of which found (like the current study) that the value of unpaid family care vastly exceeds the value of paid home care.

The AARP report, Valuing the Invaluable: 2019 Update Charting a Path Forward, also explores the growing scope and complexity of caregiving, including an aging population, more family caregivers in the paid workforce, and the increasing amount of medical and nursing tasks entering the home.

According to the AARP report, family care givers, who provide day-to-day supports and services and manage complex care tasks, are becoming more diverse. While most family caregivers are women, about 40 percent are men who are providing more assistance than just driving to doctor’s appointments and grocery stores or paying bills. Like all caregivers, they are assisting a parent, spouse or friend with bathing and dressing, pain management, managing medication, changing dressings, helping with incontinence and even preparing special diets.

While a majority of baby boomers are providing caregiving services, a growing number of younger adults are now shouldering this responsibility, too. Nearly 1 in 4 (24 percent) are millennials (born between 1980 and 1996). Despite their low salaries, the young adults are spending more of their salary on caregiving expenses than other generations. The researchers estimated that this spending in 2016 was about 27 percent of their income.

About 60 percent of family caregivers are juggling a job and providing care, too. This will continue as aging baby boomers choose to remain in the labor force to bring additional income into their household. Workplace benefits for caregivers becomes become even more important as they face economic and financial strain in their later years.

For those employees who choose to leave their job to become a full-time caregiver, they risk both short-and long-term financial difficulties, say the researchers.

Finally, the researcher’s recommendations to better support family caregivers included developing a robust and comprehensive national strategy with the needs of an increasingly diverse caregiver population included; providing financial relief and expanding workplace policies; developing caregiver training programs; and expanding state and federal funding for respite programs.

More Work Needs to Be Done

The AARP report warns that the rising demand for caregivers with the graying of the nation’s population, shrinking families will drastically reduce the supply. In 2010, there were 7.1 potential family caregivers for every person age 80 and over. By 2030, there may be only 4.1 potential caregivers for every person age 80 and over, they say.

Although significant federal and state policy are already in place to assist the nation’s caregivers, more work needs to be done, say the researchers. They call on Congress and state lawmakers to keep pace with the changing demographic, social trends and needs of the family caregiver.

Resources and information on family caregiving, including AARP’s Prepare to Care
Guides, are available at http://www.aarp.org/caregiving.

Kidnapping Scam” Hits the Ocean State

Published in the Woonsocket Call on October 6, 2019

Last Monday, local media picked up a warning issued on the Pawtucket Police Department ‘s Face Book page that called on residents to watch out for the “kidnapping scam” that has recently resurfaced.

According to a Pawtucket Police spokesperson, a Pawtucket family was targeted with the “kidnapping hoax” scam, this incident triggering the social media warning on Sept. 30, with the case being referred to the Rhode Island State Police.

The Alexandria, Virginia-based International Association of Chiefs of Police’s Law Enforcement Cyber Center (LECC), say the scammers “use fear and threats over the phone to manipulate people into wiring them money. First noted by the FBI in the Southwest border states, it has now spread throughout the country.

LECC warns that the scammers are using “increasingly sophisticated tactics” — extensive online reconnaissance utilizing social media and other digital information — to convince victims that a loved one is being held hostage.

Here’s how the “kidnapping hoax” works.

This extortion scam typically begins with a phone call, usually coming from an outside area code and sometimes from Puerto Rico with area codes (787), (939) and (856), saying your family member is being held captive. The caller may allege your son or daughter has been kidnapped and you may hear screaming in the background. Callers will typically provide the victim with specific instructions to ensure a safe return of the family member. Callers go to great lengths to keep you on the phone line until money is wired. Ransom money is only accepted via wire transfer services. The caller may claim not to have received the money and may even demand additional payments.

Advice on Keeping Out of Harm’s Way

The Pawtucket Police’s Face Book posting gives a simple tip on how you can protect yourself from this scam. Just hang up.

Or you can attempt to contact the alleged victim, either by phone, text or other social media, and request that they call you back from their cell phone. Do not disclose your family member’s name or identifying information. Also, avoid sharing information on digital profiles about yourself or your family.

The police also suggest that when responding to the scammer, request to speak to your family member, asking “How do I know my loved one is OK?” Always ask questions only the alleged kidnap victim would know the answers to.

The police warn people to not agree to pay ransom, by wire or in person. The kidnappers often have you go to multiple banks and multiple locations and have you wait for further instructions. Delivering money in person can be dangerous.

If you suspect a real kidnapping is taking place or you believe a ransom demand is a scheme, always contact your local or nearest law enforcement agency immediately, urge the police.

Rhode Island Attorney General Peter Neronha notes that the “kidnapping scam” is just a newer version of the Grandparent or Bail scam. “Most scams continue to evolve as more people start to recognize them,” he says. “All of these scams use fear to quickly manipulate people into sending their money away,” he says.

Neronha also gives advise as to how to protect yourself from becoming a victim of a scam. He says beware of scammers seeming to be legitimate organizations, agencies or companies such as the IRS, a utility company, bank or credit card, among others. If it doesn’t seem right, it probably isn’t. Don’t answer unrecognized calls or e-mails. Keep in mind that scammers can also make their number appear to be one that you may know or recognize. Finally, never give out solicited personal information.

AARP Continues its Fight Against Cybercrime.

“AARP has been fighting fraud and cybercrime for some time with education and resources – most notably the free AARP Fraud Watch Network,” says AARP Rhode Island State Director Kathleen Connell. “You can join and get email alerts and updates by registering at http://www.aarp.org/fraudwatchnetwork.
“Fraud Watch – free to both members and non-members – keeps people abreast of latest dangers, such as the nasty virtual kidnapping scam we first reported on in 2016. Some of these crimes never go away, they just get re-invented in subtle ways,” she added. “Once you’ve heard about a scam, you become far less vulnerable.

“During October’s National Cyber Security Month, AARP is getting the word out on three keys to staying safe online: Own it, secure it, and Protect it. The ‘it’ is your digital profile – the personal things about yourself that you put online. Living in the digital age means putting a lot of personal information online such as your home address, where you work, family members, and much more.

“Keeping that information safe requires a bit of work. First, you need to own it by understanding what you’re putting out there (such as what you’re posting on social media). Next, you have to secure it with strong passwords or using a password manager and enabling two-step authentication where available. Lastly, you need to protect it by staying current with the latest security updates on your devices and using Public Wi-Fi safely,” Connell said.

Another site Connell recommends is staysafeonline.org.