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.

Checking That off My Bucket List

This ‘Age Beat’ Writer to Publish Collected Stories on a Myriad of Aging Issues

Published in Woonsocket call on August 7, 2016

With the graying of America, a growing number of aging Baby Boomers and seniors are turning to newspapers, television and cable shows and even the Internet to learn more about growing old. This “age beat” coverage percolates up from the bottom of a newsroom, often with middle-aged reporters and editors/producers who are now facing the elder care issues of their elderly parents or in-laws, says San Francisco-based journalist Paul Kleyman, who edits Generations Age Beat Online (GBONews.org), an e-newsletter of the Journalists Network on Generations, distributed to more than 1,000 journalists and authors on aging. They discover “what a huge, untold story it is,” he notes.

Over the years, like many of the nation’s news organization’s The Pawtucket Times, created an ‘Age Beat’ in 2002 that allowed this writer for several years to cover a myriad of aging issues, including Social Security and Medicare, ethics, long-term care, consumer issues, spirituality, pop culture, health care and economics. Ultimately I returned in July 2012 to resume writing of my weekly commentary, with The Woonsocket Call picking it up. My ‘Age Beat’ at these Northern Rhode Island daily newspapers continues to this day.

As an ‘age beat’ journalist for over 36 years, I have penned more than 600 stories covering aging, health care and medical issues. These authored and coauthored pieces have appeared in national, state and local trade and association publications, daily, weekly and monthly newspapers and even news blogs.

AARP Rhode Island recognized my journalistic efforts to educate the public on aging issues in Amy weekly commentaries that appeared in The Pawtucket Times when I received AARP Rhode Island’s 2003 Vision Award. My efforts in covering the long-term care continuum caught the attention of the American College of Health Care Administrators and I became a two time recipient, in 1994 and again in 1999, of its Journalism Award. I also was awarded the Distinguished Alumni’s Award by the Center for Studies in Aging, North Texas State University, in 1997, for my career coverage of aging issues. In 1997, the prestigious McKnight’s LTC News identified me as one of its “100 Most Influential People” in Long-Term Care.

Crossing ‘One Thing to Do’ Off My Bucket List

As a seasoned writer I can now cross off the publishing of my first book from my life’s bucket list. My first book, a collection of 79 newspaper commentaries, will be published shortly by Chepachet-based Stillwater River Publications. Taking Charge: Collected Stories on Aging Boldly, brings together this collection published in the Pawtucket Times, and Woonsocket Call, each article citing the date it was published.

Although a commentary in this book may have been written years ago, and the person quoted is no longer in his or her position or even deceased, the insight that they gave in their interview is still factual and valuable. While most of my sources are from Rhode Island, their stories are universal and their insights applicable anywhere in the nation.

The 291 page book is chock full of researched stories and insightful interviews with experts and everyday people who have shared their personal observations about growing older. The stories cover a variety of aging issues ranging from caregiving and retirement planning, health and wellness, mental health, preplanning your funeral, choosing the right nursing home, Social Security and Medicare, and pop culture to thoughts about spirituality and death.

A short summary on the back of the book says, “Don’t just grow older, take charge and age boldly!” The collection of stories, organized in 13 chapters offers readers – age 50 plus and even those younger – insights and practical information as to how they can plan and enjoy a full and satisfying quality of life unparalleled in our history. With increasing lifespans, Americans are living longer, decades after our retirement.

In Praise of…

 In the foreword of this book, Kathleen S. Connell State Director of AARP Rhode Island, sets the stage for readers as to what they can expect from reading this book. “He moves beyond the surface to explore the facts as well as the depth of feelings beneath it. In this era of speed and change, with eternal youth as a major goal, he takes the time to find the truth, and then uses it to illuminate the many facts of aging with timeless observations delivered in lively readable portions, says Connell.  Meanwhile, short pithy statements on the back cover of Taking Charge: Collective Stories on Aging Boldly, from well-known Rhode Islanders and national aging experts give their thumbs up and endorsement of this book. Specifically:

“Herb Weiss’ book gives practical information for caregivers and a foreshadowing for those of us approaching retirement years. Links keep the information fresh.” — Dr. Nancy Carriuolo, former President of Rhode Island College.

“Herb Weiss reminds our anti-aging society that becoming pro-aging can bring us greater rewards than mere wrinkle cream and tummy tucks.” — Paul Kleyman, Publisher of Generations Beat Online, the E-News of the Journalist Network on Generations

‘Taking Charge: Collected Stories on Aging Boldly’ is more than a book about aging well. What it actually reveals is how to live well. Each page crackles with insight, perspective and good advice. There’s a lot of hard-earned wisdom to be found on these pages.” —John O’Connor, Editorial Director at McKnight’s Long-Term Care News

“These stories within stories blend real-world wisdom and research to create an engaging and enlightening view of the many sides of aging that is both informative and inspiring.” —Dr. Phil Clark, Director of Gerontology Program, University of Rhode Island

“Herb Weiss’ unique experience as a journalist, congressional aide, arts and culture critic and aging expert come together beautifully in this rich sweep of commentary on aging in America today.” — William Benson, Managing Principal in Health Benefits and former Assistant Secretary for Aging, U.S. Administration on Aging

“Herb Weiss knows well the power of the personal story to both teach and learn. Aging brings changes and challenges, whether we are a caregiver, the one in care, or anyone who is dealing with his or her own aging.” —Connie Goldman, Speaker, Author, and Public Radio Producer on Aging Issues.

Everybody Has Their Story to Tell

Yes, the stories in Taking Charge: Collective Stories on Aging Boldly, clearly show that everyone has their own story to tell, a personal life experience that just might provide a road map to the reader on how to age better and even living a longer and healthier life.

Like my fellow Age Beat colleagues, I will continue to bring my readers in the Pawtucket Times and Woonsocket Call the latest, most informative coverage of aging, medical and health-care issues you need to know about in future articles, even books.

The price of Taking Charge: Collective Stories on Aging Boldly is $20 (includes free shipping and handling). Just ask — I am glad to sign copies of your book. For purchasing information email, hweissri@aol.com.