Media

More and more Americans are spending their golden years racking up debt—a trend that if left unchecked could derail entitlement reform and alter the traditional pattern of wealth being transferred from older to younger generations.

For the past several decades, millions of senior citizens have been able to enjoy relatively safe retirements, in part due to a lifetime of savings, private pensions, Social Security, Medicare, and home ownership.

A new report by Professors Benjamin Page, Larry Bartels, and Jason Seawright presents the findings from one of the first studies of its kind—a study of the political clout and policy preferences of the wealth. Based on a pilot study of Chicagoans with a mean wealth of 14 million, "Democracy and the Policy Preferences of Wealthy Americans" shows that the wealthiest Americans not only are the most politically active, but have a different set of policy priorities.

It's no secret that wealthy people have a lot more clout when it comes to politics and civic life. They are more likely to vote, contact their representatives, belong to advocacy organizations, and -- of course -- contribute to politicians, parties, and PACs. Compared to ordinary folks, many of the wealthy are "super citizens." 

If the speaker of the Oklahoma House of Representatives gets his way, residents of his state will soon notice a barrage of advertisements promoting the benefits of marriage.

— Speaking of my employer, Demos finds Politico running an op-ed from Columbia Business School professor Charles M.

What does $7.5 million buy you these days? If you’re Syngenta Corp, Cargill, or Monsanto it looks like it buys you a legislative rider called the “Monsanto Protection Act,” that strips federal courts of any authority to halt the planting and sale of genetically modified (GMO) seed crops, regardless of any consumer health concerns. Not a bad return on the $7.5 million these companies have donated to members of Congress since 2009.

I've been writing about economic inequality for over a decade and, at this point, it's pretty hard to be shocked by new data. But David Cay Johnston has just crunched some numbers that will surprise even the most jaded observers of the widening gap between the Haves and everyone else. 

Medicaid expansion for low-income Americans just can't catch a break, even with tentative support (or just giving in) from unexpected conservative corners, including Florida Governor Rick Scott. Yesterday, Representative Matt Salmon (R-Arizona), and five other lawmakers backed the Medicaid Expansion Repeal and State Flexibility Act, which would eliminate the Medicaid expansion included under the Patient Protection and Affordable Care Act.

The number of Americans age 60 and over in debt is alarming. A recent report by the AARP’s Public Policy Institute and the research organization Demos revealed that Americans over the age of 50 carried substantially more debt on credit cards — an average balance of $8,278 — than those under 50, whose average balance was $6,258.