Older Americans Are Better Off Than Ever

null By John F. Cogan and Daniel L. HeilNov. 9, 2023 5:32 pm ETWonder Land: Citing the president’s age lets Democrats off the hook for the political failure of his economic policies. Images: AP/AFP/EPA/Getty Images Composite: Mark KellyWednesday’s Republican presidential debate confirmed that the issue of Social Security reform isn’t going away. But missing from the debate is some important context: The good life for senior citizens has never been better. Newly released Federal Reserve data reveal that seniors’ financial well-being is the best in U.S. history. Private markets and individual initiative, not Social Security, have been the driving forces behind seniors’ high income and wealth. We used the Federal Reserve data to analyze four decades of income growth. We found that the inflation-adjusted income of the median household headed by someone 65 or older rose by 94% from 1982 to 2021. The increase was nearly three times the 35% increase among younger households. Copyright ©2023

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Opinion Nov 10, 2023 Add to Reading List

Older Americans Are Better Off Than Ever

null

John F. Cogan

and

Daniel L. Heil

Nov. 9, 2023 5:32 pm ET

Wonder Land: Citing the president’s age lets Democrats off the hook for the political failure of his economic policies. Images: AP/AFP/EPA/Getty Images Composite: Mark Kelly

Wednesday’s Republican presidential debate confirmed that the issue of Social Security reform isn’t going away. But missing from the debate is some important context: The good life for senior citizens has never been better. Newly released Federal Reserve data reveal that seniors’ financial well-being is the best in U.S. history. Private markets and individual initiative, not Social Security, have been the driving forces behind seniors’ high income and wealth.

We used the Federal Reserve data to analyze four decades of income growth. We found that the inflation-adjusted income of the median household headed by someone 65 or older rose by 94% from 1982 to 2021. The increase was nearly three times the 35% increase among younger households.