Are the Explosive Costs of Elder Care Hurting Family Finances and Business Competition?

The “Sandwich Generation,” is the growing number of families who are caught between the conflicting demands of caring for their aging parents, while raising their children.  From 1992 to 2004, the percentage of households 55 and older with more debt than assets grew faster compared with the overall population.  The trends toward delayed childbearing, smaller family size, longer life expectancy, and increasing costs, are placing substantial burdens on the sandwich generation, just when they should be saving for their children’s college tuition and investing in their own retirement.

The JEC will examine the growing economic impact of elder care on families, businesses, and the broader economy.  As the 77 million baby boomers approach retirement and as more women enter the workforce, these problems are only expected to increase. The number of aging parents per worker between the ages of 45 and 54 is expected to double by 2035.

Opening Statements:

Witnesses:

As Families and Businesses Face Skyrocketing Costs of Caring for the Elderly, Joint Economic Committee Holds First Major Hearing to Examine Eldercare Challenges and Solutions