The economics of elder care: Crisis looms as Baby Boomers age
As America gets older, the question of who's going to care for Grandma and Grandpa becomes more complicated and more urgent. Consider this: the number of Americans over age 65 will more than double in less than 50 years.
Patricia Smith, a professor of economics at the University of Michigan-Dearborn, recently penned a piece for The Conversation that explores the future of “the daunting economics of elder care.”
Smith joined Stateside to discuss the current costs of providing care to the elderly and the future of that care as the aging population balloons. Smith also talks about the traditional labor force doing that work, the economics of affording private caregivers or institutions, and potential solutions moving forward.
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