One in Five California Seniors Live in Poverty

A new report from the Kaiser Family Foundation finds that one out of five California senior citizens lives in poverty. Nationally, the figure is 15 percent – far higher than the nine percent “official” figure (based on the federal poverty level) that is commonly used in such calculations.

This disturbing finding – which has serious implications for proposals under consideration in Washington to reduce cost-of-living adjustments to Social Security benefits – isn’t news to Greenlining. Two years ago, our report, “The Economic Crisis Facing Seniors of Color,” found much the same thing: Official stats greatly underestimate poverty among the elderly. And because they tend to have less in savings and are less likely to have a retirement plan at work, seniors of color are disproportionately likely to be poor.

We’ve said it before and we’ll say it again: With a fair tax system – for example, one that doesn’t reward corporations for stashing profits in overseas tax havens – we wouldn’t need to even thinking about balancing the budget on the backs of the elderly.

via Greelining.org