August 15, 2018
Shriveling pensions, soaring medical expenses, slack savings and dwindling incomes are pushing people aged 65 and older to file for bankruptcy at triple the rate they did in 1991. The 65-year-old cohort now accounts for a far greater share of all bankruptcy filers than it did then. Demographers argue that the nation is aging, and thus the federal government is tapping the Social Security Trust Fund for the first time since 1982. But social mood as reflected by stock markets is positive, and financial optimism has driven U.S. household debt to an all-time high of $13.2 trillion in the first quarter of 2018.
The debt boogeyman is alive and squirming beneath this optimism. Will tax cuts, deregulation and better trade deals boost growth and shore up revenues? In this article, Alan Hall surveys the multi-decade, social-entitlement tsunami – a wave that, like all others, will eventually subside as positive social mood shifts negative.
If you look closely, you can see patterns in social mood that help you predict social trends. Learn more with the Socionomics Premier Membership.
The Socionomist enables you to see trend-shaping waves of social mood, as reflected by the stock market — and capitalize on them. The June issue looks at phases of social mood and features a “Research Roundup,” which highlights five academic studies that shine a light on important aspects of socionomic theory. Mood Riffs topics include “quiet luxury,” loneliness, the Writers Guild strike and efforts by countries to trade in currencies other than the U.S. dollar. Read the June issue when you become a Socionomics Premier Member.
