Study: Seniors of Color in Economic Crisis as Cuts to Medicare, Social Security & Medicaid Loom

A new study has uncovered some disturbing trends about seniors of color in the U.S.A. and the economic hardship they continue to face in the prolonged recession or depression, depending on who you ask. According to the results of a study released Friday by the Greenlining Institute in Berkeley, Calif., the plight of senior citizens of color is far worse than many people think. This is especially gut-wrenching because Congress and President Obama are considering cuts to Social Security, Medicare and Medicaid that help this group stay afloat. The reality is that the government must take steps to protect lower-income seniors or the alternative would be heartwrenching.

Key Findings of the Study:

• Even before the 2008 recession, a key study found that 91% of African American and Latino seniors are financially vulnerable, while overall figures showing lower poverty levels for older Asian Americans “mask hidden pockets of poverty,” such as among Hmong, Korean or Cambodian seniors;

• The Federal Poverty Line fails to consider factors, such as the high costs of health care, housing and transportation for seniors on fixed incomes;

• Seniors of color have become increasingly reliant on Social Security as they have tapped out their modest savings and employer-based pensions have dwindled in the past 30 years to just over one-in-three African Americans and slightly more than one in five Latino workers.

• The foreclosure crisis has disproportionately affected black and Latino families, draining over $213 billion in wealth from these communities—almost half of the losses to subprime borrowers nationally. Source

Read the entire study: http://greenlining.org/resources/pdfs/TheEconomicCrisisFacingSeniorsofColor.pdf