Although the elderly are not disproportionately poor

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outnumber men and minorities are underrepresented. Although the elderly are not disproportionately poor, elderly women are, as are racial/ ethnic minorities -Social security program is only source of income for about ½ of retired people and a major source of income for 80% of the elderly -Medicare is universal health insurance program for the elderly -minority members usually eligible only for lower benefits due to lower wages -elderly minorities live in substandard housing due to lifetime of lower earnings and small or no pensions Problems of an aging society: 1) inadequate income from pensions or social security 2) high cost of elderly health care -Elderly respond to their devalued status in several characteristic ways. They withdraw from social relationships; continue to act as they have throughout their adult lives, or they become politically active to change the laws, customs, and social structures that disadvantage them -numbers and proportion of the elderly in the US population will increase. This aging population will create a difficult burden for the young their taxes are required to finance the elderly pension plans and other assistance for elderly -likely will be increased tensions between generations in the future → also can be racial as younger generation will be multiracial and multiethnic, while the elderly will be overwhelmingly white -consequences of the 3 forces: transformation of economy, changing racial composition, and aging of society → 1) increased wealth/ income gap 2) downward spiral for racial minorities 3) increased proportion of people on economic margins 4) growing social unrest 5) increase in scapegoating Key Terms Globalization : the process by which everyone on earth becomes increasingly interconnected economically, politically, culturally, and environmentally Capital Flight: Corporate decisions regarding the movement of corporate money from one investment to another Offshoring: Company moves it production to another country, producing same products in same way, but with cheaper labor Outsourcing: some specific task that a company was doing in house and transferring it to an overseas company to save money and reintegrate that work back into the overall operation -accounting, transcribing, research, etc. Structural Transformation of the economy : changing of what the economy is dominated by Sunset industries: sectors of the economy that fade in importance/ die out completely Sunrise Industries: Industries that are characterized by increased output and employment Contingent employment : employees who work part-time in temporary jobs or as independent contractors -typically lack an explicit contract for ongoing employment and receive sporadic wages homeshoring or homesourcing : independent contractors work from their homes (type of contingent employment) -make a wage but pay for their own health care and retirement plan and furnish their own equipment New Poor : different from old poor ( poor of other generations had hopes of breaking out of poverty or at least their children would→ hope based on expanding economy)
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