Older Americans, hit hard by the economic crisis, have been declaring bankruptcy in significantly increasing numbers according to a report by the Consumer Bankruptcy Project.
In 1991, only 8 percent of bankruptcy filings were by people 55 or older. In 2007, that age group accounted for 22 percent of bankruptcies. Between 1991 and 2007, the rate of bankruptcy filings increased 125 percent for people between 65 and 74 years old. For those between 75 and 84 it rose a staggering 433 percent.
Elderly people living on fixed incomes have been overwhelmed by the rising costs of basic goods. Some have had to help children and grandchildren financially. Consequently, their risk of financial vulnerability and bankruptcy increases.
The capitalist system only values workers who produce a profit. Retired workers live out their golden years facing financial uncertainty. Under socialism, which places a premium on the quality of life of all workers, seniors are guaranteed a secure retirement.
