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Aging Population

Aging Population

Population aging is a shift in the distribution of a country's population towards older ages. This is usually reflected in an increase in the population's mean and median ages, a decline in the proportion of the population composed of children, and a rise in the proportion of the population that is elderly.

 

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Ceev Xiong

Ceev Xiong

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At least 7% of health care expenditures are estimated to go toward for the administrative costs of government health care programs and the net cost of private insurance (e.g. administrative costs, reserves, taxes, profits/losses).

Article: U.S. Health Care Costs: I...
Source: KaiserEDU.org, Health Pol...
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Ceev Xiong

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There may be overhead costs and large profits in the mixed public-private system that fuel health care spending.

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Nonetheless, some analysts state that the availability of more expensive, state-of-the-art medical technologies and drugs fuels health care spending for development costs and because they generate demand for more intense, costly services even if they are not necessarily cost-effective.

Article: U.S. Health Care Costs: I...
Source: KaiserEDU.org, Health Pol...
Ceev Xiong

Ceev Xiong

42 Knowledge Cards 

Developing new state-of-the-art drugs is costly, because of its nature.  There are many factors that affect how the medicine will perform in the body and the potential side effects.  The cost for many projects, or medicine,  is the research and development process where money is used.  The new technology in medicine is helping humans live longer and they would demand more health care as they age.

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many fiscal policy makers are acting as if the boomers are eternal teenagers and are turning a blind eye to how the boomers’ aging changes how we should approach economic policy.

Article: The Baby Boom Bump
Source: The New York Times

The main reason expenditures are rising this decade is that spending on Social Security, Medicare and Medicaid is increasing by a whopping 3.7 percent of G.D.P. as the baby boomers age and retire.

Article: The Baby Boom Bump
Source: The New York Times
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Ceev Xiong

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The Baby Boomers will be, and some already are, in their 60's.  There is not enough young workers to support those benefits, Social Security, Medicare and Medicaid, and these Baby Boomers are draining those funds. 

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Monaco, one of the world's most densely populated countries, is home to the oldest population. It leads eight other European countries in the top 10 list.

Article: Monaco
Source: CNBC
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Ceev Xiong

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The old to young ratio is 2.18:1, or in other words, for every 1 young person, there is about 2 old person.  The percentage of those who are 65 years and older is 26.9 percent.  The average age of Monaco's population is 49.4 yeras, according to the source CIA Factbook.

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The world is rapidly aging. A whopping two billion people will be 60 years and older by 2050, more than triple the number in 2000, according to the World Health Organization.

Article: The World's Aging Populat...
Source: CNBC
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Ceev Xiong

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The world's largest economies are dealing with an increase in health care costs, pension costs and declining fertility rates.  Even some countries, such as Japan, are providing incentives for couples to bear children. 

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The United States has a smaller share of older persons than many developed countries, and its population is graying at a slower pace. Japan currently leads the world with nearly one-quarter of its population ages 65 and older, followed closely by Italy and Germany.

Article: America's Aging Populatio...
Source: Population Reference Bure...
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Ceev Xiong

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The birth rate for those countries have been declining, because of increasing opportunity costs for educated young people. Women who post pone having children, on average, earn more income in their life time because they will be less likely to leave the labor force market. 

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By state, the highest aging population percentage of 60 years and above by 2015 is 26.7 percent in Florida.

Article: By State: 2005-2030 Aged ...
Source: Projected Future Growth o...
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Ceev Xiong

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One explanation for a high percentage of aging population in Florida is because Florida is a vacation destination. 

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The older population--persons 65 years or older--numbered 39.6 million in 2009 (the latest year for which data is available).

Article: Aging Statistics
Source: Administration of Aging
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Ceev Xiong

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The older population represents 12.9 percent of the U.S. population.  By 2030, this percentage will be expected to grwo to 19 percent. 

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They [baby boomers] made up almost 40 percent of the nation’s population.

Article: The History Channel
Source: History
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Ceev Xiong

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Nine months after the World War II ended, there was 76.4 million "baby boomers" borned in the United States.  Today, the oldest baby boomers are in their 60's, and by 2030, one of five Americans will be older than 65 years old. 

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