LTC Bullet: The Dementia of Political Economy
Thursday, May 23, 2019
LTC Comment: If you think the political economy of dementia is a problem, consider the dementia of political economy, after the ***news.***
*** LTC CLIPPINGS bring you one or two daily updates on critical information you need to know to stay at the forefront of professional knowledge. Steve Moses scans the news and LTC literature. He chooses reports, articles, stories and data that LTCI agents, financial advisors, and anyone involved in aging issues need to know. He provides the title, author, source, a hyperlink to the original, and a sentence or two of commentary. As a bonus to LTC Clippings subscribers, Steve will answer questions by phone or email usually within 24 hours. Hook yourself into this reliable source and you can safely spend less time scanning for information and more time doing what you do best professionally. Contact Damon at 206-283-7036 or firstname.lastname@example.org to subscribe or learn more. Sample clipping:
5/22/2019, “5 insights from NIC’s Middle Market Investor Summit,” by Lois A. Bowers, McKnight’s Senior Living
Quote: “Several panelists shared insights about current and potential efforts to meet middle-income older adults’ senior housing and care needs on Tuesday at the National Investment Center for Seniors Housing & Care’s Middle Market Investor Summit in New York City. The event came as NIC released an analysis showing that reducing the annual cost of senior living by $10,000 could enable 2.3 million more older Americans to afford it, and reducing it by an additional $5,000 on top of that would enable 3.6 million more people to afford it. Here are a few insights that caught our attention.”
LTC Comment: Click through to see their insights. But here’s a key insight from Center member and LTCI producer Romeo Raabe: “This shows that many people only need a small (affordable) LTCi policy to be able to pay for their care!”
5/6/2019, “5 unexpected trends in today’s long-term care,” by Karen Christopher,
Quote: “The words ‘nursing home’ often bring to mind thoughts of colorless, sterile and depressing environments. This stereotype couldn’t be further from the truth — especially when you consider the emergence of a new model of long-term care designed to maximize independence, dignity and personal choice among residents. How, specifically, are senior living communities raising the bar when it comes to positive aging?”
LTC Comment: Wouldn’t prospects and clients be more likely to buy or retain LTCI knowing this information? ***
LTC BULLET: THE DEMENTIA OF POLITICAL ECONOMY
Much could be and has been written about the political economy of dementia. A rising wave of aging Americans will succumb to cognitive decline raising difficult questions about their long-term care and how to pay for it. But that’s not my topic today.
Rather, I’m thinking about the dementia of political economy. It seems to me we can discern symptoms of dementia in political economy itself. Especially as applies to long-term care financing. Common symptoms of various forms of dementia include memory loss, delusions, agitation, indifference, impulsivity, disinhibition, and severe depression. So, consider these observations:
How else to explain widespread failure to remember what caused the Great
Depression, the Great Recession, currency collapses in Weimar Germany,
Argentina and Venezuela, and just about all remaining economic misery in
the world after centuries of industrial progress? Want something you can’t
afford? Charge it. Or if you’re a country, tax, borrow, or print more
money. Damn the consequences until they overwhelm you.
How else to describe the attitude of people, especially politicians, that
you can have something for nothing, the proverbial free lunch? Health care
and housing are rights that others must give you? That works until the
professionals you’ve enslaved rebel. Or paraphrasing Margaret Thatcher: “Socialism
works until you run out of other people’s money.”
How else to account for the anger and frustration in today’s politics?
Politicians don’t just disagree and argue, they dig in and cast
aspersions. The dialogue is demented.
How else to comprehend the lack of concern about a
national debt of $22.3 trillion and unfunded liabilities of $124 trillion,
exceeding $1 million per tax payer? Government insolvency? Who cares?
How else to explain the automatic reflex to rely on government? Have a
problem of any kind? Don’t ask why or how. Ignore the cause. Attack the
symptoms. Ask the government to fix what government interference itself
How else to explain the disinclination to think twice before demanding
someone else solve your problem? Eighty-four years of Social Security and
54 years of Medicare and Medicaid have eroded self-reliance to the point
where relying on government is uninhibited.
How else to explain the mood of a country enjoying unparalleled prosperity
but sunk in despair because everyone doesn’t yet have everything anyone
wants paid for by somebody else.