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For Those Who Care About Such Things - The Graying of Bankruptcy?
Thanks, Dave.
Since I'm not a data geek, and rarely on a mission except possibly to get coffee ice cream, my favorite part of the response was It is a little rich to read a commentator from the American Enterprise Institute describe us as being "on a mission."
That said, I appreciate the thoughts, viewpoints and analysis that went into critiquing the study and the journalism.
Jason
JASON WALLACH
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The thesis that older Americans are filing bankruptcy at an increased rate has been accepted common wisdom now for some time. The reproduced article below raises serious questions about that thesis. Following that is a reply from one of the authors of the original study. Both are provided for you to consider.
Does America Face A 'Boom' In Retiree Bankruptcies?
Andrew Biggs Contributor
I work on retirement policy, public sector pay and other issues.
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I'll give it to the New York Times: say what you will about the decline of the print media, the Gray Lady can still set the news agenda. On August 5th the Times published "Too Little Too Late': Bankruptcy Booms Among Older Americans," [https://www.nytimes.com/2018/08/05/busi ... icans.html] which claimed that bankruptcies among retirees have skyrocketed due to "vanishing pensions, soaring medical expenses, [and] inadequate savings." In the days that followed, news outlets large and small produced copycat stories repeating the same findings, all of which were drawn from a single study.
Let's cut to the chase: it's mostly hot air. There's no boom in retiree bankruptcies, nor are there vanishing pensions, soaring medical expenses or inadequate savings. And the fact that the Times generated a long-form story from a single source without referencing a single doubter, and that even major papers like the Wall Street Journal and Los Angeles Times followed suit, is more evidence to my claim [https://www.forbes.com/sites/andrewbiggs/201
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