baby boomers

Rethinking Retirement: Opinions, Obstacles, Opportunities

David White — Tue, 15 Jul 2008 08:39:45 -0400

More than just numbers: Public Agenda president Ruth Wooden and Rich Wolf, economics reporter for USA Today, talk about the challenges and opportunities the nation faces with an unprecedented number of Americans at or near retirement age.

What's retirement going to be like for you? Your parents? Your neighbors? With an unprecedented number of people closing in on that milestone, how is the U.S. going to change? How should it change? Does the graying of America present opportunities as well as challenges to a nation already wrestling with a stressed economy and an oversubscribed federal budget?

Hundreds joined us in person and online Wednesday, June 25th, in Washington, D.C., for "Rethinking Retirement: Opinions, Obstacles, Opportunities," a panel discussion on an issue that affects us all - from the tens of millions approaching retirement, to citizens so young they can barely imagine studying a Social Security statement or launching a second or third career.

The forum, sponsored by the Urban Institute, Civic Ventures and Public Agenda, was held at the Urban Institute, which has an audio webcast of the event available for those of you who missed the event.

Rich Wolf, economics reporter for USA Today, was the moderator. The panelists were: John Gomperts, president of Civic Ventures and CEO of Experience Corps; Eugene Steuerle, Urban Institute senior fellow and vice president of the Peter G. Peterson Foundation; Ruth Wooden, president of Public Agenda; and Sheila Zedlewski, director of the Income and Benefits Policy Center at the Urban Institute.

Future generations of older Americans will be better educated than their own elders and probably healthier too. Declines in the need for physical strength to perform many kinds of jobs will allow some older Americans to work longer, a trend that may partly offset demographic pressures. The talents and energy of older people may also be harnessed in new, socially rewarding "encore careers" or volunteering. At the same time, many in the diverse older population don't have the job skills that will be in demand and many won't be healthy enough to work or volunteer.

Beginning with a demographic profile of the nation's 77 million Baby Boomers and their elders, experts at the Rethinking Retirement conference took a look at new data on how those approaching or in retirement are thinking about retirement and later life and how their attitudes fit with economic and social realities and their own preparations.

Subjects on the agenda also included the ways retirement has changed over the past half-century and why it will continue to evolve. What new institutions, social policies, and career arrangements are needed to meet the needs of seniors and younger generations while at the same time addressing economic priorities and realities including red ink in the federal budget?

Another key topic: with the number of Americans age 65 and older set to double in the next 40 years, the cost of retirement, health and long-term care benefits could impact public spending on other priorities. A surge of retirees could also shrink the labor pool, threatening economic growth and living standards.

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Special to the Denver Post

America's federal finances are in crisis, but the American people are surprisingly ready for political leaders to initiate serious dialogue and change, and are willing to sacrifice for the nation's future, according to in-depth, ongoing research by Public Agenda.

With the imminent retirement of the baby boomers about to send Social Security and Medicare expenditures into the stratosphere and our nearly $9 trillion-and-growing federal debt poised to dramatically increase annual outlays on federal interest payments, Americans are becoming ever more aware that we cannot continue on our current path.

But are our nation's leaders listening to what the American public has to say? And are they getting serious about starting the hard collaborative work to make progress on an issue that impacts every citizen in this country?

This week, Public Agenda issued a call to our nation's leaders to take six concrete, initial steps to begin engaging the American people on the tricky issues associated with federal budgetary challenges. Our unique public dialogue research shows that Americans are quite capable of understanding the major components of the federal budget and the nature and consequences of increasing debt, and they want to see politicians address the issue seriously.

The report, "It's Time to Pay Our Bills: Americans' Perspectives on the National Debt & How Leaders Can Use the Public's Ideas to Address the Country's Long-Term Budget Challenges," is an epistle of sorts. It analyzes recent public opinion and urges leaders to use what we already know to date about the public's views on the country's financial challenges. It's time to actively engage citizens so that meaningful action can get started in Washington to put our nation's finances on a more prudent course.

The analysis concludes that there is a nascent willingness among the American public to even consider possible personal sacrifices as part of this effort. While conventional wisdom may have it that Americans are self-interested and unrealistic about what it will take to fix the nation's finances, the report states that, as the magnitude and implications of the growing public debt become clear to them, Americans grasp the severity of the problem and instinctively sense that something needs to be done. Most of all, they are practical, sensible and decidedly non-ideological about this topic.

Americans are concerned about government mismanagement of their taxpayer dollars. They are profoundly worried about their children's, their grandchildren's, and their nation's future. And they are deeply skeptical about political leaders doing anything to resolve the problems of Social Security, Medicare, other federal spending and taxes. But as they begin to focus on the issue, the American people are strikingly ready to start the necessary dialogue and are willing to compromise - even if it might mean higher taxes or reduced government benefits for them in the future. They recognize the wisdom of the adage "you can pay me now or you can pay me more later."

Distrust of government and politicians continues to be an obstacle for Americans to consider the major potential fixes, such as entitlements or tax reforms. But our nation's leaders can truly lead with a few common-sense approaches:

Start speaking to citizens more frankly about the problem, a challenge that could wreak havoc on our economy and living standards. People want to hear honest, thorough discussion of the problem, its causes, potential consequences and solutions.

Stop compartmentalizing the issues. Discussion of the federal budget needs always to include the basics of revenues and expenditures - neither in isolation. Talking about tax or entitlement program reforms without talking about how these are paid for or how other federal programs might be affected is simply disingenuous.

Prove you're working for the greater good. People are frustrated with politicians who seem to put the interests of those with money, access and connections ahead of the common good and want to see leaders who demonstrate commitment to policies that go beyond the desires of special interests.

Prove you understand the true value of citizens' money. Earmarks and "pork" may be small potatoes in the context of a $9 trillion debt, but Americans want these cleaned up and signs of ethical government before they dig into their own pockets to help fix federal budget problems.

Don't expect people to become budget experts. People clearly do not need to be economists to make important contributions to the discussion of this problem and provide input on setting priorities based on their values, concerns and thoughtful ideas. Politicians cannot use the excuse of purported lack of public knowledge of fiscal details as a rationalization for inaction.

Bipartisan and fair-minded leaders, step forward. The public wants to have constructive dialogue that puts all the options on the table. They want to talk with their leaders, without partisan rancor, about a range of solutions to address America's fiscal problems.

The American people want their government to live responsibly and within its means. When they are asked what should be done to address the country's budgetary challenges, most are willing to talk about some sacrifices. They want their leaders to take constructive action to stop the nation's fiscal hemorrhaging.

Washington, the time is now to get serious about paying our bills. It's time to level with the American people and to seriously engage the public on the tough choices the nation faces. It is time to talk about how we're going to fix this problem that simply isn't going to fix itself.

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