Why Did Poverty Drop for the Elderly?
The brief’s key findings are:
- The Census Bureau just reported a big jump in the poverty rate in 2009.
- But poverty rates actually fell for those over 65 as:
- Social Security recipients got a large cost-of-living adjustment and a one-time stimulus payment; and
- the poverty threshold dipped due to lower inflation in 2009.
- This situation is temporary, with old-age poverty likely to rise in 2010 and 2011.