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Daily Archives: November 24, 2010

Baby Boomers Account for Nearly Half of Bankruptcies Filed

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Aging and Bankruptcy, Revisited, September 2010 issue of the American Bankruptcy Institute Journal

  • “The median age for bankruptcy petitioners increased from 37.7 years in 1994 to 41.4 years in 2002 to 44.9 years in 2007. Bankruptcy petitioners over the age of 45 constituted 27 percent of filers in 1994, 39 percent in 2002, and 50 percent in 2007. That middle-age filers have come to account for an increasing percentage of overall filers means that “baby boomers”—those who attained the ages of 43 through 61 during 2007—are disproportionately represented in bankruptcy proceedings. Several indicators show this age group to be facing financial difficulties, including an increase in the ratio of debt payments to family income for those aged 45 and above. The ratio declined for those under 45. From 2004 to 2007, the percentage share of families with a debt ratio of at least 40 percent rose fastest for those over 45. Additionally, 28 percent of all mortgage delinquencies and foreclosures were for persons 50 years and older.”
  • Related postings on financial system

    • CBO – Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output

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    Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output From July 2010 Through September 2010, November 24, 2010 The American Recovery and Reinvestment Act of 2009 (ARRA) contains provisions that are intended to boost economic activity and employment in the United States. Section 1512(e) of the law requires the Congressional… Continue Reading

    BEA: Personal Income and Outlays, October 2010

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    Full release and tables: Personal income increased $57.6 billion, or 0.5 percent, and disposable personal income (DPI) increased $48.3 billion, or 0.4 percent, in October, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $44.0 billion, or 0.4 percent. In September, personal income decreased $2.8 billion, or less than 0.1 percent, DPI… Continue Reading

    Surveillance of Screening-Detected Cancers, United States, 2004-2006

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    Surveillance of Screening-Detected Cancers (Colon and Rectum, Breast, and Cervix) United States, 2004–2006. Morbidity and Mortality Weekly Report (MMWR), November 26, 2010 / 59(SS09);1-25 “Population-based screening is conducted to detect diseases or other conditions in persons before symptoms appear; effective screening leads to early detection and treatment, thereby reducing disease-associated morbidity and mortality. Based on… Continue Reading