OWL is pleased to share this special preview of Zelda Wisdom’s dogma for National Voter Registration Day. It’s a great day to make sure your registration is up-to-date, and to reach out to friends to do the same. Speaking of voting—did you know that 22 million women eligible to vote in the last midterm election didn’t? OWL and the Sewall-Belmont House and Museum are working to engage those women this fall. (Yes, we’ve written about this before. But we’re doing it again because, yes, it’s that important.)
Just a reminder: experts are predicting record-low turnout in November. That means anyone who does vote is serving as a virtual proxy for dozens of non-voters. It’s a legal version of ‘voting often.’ And even though we know one election won’t turn things around, won’t necessarily make national politics more functional or Congress as a whole more likable, unless a whole lot more of us get in the habit of voting, it most certainly will only get worse.
If you didn’t know any better, Sunday’s opinion piece “When Did We Get So Old?” would have you believe that the biggest issue facing aging boomers is whether or not to dye their hair. With only the briefest of nods to financial issues, the author focuses instead on the ‘psychological quandary’ she says is causing her and her peers the ‘most unpleasantness’ –being the oldest in the room.
Really? This warrants how many column inches? That we’re a very large, very self-important demographic that has discovered that aging is icky?
Meanwhile, the web is replete with alarming statistics about how unprepared boomers are for the more important aspects of aging. How we’re working well past ‘retirement’ age out of necessity, that we have no savings and have given no thought to long-term care—concepts particularly true for women and people of color.
But instead of taking advantage of some of media’s most valuable real estate to point out that these are societal and not just personal issues, this piece instead chooses to perpetuate the myth that all boomers are awash in cash and retirement savings, and are ready to SoulCycle their way into their 90s.
Letter to the Editor Washington Post
September 3, 2014
John Delaney makes several excellent points in “The solution to fixing dysfunction in Congress”. One of the most critical aspects is low turnout, which is quickly becoming a self-fulfilling prophecy. Faced with a dysfunctional Congress, people see little point in voting, which concentrates the voting power in an increasingly small set of hands – and the cycle continues. Any steps that we can take to enfranchise more voters, such as open primaries, can only strengthen our democracy.
Even women, who consistently register and vote in greater percentages than men (Post columnist Catherine Rampell wrote about this recently), are not exercising their power in midterm elections. In the 2010 midterms, 22 million women who could have voted didn’t; that’s why OWL, along with the Sewall-Belmont House & Museum, is launching an initiative this year to engage these women. After all, the only way we as individuals can have an impact now is by participating in the process, even if the process itself is less than ideal.
There’s a new kid on the block in the area of socially responsible investing. The Pax Ellevate Global Women’s Index Fund (PXWEX) is the only mutual fund in the U.S. dedicated to investing in companies that have a significant proportion of women in senior leadership roles.
The fund is led by Sallie Krawcheck, a former Bank of America and Citigroup executive who is now an entrepreneur.
“Companies with more women in senior management have higher returns on capital, lower volatility, greater client focus, increased innovation and greater long-term orientation…I can think of no better way to invest in women than to invest in those companies around the world that have distinguished themselves by both their business performance and their leadership in advancing women,” said Krawcheck.
Among the companies in the fund, 100% have at least one woman on their board of directors, and 97% have two or more women; also, 31% of board seats and 24% of executive management positions are held by women, compared to an 11% global average for each.
The fund seeks companies who have women as CEOs, CFOs, board members, and executive management, and who are signatories to the Women’s Empowerment Principles (a joint initiative of the UN Global Compact and UN Women).
The Pax Ellevate Fund is tied to the Pax Global Women’s Leadership Index, a customized index of the highest-rated companies in the world in advancing women’s leadership and that meet key environmental, social and governance standards.
When The Baltimore Sun reporter Danae King set out to write a story on the difficulties faced by women entrepreneurs in funding their businesses, she reached out to OWL. Danae interviewed OWL’s Communications Director Pat Lewis, who is quoted in the August 16 article responding to the recent Harvard University study that showed “profound and consistent” gender bias among investors, who prefer pitches by male entrepreneurs over identical pitches by female entrepreneurs:
“It’s the way [entrepreneurs] are portrayed,” said Pat Lewis, a spokeswoman for OWL, a national organization that advocates for women over age 40.
An underlying bias against women as entrepreneurs might exist, as entrepreneurs are often portrayed as white males, she said.
The lack of funding for women also could be related to the lack of female investors as studies show people are “more likely to give money to someone who looks like [them],” Lewis said.
Click here to read the entire article in The Baltimore Sun.
· 6 in 10 Americans are dissatisfied with the economy, and 71% blame our elected officials in Washington
· Over 70% think the country is headed in the wrong direction
· Nearly 80% are dissatisfied with our political system
· Only 14% approve of the job Congress is doing
These sobering statistics aren’t new. This is the 7th-straight NBC/WSJ poll (since 2011) in which Congress’s approval rating has been below 15%.
But instead of rallying to the booths on Election Day to express their frustration, an increasing number of Americans are opting out of their hard-earned right to vote.
A Gallup poll reported that 53% of Americans say they are less enthusiastic about voting than they were in previous elections.
And their apathy is showing. According to a half-time midterm report by the Center for the Study of the American Electorate, of the 123 million people eligible to vote in statewide primaries so far, only 18 million have bothered to do so. That’s only 14.6%, down by nearly a fifth from the last midterm election year (2010). And 15 of the 25 states with primaries have seen record-low turnout.
This month, as we mark the 49th anniversary of the Voting Rights Act, we must ask ourselves: what can we do to bring about the change we want to see?
When I started with OWL as an intern through the National Academy of Social Insurance, I had my questions about Social Security. I did not believe, like over 80% of my generation, that Social Security wouldn’t be there for me when I retired. Although, the pervasive scare-tactic messaging had skewed my idea of the program enough to make me wonder: When the time comes, will I be able to retire and live comfortably? How exactly will Social Security figure into that? During these turbulent times, these are some of the questions Americans ask each day, leaving many worried about their retirement security.
Since its passage in 1935, Social Security has provided insurance through the likes of poor housing markets, declining pensions, rising health care costs, and recession after recession.
In fact, Social Security is essential to the economic security of older Americans, particularly women. Two in three seniors get over half of their income from Social Security, and one in three get almost all of their income from Social Security. Social Security benefits keep a significant portion of women out of poverty- 37.5% in 2012. In 2012, 26.5% of women relied on Social Security for 90% or more of their income.
Though they account for a substantial amount of retired Americans’ income, benefits are still modest: the average monthly benefit is $1,230 per month. This number is even less for women. Last year, retired women workers received an average of $1,100 per month while retired male workers received an average of $1,400 per month.
And, in answer to the doubts of over 4 in 5 of my peers, we not only can afford to keep Social Security strong, but we want to. Social Security payments now account for 5% of the economy, and will increase to 6% when the baby boomer generation retires. Additionally, the program is efficient: less than a penny of every dollar is spent on administration. Americans are willing to pay to keep Social Security robust.
Still not sold on why everyone - from millennials to baby boomers and everyone in between - should care about this program? In honor of Social Security’s birthday each year, Social Security Works puts out its series of state reports, which are available online for all 50 states, Washington D.C., Puerto Rico, American Samoa, Guam, the Northern Mariana Islands and the U.S. Virgin Islands. In addition to providing information about Social Security’s history, character and vitality, and compelling, real-life stories, each report includes statistics about the number of people who receive benefits, the types of benefits they receive and the total amount of funds flowing from these programs into every state, its congressional districts and counties. Click here to see how people in your state are benefiting from this crucial social insurance program.
OWL has been working on strengthening and protecting Social Security for over 34 years. As a guardian of this critical component of economic security, we have helped Americans of all ages continue to receive the benefits they have earned over a lifetime of hard work.
TheWomenAgainstAlzheimer’s Network (WA2) “harnesses the power and creative energy of women - the disease’s disproportionate victims, as patients and caregivers – to create a new approach to finding a cure and to build a movement that commits our nation to a bold and aggressive plan for the prevention and treatment of Alzheimer’s disease.”
Their goals include:
*Challenging policymakers and the research community to move away from business as usual to collaborate, to innovate, and to forge ahead in new and previously unforeseen ways to reach for a cure.
*Marshalling an army of women advocates in Washington and state capitals, and throughout industry and the research community.
*Educating lawmakers and the general public about the prevalence of the disease, its particularly cruel burden on women, and the resulting costs to our society.
*3.2 million women have Alzheimer’s; women are diagnosed twice as often as men
*60-70 percent of the 15.5 million primary caregivers for Alzheimer’s patients are women
*Women leaving the workforce to care for a diagnosed family member lose, on average, more than $300,000 in earnings, pensions and Social Security benefits
And despite the enormous cost to the nation – more than $200 billion is estimated to be spent this year – very little is spent on research. In 2013, the National Institutes for Health spent only $500 million on Alzheimer’s research. (That compares to more than $6 billion on cancer research.)
A recent study also finds that deaths attributed to Alzheimer’s are under-reported; it finds that Alzheimer’s disease may contribute to close to as many deaths in the United States as heart disease or cancer.
Other new founders include Maryann Bersani, Interim CEO and Senior Vice President of Public Policy, Assisted Living Federation of America, Dr. Tonia Vojtofsky, Founder and President, Cognitive Care Solutions and Dr. Kate Zhong, Senior Director of Clinical Research, Cleveland Clinic Lou Ruvo Center for Brain Health. WA2’s national summit is scheduled for September 16-17 in Washington, D.C.
OWL was pleased to be part of this event, hosted by Cecilia Munoz, Director of the White House Domestic Policy Council. The conference will be a timely one—2015 is the 50th anniversary of Medicare, Medicaid and the Older Americans Act, as well as the 80th anniversary of Social Security.
“The 2015 White House Conference on Aging is an opportunity to look ahead to the issues that will help shape the landscape for older Americans for the next decade,” Ms. Munoz writes. “As we listen to aging leaders and older Americans, some of the common themes we hear include the following:
· Retirement security is a vitally important issue. Financial security in retirement provides essential peace of mind for older Americans, but requires attention during our working lives to ensure that we are well prepared for retirement.
· Long-term services and supports remain a priority. Older Americans overwhelmingly prefer to remain independent in the community as they age. They need supports to do so, including a caregiving network and well-supported workforce.
· Healthy aging will be all the more important as baby boomers age. As medical advances progress, the opportunities for older Americans to maintain their health and vitality should progress as well.
· Seniors, particularly the oldest older Americans, can be vulnerable to financial exploitation, abuse, and neglect. The Elder Justice Act was enacted as part of the Affordable Care Act, and we need to realize its vision of protecting seniors from scam artists and others seeking to take advantage of them.
We are delighted to announce that Nora Super will be leading this effort as the newly named Executive Director of the 2015 White House Conference on Aging. She brings both substantive expertise on the issues and the experience to help maximize our outreach and engagement with older Americans across the country. We also will launch WhiteHouseConferenceOnAging.gov as the official site for the conference this summer.
Americans got good news in the 2014 Medicare Trustees Report released in late July.
Medicare’s financial status improved modestly, and the date the trust fund is projected to become insolvent is 2030, four years later than was projected in 2013.
Among several factors that contributed to the modest improvement: the Affordable Care Act helped to increase revenues as well as efficiency in Medicare, and healthcare costs for Medicare beneficiaries have grown at a slower pace in recent years. The Congressional Budget office estimated that Medicare spending for each beneficiary would be $1,000 lower in 2014 than was estimated in 2010 and $2,400 lower in 2019. If nothing is done and the Medicare trust funds are exhausted in 2030, incoming payroll taxes and revenues could still pay 85% of benefits decreasing to 75% of benefits starting in 2045.
Currently, there are 52.3 million Medicare beneficiaries, of whom 43.5 million are 65 and older. Medicare is also a critical source of retirement security for 22.4 million women ages 65 and over, who tend to have lower incomes and more chronic conditions than older men. More than half (56%) of all older Medicare beneficiaries are women; two out of three beneficiaries ages 85 and older are women.
The improvement in Medicare’s finances will provide more time for policy makers to come up with a plan to ensure its long-term solvency and allow for incremental changes rather than emergency measures.
If you’ve ever seen ABC’s Shark Tank, a reality show where Barbara Corcoran sits on a panel of successful venture capitalists hearing pitches from aspiring entrepreneurs, you’ll know exactly why this feisty businesswoman gives a whole new meaning to the term “loan shark.”
Given the egregious findings of the report Senator Cantwell released yesterday on behalf of the Committee, “enormously” is an understatement. The report stated that women receive only 4.4% of business loans, and that the U.S. government has never met its goal of allocating a mere 5% of federal contracts to women-led businesses.
SBA Administrator Contreras-Sweet outlined the support the SBA provides and spoke more broadly about the importance of uniting the public, private entities, and the government to help women succeed. Claiming that the SBA now stands for “Smart, Bold, and Accessible,” she said, “Many people don’t have a rich uncle to open the door; the SBA is going to be the Uncle Sam to open the door.” Just as venture capital firms don’t understand the economic advantage of funding women, women business owners are often unaware of their options for loan programs.
One thing is certain: this is both a pressing and nonpartisan issue. The hearing was held in the largest meeting room of the United States Senate, yet people were still packed like sardines, because they know just how critical women entrepreneurs are to the success of the U.S. economy. It is high time we break down the barriers inhibiting women-owned businesses.
In the face of complex structural barriers and frustrating gender bias women-owned businesses face, we asked Corcoran, “What do women 40+ most need to succeed in business?” Her answer was simple: “A partner. Everyone needs a partner. I have a partner. Someone to dream with, share your trials with.” When she testified later on, the charismatic Shark joked that she’d “never seen a real senator before.” Asked by Senator Cardin whether capital or technical assistance was more important, the cunning entrepreneur answered, “Capital. Entrepreneurs are just hard-headed enough to figure the rest out on their own.”
There’s been a lot of news lately about the Social Security Disability Insurance Program, including accusations that it’s being abused, that claims are skyrocketing, and that it’s about to go bankrupt.
It’s important to know the facts, and the recent post from the Center on Budget and Policy Priorities is an excellent summary of the critical role SSDI plays in millions of people’s lives, and what the real funding issues are.
First, SSDI payments go to people in need. The article points out that the typical beneficiary is in his or her late 50s and suffers from a severe mental, musculoskeletal, or other debilitating impairment.
Many are also poor. CBPP notes that poverty rates for disability insurance recipients are twice as high – even when taking those benefits into account.
Overall, about one-fifth of all disabled-worker families are poor; without DI, nearly half would be.
And yes, the rolls have been growing – but the reasons are from well-known demographic factors: more people, more older people, more women in the workforce – and ironically enough, the rise in the Social Security full retirement age from 65 to 66. The recession also bumped up applications, since unemployment drives those up. But approval rates actually fall when unemployment is high.
Finally, CBPP points out that the SSDI and Social Security may have challenges – but they are not about to go bankrupt. “The DI trust fund is expected to be exhausted in 2016, the much larger Old-Age and Survivors Insurance (OASI) trust fund in 2035, and the combined funds in 2033 (if legislators shifted money from the retirement fund to the DI fund as needed to keep it solvent). Even after those dates, the programs could pay 75 to 80 percent of scheduled benefits; they would not go ‘bankrupt.’ DI’s 2016 depletion date is no surprise — the trustees projected it back in 1995.”
Expect more disinformation about SSDI to be broadcast in coming weeks as opponents of the program gear up to make unnecessary and damaging cuts.
“We all should know that diversity makes for a rich tapestry, and we must understand that all the threads of the tapestry are equal in value no matter what their color.” —Maya Angelou
50 years ago today, Congress passed the landmark Civil Rights Act of 1964, and created the Equal Employment Opportunity Commission (EEOC) to enforce the Act. Today, the EEOC enforces a number of federal statutes protecting workers from discrimination, including:
• the Civil Rights Act of 1964 that prohibits employment discrimination on the basis of race, color, religion, gender, or national origin;
As we recognize the progress we’ve made as a nation in achieving equality for all, we also realize more needs to be done. Despite federal anti-discrimination laws, age-based discrimination complaints have increased by 50% over the past several years, and women still earn only 77 cents for every dollar men earn. OWL will continue its work on behalf of women 40+ in the areas of equality, economic security, and quality of life.
OWL Executive Director Bobbie Brinegar is quoted in a June 27 article on female entrepreneurs written by Fox Business reporter Christina Scotti. The article, “Female Entrepreneurship Growing Faster Than Ever,” highlights the impressive growth rate (68% since 1997) of women-owned businesses, which now number 9.1 million. It also mentions a Harvard study which found that men—especially attractive ones—have a much easier time than women in securing funds from venture capitalists. Bobbie responded to these findings by calling for change: “It’s ridiculous to think males have more persuasiveness, and we need to get rid of this unfounded bias by advocating for the millions of smart and successful women entrepreneurs out there.”