About the Committee
Press Office

Are the Explosive Costs of Elder Care Hurting Family Finances and Business Competition?

Wednesday May 16th, 2007

The “Sandwich Generation,” is the growing number of families who are caught between the conflicting demands of caring for their aging parents, while raising their children.  From 1992 to 2004, the percentage of households 55 and older with more debt than assets grew faster compared with the overall population.  The trends toward delayed childbearing, smaller family size, longer life expectancy, and increasing costs, are placing substantial burdens on the sandwich generation, just when they should be saving for their children’s college tuition and investing in their own retirement.

The JEC will examine the growing economic impact of elder care on families, businesses, and the broader economy.  As the 77 million baby boomers approach retirement and as more women enter the workforce, these problems are only expected to increase. The number of aging parents per worker between the ages of 45 and 54 is expected to double by 2035.


Opening Statements:

Senator Schumer's Opening Statement
  Senator Klobuchar's Opening Statement
  Congresswoman Maloney's Opening Statement
  Senator Casey's Opening Statement


Richard Johnson, Principle Research Associate at the Urban Institute
  Virginia Morris, Author of How to Care for Aging Parents
  Leni Wilcox, Division Director of the Wilder Foundation’s Community Services for the Elderly
  Scott Weisberg, Vice President for Compensation, Benefits, and Staffing at General Mills Inc.
Location:   216 Hart Senate Office Building
Time: 9:30 a.m
Press Advisory:

As Families and Businesses Face Skyrocketing Costs of Caring for the Elderly, Joint Economic Committee Holds First Major Hearing to Examine Eldercare Challenges and Solutions

Fact Sheet: The High Costs of Elder Care
Watch the Hearing