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Long-term care is already prohibitively expensive for many seniors, and the problem is expected to explode in scope in the next couple of decades, the New York Times reports.

The big picture: The problem is especially acute for the group of seniors that have incomes too high to quality for Medicaid or subsidized housing, but too low to afford pricey long-term care.

  • In a decade, 80% of seniors that fall into the middle-income category will have less than $60,000 a year in income and assets, according to a recent study. But assisted living plus out-of-pocket medical expenses is projected to cost $62,000.
  • Depending on how long-term care is defined, between half and two-thirds of older Americans are expected to need it.

The bottom line: Medicare and Social Security funding is already in trouble, making it hard to imagine where the money for any additional long-term care benefits would come from. Smaller solutions are easier to picture.

  • Regardless of whether the U.S. budget has room for it or not, the problem of how to pay for seniors' care is barreling towards us, and it's only going to get worse.

Go deeper: Seniors are the health care industry's gold rush

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Updated 18 mins ago - Politics & Policy

Tim Scott says Trump "misspoke" when he told Proud Boys to "stand by"

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Sen. Tim Scott (R-S.C.) told reporters on Wednesday that he believes President Trump "misspoke" when he told the far-right "Proud Boys" group to "stand back and stand by" in response to a question about condemning white supremacy at the first presidential debate.

Catch up quick: Moderator Chris Wallace asked Trump on Tuesday, "Are you willing, tonight, to condemn white supremacists and militia groups and to say that they need to stand down?" Trump asked who specifically he should condemn, and then responded, "Proud Boys, stand back and stand by. But I'll tell you what, somebody's got to do something about antifa and the left."

Updated 26 mins ago - Politics & Policy

Commission on Presidential Debates wants changes

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The Commission on Presidential Debates announced Wednesday that it plans to implement changes to rules for the remaining debates, after Tuesday night's head-to-head between Joe Biden and Donald Trump was practically incoherent for most of the night.

What they are saying: "Last night's debate made clear that additional structure should be added to the format of the remaining debates to ensure a more orderly discussion of the issues," the CPD said in a statement.

Trump says he doesn't know who Proud Boys are after telling them to "stand by"

President Trump told reporters on Wednesday that he doesn't know who the "Proud Boys" are, after saying at the presidential debate last night that the far-right group should "stand back and stand by" in response to a question asking him to condemn white supremacists.

Why it matters: The comments set off outrage and calls for clarification from a number of Republican senators. After being asked several times on Wednesday whether he will condemn white supremacy, Trump responded: "I have always denounced any form — any form of any of that, you have to denounce. But I also — Joe Biden has to say something about antifa."