Aug 6, 2018

Bankruptcy booms among older Americans

Axios

Photo: Florian Gaertner/Photothek via Getty Images.

"The rate of people 65 and older filing for bankruptcy is three times what it was in 1991, ... and the same group accounts for a far greater share of all filers," the N.Y. Times' Tara Siegel Bernard reports.

Why it matters: Individuals "are bearing an ever-greater responsibility for their own financial well-being as the social safety net shrinks."

The details: Driving the surge, according to the study from the Consumer Bankruptcy Project, "is a three-decade shift of financial risk from government and employers to individuals."

  • This includes longer waits "for full Social Security benefits, the replacement of employer-provided pensions with 401(k) savings plans and more out-of-pocket spending on health care. Declining incomes, whether in retirement or leading up to it, compound the challenge."

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NYC races to build field hospitals as coronavirus death toll tops 1,000

New York City Mayor Bill de Blasio announces at the USTA Bille Jean King tennis center that the venue will be transformed into a 350-bed temporary hospital. Photo: Bryan R. Smith/AFP via Getty Images

New York City Mayor Bill de Blasio detailed plans at a news briefing Tuesday to turn buildings and facilities into makeshift hospitals across the Big Apple — including U.S. open tennis courts.

The big picture: New York City now accounts for a quarter of all deaths from the novel coronavirus in the U.S. — more than 1,000 as of Wednesday morning. De Blasio said the city had "about 20,000 working hospital beds in our major hospitals" before the outbreak. Officials need to triple that number in the coming weeks.

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Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:30 a.m. ET: 859,556 — Total deaths: 42,332 — Total recoveries: 178,300.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 12:30 a.m. ET: 189,510 — Total deaths: 4,076 — Total recoveries: 7,109.
  3. Business updates: Should you pay your rent or mortgage during the coronavirus pandemic? Find out if you are protected under the CARES Act.
  4. Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with underlying health conditions are more at risk, new data shows.
  5. Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
  6. Coronavirus in custody: Inmates in all U.S. federal prisons are set to enter a 14-day quarantine on April 1. A federal judge on Tuesday ordered U.S. Immigration and Customs Enforcement to release 10 detained immigrants who are at risk of contracting COVID-19 while in confinement.
  7. U.S.S. Theodore Roosevelt: Captain of nuclear aircraft carrier docked in Guam pleaded with the U.S. Navy for more resources after more than 100 members of his crew tested positive.
  8. What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

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U.S. coronavirus updates: Death toll tops 4,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The novel coronavirus has now killed more than 4,000 people in the U.S. — with over 1,000 deaths reported in New York City alone, per Johns Hopkins data. The number of deaths are still much lower than those reported in Italy, Spain and China.

Of note: Hours earlier, President Trump noted it's "going to be a very painful two weeks," with projections indicating the novel coronavirus could kill 100,000–240,000 Americans — even with strict social distancing guidelines in place. "They are going to be facing a war zone," he said of medical workers.

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