Ethical Standards in Caring for the Aging Population

Ethical Standards in Caring for the Aging Population
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The federal spending on health care and social security are expected to increase at a faster rate than the growth in the overall economy, and this is likely to result in an increase in spending as a share of Gross Domestic Product (GDP). By 2030, the social security spending is estimated to be at 6 percent of GDP. The Congressional Budget Office forecasts that the payouts made on social security will surpass the dedicated revenues which are mainly payroll taxes. Additionally, Medicare and federal Medicaid spending are also estimated to be at 12.2 percent of GDP by the year 2050 (Hayutin, Dietz & Mitchell, 2010). If the spending of these essential programs increases as projected, then it is likely to double as a share of GDP and eventually to squeeze out other vital federal funding priorities. If no reforms are implemented, the government may be required to raise the taxes or spend less on other matters such as schools.
There is a continuing trend where individuals are retiring from their long-term career and then looking for a part-time job. People may return to work for different reasons there are those who return for personal fulfillment and those who do that for financial necessity (O'Brien, 2018). Most old people will prefer ensuring their...