Department of Energy: Further Actions Are Needed to Strengthen Contract Management for Major Projects (open access)

Department of Energy: Further Actions Are Needed to Strengthen Contract Management for Major Projects

A letter report issued by the Government Accountability Office with an abstract that begins "The Department of Energy (DOE) pays its contractors billions of dollars each year to implement its major projects--those costing more than $400 million each. Many major projects have experienced substantial cost and schedule overruns, largely because of contract management problems. GAO was asked to assess, for major departmental projects, (1) DOE's use of performance incentives to effectively control costs and maintain schedules, (2) the reliability of the data DOE uses to monitor and assess contractor performance, and (3) the reliability of the Project Assessment and Reporting System (PARS) data that senior managers use for project oversight."
Date: March 18, 2005
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Veterans' Benefits: Pension Benefit Programs (open access)

Veterans' Benefits: Pension Benefit Programs

The Department of Veterans Affairs (VA) administers several pension benefit programs for veterans as well as their surviving spouses and dependent children. The most current pension programs available (for those meeting the eligibility criteria on or after January 1, 1979) are the Improved Disability Pension for certain low-income veterans and the Improved Death Pension for certain low-income surviving spouses or children of veterans. There is also a special pension for Medal of Honor recipients. This report describes these programs, including the eligibility criteria and current benefit levels. This report will be updated as needed to reflect legislative activity and changes to benefits or eligibility requirements.
Date: October 18, 2010
Creator: Scott, Christine & Davis, Carol D.
Object Type: Report
System: The UNT Digital Library
U.S. Postal Service: Proposed Health Plan Could Improve Financial Condition, but Impact on Medicare and Other Issues Should Be Weighed before Approval (open access)

U.S. Postal Service: Proposed Health Plan Could Improve Financial Condition, but Impact on Medicare and Other Issues Should Be Weighed before Approval

A letter report issued by the Government Accountability Office with an abstract that begins "The U.S. Postal Service (USPS) would likely realize large financial gains from its proposed health care plan, primarily by increasing retirees’ use of Medicare. Specifically, USPS estimates that its plan would reduce its retiree health benefit liability by $54.6 billion, thereby eliminating its unfunded retiree health benefit liability. The plan would also reduce USPS’s required total annual health care payments by an estimated $7.8 billion in the first year of implementation and by $33.2 billion over the first 5 years of implementation. USPS also projects that relative to the total annual health care payments it would expect to make (reflecting its stated inability to make prefunding payments to fund retiree health benefits), its new plan would reduce its payments by $2.1 billion in the first year of implementation and $12.4 billion over 5 years. USPS also projects that its plan would increase the more than $550 billion that the federal government spends annually for Medicare by $1.0 billion in the first year and an average of about $1.3 billion annually in the first 5 years of its health plan—about 0.2 percent of Medicare’s annual costs. GAO …
Date: July 18, 2013
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Visa Operations at U.S. Posts in Canada (open access)

Visa Operations at U.S. Posts in Canada

Correspondence issued by the General Accounting Office with an abstract that begins "On October 21, 2002, we reported that consular staff at posts around the world held different views on balancing national security and customer service in the process of adjudicating visas. Since then, the Department of State's Bureau of Consular Affairs has underscored the importance of visa operations in protecting our nation's security and implemented many changes in visa processing to tighten security screening for applicants worldwide. Because of Canada's proximity to the United States and the fact that many nationals from countries of concern apply for U.S. visas in Canada, Congress asked us to obtain the views of U.S. consular officers in Canada regarding the visa process. In response, we are providing information from consular staff who adjudicate U.S. visas in Canada regarding their perceptions of the importance of national security in the visa process, including impediments that could interfere with efforts to make security a top priority in visa processing."
Date: May 18, 2004
Creator: United States. General Accounting Office.
Object Type: Text
System: The UNT Digital Library
Force Structure: Assessments of Navy Reserve Manpower Requirements Need to Consider the Most Cost-effective Mix of Active and Reserve Manpower to Meet Mission Needs (open access)

Force Structure: Assessments of Navy Reserve Manpower Requirements Need to Consider the Most Cost-effective Mix of Active and Reserve Manpower to Meet Mission Needs

A letter report issued by the Government Accountability Office with an abstract that begins "In 2004, the Navy completed a study of how many selected reserve personnel are needed to support the active force in meeting current and future mission requirements. The Ronald W. Reagan National Defense Authorization Act for 2005 mandated that GAO assess several aspects of the Navy's study. This report addresses (1) the criteria and process the Navy used to conduct the review and what limitations affected the Navy's analyses and implementation plan; and (2) how the recommendations from the review will affect the reserve's personnel, funding, and command and control relationship with the active force."
Date: October 18, 2005
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Sons of Union Veterans of the Civil War for Fiscal Years 1999-2002 (open access)

Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Sons of Union Veterans of the Civil War for Fiscal Years 1999-2002

Correspondence issued by the General Accounting Office with an abstract that begins "We reviewed the audit reports covering the financial statements of the Sons of Union Veterans of the Civil War, for fiscal years 1999 through 2002. GAO's review disclosed no reportable instances of noncompliance with the financial reporting requirements of the law. The audit reports included the auditors' opinions that the financial statements of the corporation were presented fairly in accordance with generally accepted accounting principles."
Date: September 18, 2003
Creator: United States. General Accounting Office.
Object Type: Text
System: The UNT Digital Library
U.S. Fish and Wildlife Service: Additional Flexibility Needed to Deal with Farmlands Received from the Department of Agriculture (open access)

U.S. Fish and Wildlife Service: Additional Flexibility Needed to Deal with Farmlands Received from the Department of Agriculture

A letter report issued by the Government Accountability Office with an abstract that begins "Over the past two decades, provisions of the Food Security Act of 1985, among others, have allowed the Department of Agriculture's Farm Service Agency in partnership with the Department of the Interior's U.S. Fish and Wildlife Service (Service) to add farmlands found to have important resources to the National Wildlife Refuge System. The Farm Service Agency transferred such farmlands to the Service through outright ownership ("fee simple") or through conservation easements. Individual farmlands are managed by the nearest refuge office. GAO was asked to examine (1) the extent of farmland received by the Service, (2) the extent to which the Service is currently managing its farmlands, and (3) alternatives for managing these lands. To answer these objectives, GAO visited five refuges and surveyed managers responsible for a random sample of 98 farmlands."
Date: September 18, 2007
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Federal Student Loans: Impact of Loan Limit Increases on College Prices Is Difficult to Discern (open access)

Federal Student Loans: Impact of Loan Limit Increases on College Prices Is Difficult to Discern

A letter report issued by the Government Accountability Office with an abstract that begins "For more than a decade, college prices have been rising consistently and have continued to rise at a gradual pace after the Stafford loan limit increases were enacted in 2008 and 2009. However, it is difficult to determine if a direct relationship exists between increases in college prices and the Stafford loan limit increases because of the confluence of many other factors that occurred around the time the loan limit increases took effect. Specifically, when the loan limit increases took effect, the nation was in a recession, which created one of the most tumultuous and complex economic environments in recent history. GAO's analysis found that the economic effects of the recession, which affected families' employment, income, and net worth make it difficult to isolate the impact the recession had on students' decisions to borrow money to finance college expenses versus the impact of the loan limit increases. Further, federal, state, and institutional aid available to students also increased significantly around the same time the loan limit increases went into effect. It is difficult to determine the extent to which the increased availability of this financial aid …
Date: February 18, 2014
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
DOD Personnel: DOD Comments on GAO's Report on DOD's Civilian Human Capital Strategic Planning (open access)

DOD Personnel: DOD Comments on GAO's Report on DOD's Civilian Human Capital Strategic Planning

Correspondence issued by the General Accounting Office with an abstract that begins "In response to a Congressional request, we issued a report in March 2003 on the Department of Defense's (DOD) strategic planning efforts for civilian personnel at DOD and selected defense components, including the four military services and two defense agencies. In that report we made recommendations to the Secretary of Defense to strengthen civilian human capital planning, including integration with military personnel and sourcing initiatives. DOD's response to our March 2003 report and recommendations were received too late to be included in that report. To provide our perspective on DOD's comments, we briefly summarize our March 2003 report's objectives, results, and recommendations and DOD's comments, along with our evaluation of the comments. DOD's civilian employees play key roles in such areas as defense policy, intelligence, finance, acquisitions, and weapon systems maintenance. Although downsized 38 percent between fiscal years 1989 and 2002, this workforce has taken on greater roles as a result of DOD's restructuring and transformation. Responding to congressional concerns about the quality and quantity of, and the strategic planning for, the civilian workforce, we determined the following for DOD, the military services, and selected defense agencies (the …
Date: April 18, 2003
Creator: United States. General Accounting Office.
Object Type: Text
System: The UNT Digital Library
License Suspensions for Nondriving Offenses: Practices in Four States That May Ease the Financial Impact on Low-Income Individuals (open access)

License Suspensions for Nondriving Offenses: Practices in Four States That May Ease the Financial Impact on Low-Income Individuals

A letter report issued by the Government Accountability Office with an abstract that begins "States suspend driver's licenses for a variety of offenses that are not directly related to driving safety. For example, all states have procedures to suspend licenses for child support arrearages. In addition, a majority of states issue suspensions for such offenses as failure to pay court or motor vehicle fines or maintain proper insurance. While recognizing that license suspension can be an effective tool for encouraging compliance with various laws, some policymakers and advocacy groups have raised concerns that certain drivers may face suspension because of their limited ability to meet financial obligations. They have also raised concerns that suspensions make it difficult for some low-income individuals to maintain or find work, and may make it more challenging for them to pay fines or meet child support obligations. Additionally, they have raised concerns that suspensions for nondriving offenses may clog court systems and divert resources to activities that do not improve traffic safety. Although the federal government has a limited role with regard to driver's licenses, federal law promotes nondriving suspensions in two circumstances. First, as a condition of federal funding for their child support enforcement …
Date: February 18, 2010
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
International Taxation: Large U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions (open access)

International Taxation: Large U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions

A letter report issued by the Government Accountability Office with an abstract that begins "Many U.S. corporations operate globally and have foreign subsidiaries. The subsidiaries may be created, for example, to take advantage of sales opportunities or favorable labor conditions. In some cases they may be used to reduce taxes. GAO was asked to update its 2004 report on large federal contractors with subsidiaries in countries sometimes called tax havens because of low taxes and a general lack of transparency. In response, GAO determined how many of the 100 largest publicly traded U.S. corporations and the 100 largest publicly traded U.S. federal contractors have subsidiaries in jurisdictions listed as tax havens or financial privacy jurisdictions. GAO (1) combined three lists of such jurisdictions created by governmental, international, and academic sources and (2) identified large publicly traded U.S. corporations and federal contractors and the locations of their subsidiaries using the Fortune 500 list, a federal contracting Web site, and a Securities and Exchange Commission (SEC) database."
Date: December 18, 2008
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Financial Audit: Federal Deposit Insurance Corporation Funds' 2010 and 2009 Financial Statements (open access)

Financial Audit: Federal Deposit Insurance Corporation Funds' 2010 and 2009 Financial Statements

A letter report issued by the Government Accountability Office with an abstract that begins "Created in 1933 to insure bank deposits and promote sound banking practices, the Federal Deposit Insurance Corporation (FDIC) plays an important role in maintaining public confidence in the nation's financial system. FDIC administers the Deposit Insurance Fund (DIF), which protects bank and savings deposits, and the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF), which was created to close out the business of the former FSLIC. Section 17 of the Federal Deposit Insurance Act, as amended, requires GAO to annually audit the financial statements of the DIF and the FRF. GAO is responsible for obtaining reasonable assurance about whether FDIC's financial statements for the DIF and the FRF are presented fairly in all material respects, in conformity with U.S. generally accepted accounting principles, and whether FDIC maintained effective internal control over financial reporting, and for testing FDIC's compliance with selected laws and regulations."
Date: March 18, 2011
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Stand-Down of Los Alamos National Laboratory: Total Costs Uncertain; Almost All Mission-Critical Programs Were Affected but Have Recovered (open access)

Stand-Down of Los Alamos National Laboratory: Total Costs Uncertain; Almost All Mission-Critical Programs Were Affected but Have Recovered

A letter report issued by the Government Accountability Office with an abstract that begins "On July 16, 2004, the director of the Los Alamos National Laboratory (LANL) declared a suspension, or stand-down, of laboratory operations to address safety and security concerns. LANL is one of three laboratories that conduct nuclear weapons research for the National Nuclear Security Administration (NNSA) within the Department of Energy (DOE). In deciding to stand down operations, LANL's director consulted with senior officials from NNSA and the University of California, the management and operating contractor for the laboratory. GAO was asked to assess (1) the extent to which LANL's and NNSA's estimates capture the total cost of the stand-down, (2) the effect of the stand-down on LANL's major research programs, and (3) whether there was a reasonable basis for NNSA's decisions regarding the reimbursement of stand-down costs to the University of California."
Date: November 18, 2005
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
DOD Business Transformation: Defense Travel System Continues to Face Implementation Challenges (open access)

DOD Business Transformation: Defense Travel System Continues to Face Implementation Challenges

A letter report issued by the Government Accountability Office with an abstract that begins "The Department of Defense (DOD) has been working to develop and implement a standard end-to-end travel system for the last 10 years. Over the past several years numerous GAO reports and testimonies have highlighted problems with DOD's travel practices that resulted in wasteful spending of millions of dollars. In response, the department has noted that the Defense Travel System (DTS), in part, will help correct these problems. Because of the widespread congressional interest in DTS, GAO initiated the audit under the statutory authority of the Comptroller General of the United States. The objectives of the audit were to (1) determine if DOD effectively tested key DTS functionality, (2) ascertain if DTS will correct the weaknesses previously identified, (3) identify the challenges that remain, and (4) identify opportunities to streamline DOD's travel process."
Date: January 18, 2006
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Financial Regulators: Agencies Have Implemented Key Performance Management Practices, but Opportunities for Improvement Exist (open access)

Financial Regulators: Agencies Have Implemented Key Performance Management Practices, but Opportunities for Improvement Exist

A letter report issued by the Government Accountability Office with an abstract that begins "Congress granted financial regulators flexibility to establish their own compensation systems and required certain agencies to seek to maintain comparability with each other in pay and benefits to help the agencies overcome impediments to recruiting and retaining employees and avoid competing for the same employees. In response to a request, this report reviews (1) how the performance-based pay systems of 10 financial regulators are aligned with six key practices for effective performance management systems, (2) the actions these agencies have taken to assess and implement comparability in pay and benefits, and (3) the extent to which employees in selected occupations have moved between or left any of the agencies. GAO analyzed agency guidance and policies, agency data on performance ratings and pay increases, agency pay and benefits surveys, data from the Central Personnel Data File, and interviewed agency officials."
Date: June 18, 2007
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Afghanistan Security: Further Congressional Action May Be Needed to Ensure Completion of a Detailed Plan to Develop and Sustain Capable Afghan National Security Forces (open access)

Afghanistan Security: Further Congressional Action May Be Needed to Ensure Completion of a Detailed Plan to Develop and Sustain Capable Afghan National Security Forces

A letter report issued by the Government Accountability Office with an abstract that begins "Since 2002, the United States has worked to develop the Afghan National Security Forces (ANSF). The Department of Defense (Defense), through its Combined Security Transition Command-Afghanistan (CSTC-A), directs U.S. efforts to develop the Afghan National Army (ANA) and, in conjunction with the Department of State (State), the Afghan National Police (ANP). To follow up on recommendations from GAO's 2005 report on the ANSF, GAO analyzed the extent to which U.S. plans for the ANSF contain criteria we recommended. GAO also examined progress made and challenges faced in developing the ANA and ANP. To address these objectives, GAO reviewed Defense, State, and contractor documents and met with cognizant officials. GAO has prepared this report under the Comptroller General's authority to conduct evaluations on his own initiative."
Date: June 18, 2008
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Tax Compliance: Better Compliance Data and Long-term Goals Would Support a More Strategic IRS Approach to Reducing the Tax Gap (open access)

Tax Compliance: Better Compliance Data and Long-term Goals Would Support a More Strategic IRS Approach to Reducing the Tax Gap

A letter report issued by the Government Accountability Office with an abstract that begins "According to the Internal Revenue Service (IRS), a gap arises each year between what taxpayers pay accurately and on time in taxes and what they should pay under the law. The tax gap is composed of underreporting of tax liabilities on tax returns, underpaying of taxes due from filed returns, and nonfiling of required tax returns altogether or on time. GAO was asked to provide information on (1) the estimated amount that each major type of noncompliance contributed to the 2001 tax gap and IRS's views on the certainty of its tax gap estimates, (2) reasons why noncompliance occurs, and (3) IRS's approach to reducing the tax gap and whether the approach incorporates established results-oriented planning principles."
Date: July 18, 2005
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Bilingual Voting Assistance: Selected Jurisdictions' Strategies for Identifying Needs and Providing Assistance (open access)

Bilingual Voting Assistance: Selected Jurisdictions' Strategies for Identifying Needs and Providing Assistance

A letter report issued by the Government Accountability Office with an abstract that begins "The Voting Rights Act of 1965, as amended, contains, among other things, provisions designed to protect the voting rights of U.S. citizens of certain ethnic groups whose command of the English language may be limited. The Department of Justice (DOJ) enforces these provisions, and the Election Assistance Commission (EAC) serves as a national clearinghouse for election information and procedures. The Fannie Lou Hamer, Rosa Parks, and Coretta Scott King Voting Rights Act Reauthorization and Amendments Act of 2006 mandated that GAO study the implementation of bilingual voting under Section 203 of the act. This report discusses (1) the ways that selected jurisdictions covered under Section 203 of the Voting Rights Act have provided bilingual voting assistance as of the November 2006 general election and any subsequent elections through June 2007, and the challenges they reportedly faced in providing such assistance; and (2) the perceived usefulness of this bilingual voting assistance, and the extent to which the selected jurisdictions evaluated the usefulness of such assistance to language minority voters. To obtain details about this voting assistance, GAO obtained information from election officials in 14 of the 296 …
Date: January 18, 2008
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
International Trade: Customs' Revised Bonding Policy Reduces Risk of Uncollected Duties, but Concerns about Uneven Implementation and Effects Remain (open access)

International Trade: Customs' Revised Bonding Policy Reduces Risk of Uncollected Duties, but Concerns about Uneven Implementation and Effects Remain

A letter report issued by the Government Accountability Office with an abstract that begins "Since 2003, the Department of Homeland Security's U.S. Customs and Border Protection (CBP) has been unable to collect at least $480 million in antidumping (AD) and countervailing (CV) duties. In July 2004, CBP revised its policy regarding the continuous bonds (CB) that importers post. The policy potentially significantly increases the amount of the bonds for affected importers. Following the application of the policy to imports of shrimp as a "test case," U.S. importers and trading partners initiated legal action to prevent CBP from continuing to apply the policy. GAO examined why and how CBP revised its CB policy, how CBP implemented the revised policy, and the effects of the revised policy."
Date: October 18, 2006
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Low-Income Home Energy Assistance Program: Greater Fraud Prevention Controls Are Needed (open access)

Low-Income Home Energy Assistance Program: Greater Fraud Prevention Controls Are Needed

A letter report issued by the Government Accountability Office with an abstract that begins "Federally funded at about $5 billion a year, the Low-Income Home Energy Assistance Program (LIHEAP) provides financial assistance to low-income households for heating and cooling costs. The Department of Health and Human Services (HHS) awards LIHEAP funds based on low-income populations and other factors. Grantees--states, the District of Columbia, territories, and Indian tribes and tribal organizations--then provide energy assistance payments to low-income households. GAO was asked to audit (1) the risk of fraud and abuse in LIHEAP in selected states; (2) case studies of fraudulent, improper, and abusive LIHEAP activity; and (3) key weaknesses in the design of LIHEAP's internal controls framework. To meet these objectives, GAO analyzed LIHEAP data from seven states for fraud indicators, interviewed federal and state officials, performed investigations, and conducted proactive testing in two states using a bogus company, individuals, addresses, and documents. The seven states were primarily selected based on size of LIHEAP grant and availability of centralized database."
Date: June 18, 2010
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Dietary Supplements: FDA May Have Opportunities to Expand Its Use of Reported Health Problems to Oversee Products (open access)

Dietary Supplements: FDA May Have Opportunities to Expand Its Use of Reported Health Problems to Oversee Products

A letter report issued by the Government Accountability Office with an abstract that begins "From 2008 through 2011, the Department of Health and Human Services' Food and Drug Administration (FDA) received 6,307 reports of health problems--adverse event reports (AER)--for dietary supplements; 71 percent came from industry as serious adverse events as required by law, and most of these AERs were linked with supplements containing a combination of ingredients, such as vitamins and minerals or were otherwise not classified within FDA's product categories. However, FDA may not be receiving information on all adverse events because consumers and others may not be voluntarily reporting these events to FDA, although they may be contacting poison centers about some of these events. From 2008 to 2010, these centers received over 1,000 more reports of adverse events linked to dietary supplements than did FDA for the same period. FDA officials said that they are interested in determining whether the poison center data could be useful for their analysis and have held discussions with American Association of Poison Control Centers representatives, but cost is a factor."
Date: March 18, 2013
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Proliferation Control Regimes: Background and Status (open access)

Proliferation Control Regimes: Background and Status

This report provides background and current status information on multilateral regimes established to restrict trade in nuclear, chemical, and biological weapons and missile technologies, and to monitor their civil applications. Congress may consider the efficacy of these regimes in considering the potential renewal of the Export Administration Act, as well as other proliferation-specific legislation in the 111th Congress.
Date: October 18, 2010
Creator: Nikitin, Mary Beth; Kerr, Paul K. & Hildreth, Steven A.
Object Type: Report
System: The UNT Digital Library
Electronic Records Archives: The National Archives and Records Administration's Fiscal Year 2006 Expenditure Plan (open access)

Electronic Records Archives: The National Archives and Records Administration's Fiscal Year 2006 Expenditure Plan

A letter report issued by the Government Accountability Office with an abstract that begins "Since 2001, the National Archives and Records Administration (NARA) has been working to acquire the Electronic Records Archives (ERA) system, which is intended to address critical issues in the creation, management, and use of federal electronic records. As required by law, the agency submitted its fiscal year 2006 expenditure plan to the congressional appropriations committees, seeking the release of about $22 million for the development of the system. GAO's objectives in reviewing the expenditure plan were to (1) determine the extent to which the expenditure plan satisfied the legislative conditions specified in the appropriations act; (2) determine the extent to which NARA has implemented GAO's prior recommendations; and (3) provide any other observations about the expenditure plan and the ERA acquisition. We reviewed the expenditure plan and analyzed it against the legislative conditions and assessed NARA's progress in addressing prior recommendations."
Date: August 18, 2006
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Income Security: The Effect of the 2007-2009 Recession on Older Adults (open access)

Income Security: The Effect of the 2007-2009 Recession on Older Adults

A publication issued by the Government Accountability Office with an abstract that begins "This testimony discusses the effects of the recent recession on older adults. While the recession officially ended in June 2009, our economy has experienced a weak recovery, with unemployment still above 9 percent. Older adults--particularly those close to or in retirement--may not have the same opportunities as younger adults to recover from the recession's effects. For example, older adults--generally those 55 and older--may have insufficient time to rebuild their depleted retirement savings due to sharp declines in financial markets and home equity, and increased medical costs. Further, while older workers are less likely to be unemployed than workers in younger age groups, when older workers lose a job they are less likely to find other employment. These changes have intensified older adults' concerns about having sufficient savings now and adequate income throughout retirement. Social Security forms the foundation of income for nearly all retiree households, providing 36 percent of aggregate income for households with a member aged 65 and older; however, it provides a much greater portion of income for low and middle income households. Pensions and assets together provide 31 percent of aggregate income. However, many …
Date: October 18, 2011
Creator: United States. Government Accountability Office.
Object Type: Text
System: The UNT Digital Library