Vested Interest - Trends - June 2000 Issue

Medical Costs a Leading Cause

of Bankruptcy Research from eight federal circuits, including Illinois, reveals that catastrophic injury or illness is one of the leading causes of bankruptcy. According to a report in the Washington Post, women and senior citizens who file for bankruptcy are most likely driven by the high medical costs associated with recovering from an illness or injury. An earlier report by the same author, Harvard law professor Elizabeth Warren, found that single women are more likely than men or married couples to file for bankruptcy. (AP, April 25, 2000)

Consumers Losing their Taste

for Genetically Engineered Foods A survey conducted by Research International USA for the Food Marketing Institute found that a majority of Americans would buy genetically engineered foods, but in smaller numbers than just four years ago. The poll specifically asked about foods modified for benign purposes, and did not ask about concerns about possible side effects of genetic modifications. Nonetheless, the survey found that 63% would buy produce engineered to resist insect damage, down from 77%, and that 54% would buy food modified to taste better or stay fresh longer, down from 58%. (AP, May 8, 2000)

Home Modifications

A Concern for Senior Citizens An American Association of Retired Persons poll of people over age 45 measured concerns about living conditions as they grow older. Over 4 out of 5 (82%) would rather stay in their homes than move to a smaller home or a retirement community as they grow older. But one in four (25%) fear that they or someone else in the household will need to move within five years. More than a third (37%) said they could not afford to make the types of improvements needed to adapt their existing home to their changing needs. The survey also predicts that 1.7 million people will injure themselves falling in their homes in the coming year. (CNN, May 1, 2000)

Low Income Families Losing Health Insurance

A survey of 30,000 American families found that many working poor cannot afford health insurance even though they are employed. The survey by the Center on Budget and Policy Priorities and funded by the Robert Wood Johnson Foundation found that families who are coming off welfare lose their eligibility for federal insurance when they take a job, but the jobs they take often do not provide insurance, or require unaffordably high co-payments. Consequently, the share of children with private insurance fell from 47% in 1997 to 42% in 1999. (AP, April 25, 2000)