Word: carefuls
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...nursing home in the U.S. She was shaken by the experience and later told me, "You know, in China, it's a great shame to put a parent into a nursing home." In China the social contract has been straightforward for centuries: parents raise children; then the children care for the parents as they reach their dotage. When, for example, real estate developer Jiang Xiao Li and his wife recently bought a new, larger apartment in Shanghai, they did so in part because they know that in a few years, his parents will move in with them. Jiang's parents...
...degree, of course, three generations living under one roof has long happened in the U.S., but in the 20th century, America became a particularly mobile and rootless society. It is hard to care for one's parents when they live three time zones away...
...Home care for the elderly will most likely make a comeback in the U.S. out of sheer economic necessity, however. The number of elderly Americans will soar from 38.6 million in 2007 to 71.5 million in 2030. But, says Arnold Eppel, who recently retired as head of the department of aging in Baltimore County, Maryland, "There won't be enough spots for them" in the country's overwhelmed nursing-home system. Appreciating the magnitude of the coming crisis, the U.S. government has begun to respond. Two new initiatives - Nursing Home Diversion and Money Follows the Person - expand subsidies for home...
...China, senior-care costs are, for the most part, borne by families. For millions of poor Chinese, that's a burden as well as a responsibility, and it unquestionably skews both spending and saving patterns in ways that China needs to change (see Save More, below). For middle-class and rich Chinese, those costs are a more manageable responsibility but one that nonetheless ripples through their economic decision-making. Still, there are benefits that balance the financial hardship: grandparents tutor young children while Mom and Dad work; they acculturate the youngest generation to the values of family and nation; they...
...China, the household-savings rate exceeds 20%. It is partly for straightforward policy reasons. As we've seen, wage earners are expected to care for not only their children but also their aging parents. And there is, to date, only the flimsiest of publicly funded health care and pension systems, which increases incentives for individuals to save while they are working. But China, like many other East Asian countries, is a society that has esteemed personal financial prudence for centuries. There is no chance that will change anytime soon, even if the government creates a better social safety...