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The poverty rate among older Americans could be nearly twice as high as the traditional 10% level, according to a revision of a half-century-old formula for calculating medical costs and geographic variations in the cost of living.
The National Academy of Science's formula, which is gaining credibility with public officials including some in the Obama administration, would put the poverty rate for Americans 65 and over at 18.6%, or 6.8 million people, compared with 9.7%, or 3.6 million people, under the existing measure. The original government formula, created in 1955, doesn't take account of rising costs of medical care and other factors.
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