Senator Klobuchar Calls for Congressional Hearing on Growing Cost of Caring for Elderly Parents; Help available for Families to Cope and Businesses to

Press Release

Senator Klobuchar Calls for Congressional Hearing on Growing Cost of Caring for Elderly Parents; Help available for Families to Cope and Businesses to Compete

U.S. Senator Amy Klobuchar, a member of the Joint Economic Committee (JEC), announced today that she will hold a JEC hearing to examine the economic impact of elder care on Wednesday, May 16, 2007. She will chair the hearing which will specifically address the challenges adult children face in providing for their aging parents, how this care impacts the broader economy and what businesses - such as General Mills in Minnesota - are doing to help their employees navigate through this complicated process.

"We've heard a lot about 'working moms and dads' who have to balance the responsibilities of holding down a job and taking care of kids. Now we're hearing more about 'working daughters and sons,' who have to balance the responsibilities of a job and taking care of an aging parent," said Klobuchar. "As 77 million baby boomers approach retirement, more families will be caring for elderly relatives and more families will need help with the costs of that care."

Seventy percent of Americans between the ages of 45 and 55 have at least one living parent and adult children account for over half of the most common elder care providers. Many report taking time out of the workforce, cutting back hours, and losing or turning down opportunities for training and promotion because of their care giving responsibilities - they also spend about $200 per month out-of-pocket for groceries, services and other expenses. U.S. employers lose between $11 billion and $29 billion a year in costs for lost productivity and employee time because of care giving obligations.

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