Some other high-income countries have government programs to pay for long-term care. Not surprisingly, they spend a substantially greater share of GDP on long-term than does the U.S. In any event, the long-term U.S. budget picture is grim enough that adding another entitlement for the elderly isn’t likely.
As usual, he has useful links, primarily a CBO study.
I have a vision of the year 2025 in which the difference between the rich and everyone else is that the rich can afford to send their children to private schools, pay full fare for the children’s college education, and pay for their own parents’ long-term care. Everyone else will depend on public schools, community colleges and scholarships, and government-provided nursing homes. Otherwise, the lifestyles of the rich and the non-rich will look pretty similar.
Do you view the disparity between the rich and poor institutions to be lesser or greater than they are now? The general tenor of econ-blogs that discuss education is that we’re in the beginning of a major disruption that will reduce prices, increase competition, increase access and improve quality. While the downsides would mostly be born by the teachers who in previous generations would have had tenured jobs, but instead work more like private tutors.
Sounds like the lifestyles of the rich without children and with dead parents will be very different.