Greenspan foresees Medicare cuts, reduced labor force

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The long-term care industry should expect Medicare cuts, a growing elderly population and an insufficient long-term care labor force in coming years. That is according to Alan Greenspan, former chairman of the Federal Reserve, who spoke Thursday at the NIC annual conference in Washington.

Medicare cuts loom, said Greenspan, who was a keynote speaker of the event, along with former House Speaker Newt Gingrich. The retired population also will double in the next 25 years, he noted.

Greenspan predicted that there would be insufficient labor available to care for the elderly, especially as the baby boom generation requires more services. "We don't have the physical resources," he said.