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Sun Feb 3, 2013, 01:57 PM

New York Times: In Hard Economy for All Ages, Older Isnít Better ... Itís Brutal

Young graduates are in debt, out of work and on their parentsí couches. People in their 30s and 40s canít afford to buy homes or have children. Retirees are earning near-zero interest on their savings.

In the current listless economy, every generation has a claim to having been most injured. But the Labor Departmentís latest jobs snapshot and other recent data reports present a strong case for crowning baby boomers as the greatest victims of the recession and its grim aftermath.

These Americans in their 50s and early 60s ó those near retirement age who do not yet have access to Medicare and Social Security ó have lost the most earnings power of any age group, with their household incomes 10 percent below what they made when the recovery began three years ago, according to Sentier Research, a data analysis company.

Their retirement savings and home values fell sharply at the worst possible time: just before they needed to cash out. They are supporting both aged parents and unemployed young-adult children, earning them the inauspicious nickname ďGeneration Squeeze.Ē

http://www.nytimes.com/2013/02/03/business/americans-closest-to-retirement-were-hardest-hit-by-recession.html?pagewanted=1&_r=0




This canít be happening because we are protected by the EEOC. The Age Discrimination in Employment Act of 1967 (ADEA) protects certain applicants and employees 40 years of age and older from discrimination on the basis of age in hiring, promotion, discharge, compensation, or terms, conditions or privileges of employment. The ADEA is enforced by the Equal Employment Opportunity Commission (EEOC).

Where the hell is the enforcement?

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Reply New York Times: In Hard Economy for All Ages, Older Isnít Better ... Itís Brutal (Original post)
avaistheone1 Feb 2013 OP
enlightenment Feb 2013 #1
avaistheone1 Feb 2013 #3
CountAllVotes Feb 2013 #2
coalition_unwilling Feb 2013 #4
avaistheone1 Feb 2013 #8
dixiegrrrrl Feb 2013 #11
coalition_unwilling Feb 2013 #12
CountAllVotes Feb 2013 #13
dixiegrrrrl Feb 2013 #14
CountAllVotes Feb 2013 #23
Art_from_Ark Feb 2013 #15
Eleanors38 Feb 2013 #18
llmart Feb 2013 #22
Eleanors38 Feb 2013 #24
Egalitarian Thug Feb 2013 #5
avaistheone1 Feb 2013 #9
Egalitarian Thug Feb 2013 #10
Eleanors38 Feb 2013 #19
Octafish Feb 2013 #6
Art_from_Ark Feb 2013 #16
Warren Stupidity Feb 2013 #7
KoKo Feb 2013 #17
WillyT Feb 2013 #20
llmart Feb 2013 #21
shanti Feb 2013 #25

Response to avaistheone1 (Original post)

Sun Feb 3, 2013, 02:07 PM

1. Enforcement?

Hell. A few years ago I had multiple interviews with state agencies - in two of them, the interviewer pretty much came out and told me I was too old. One actually said (in response to my rather goggle-eyed "I can't believe you said that"), "prove I said it."

And smiled.

If the government agencies know they can blithely practice age discrimination then the private companies must know they're home free.

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Response to enlightenment (Reply #1)

Sun Feb 3, 2013, 02:20 PM

3. I am sorry to hear that. Wow! That is really brazen on that state's part.

The behavior you described falls in line with the EEOC's strategy for 2013-2016 where they will back off on enforcement.


Can we back off from paying them since they are not doing their jobs?

No wonder the private sector feels they have carte blanche to discriminate against older applicants and employees.


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Response to avaistheone1 (Original post)

Sun Feb 3, 2013, 02:07 PM

2. John Lennon - Nobody Loves You When You're Down And Out



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Response to avaistheone1 (Original post)

Sun Feb 3, 2013, 02:22 PM

4. This is the result of an economic system that views labor as simply

 

another commodity.

I'm fortunate that I have my retirement savings to fall back on, as California and the Feds have pretty much demonstrated to me that I am completely and utterly disposable.

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Response to coalition_unwilling (Reply #4)

Sun Feb 3, 2013, 03:28 PM

8. I didn't think it would get so bad.

The message we are given is that older workers are a commodity and corporations are people!

I'm in California too. You would think there would be a more evolved or at least a more compassionate way of doing business here, but there isn't.

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Response to coalition_unwilling (Reply #4)

Sun Feb 3, 2013, 07:04 PM

11. Not only are YOU disposable, so is your retirement fund.

As if reaching our "golden Years" is not bad enough, millions of soon to be retirees will realize their pensions and retirement funds are empty, due to the crooked finagling of the economic thieves.

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Response to dixiegrrrrl (Reply #11)

Sun Feb 3, 2013, 11:42 PM

12. I read a financial self-help book once that passed along some very sage advice, I think. The

 

book strongly urged its reades to maintain constant vigilance over their financial assets to avoid exactly the 'crooked finagling' you mention. Of course, hearing advice and actually taking it are two entirely different matters, but I try to spend a little time each day with my portfolio to make sure that I am managing it properly and not getting set up for cruel disappointment.

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Response to dixiegrrrrl (Reply #11)

Mon Feb 4, 2013, 05:23 PM

13. Very true

A crook is a crook until he is caught ... as TR used to say.

However, sometimes the crook is not "caught" (i.e. Bernie Madoff) until many have been bilked out of their life savings; often greed-oriented people chasing that dollar sign in the sky that isn't really there and never was there to begin with except for that same old 1% who never seem to "lose" a damned thing I've noticed.







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Response to CountAllVotes (Reply #13)

Mon Feb 4, 2013, 07:42 PM

14. Bernanke is the one responsible for blowing the pension funds:

The effect of Quantiative Easing ( low interest rates) on retirement accounts:

"The problem with this impact is that it doesn't disappear when QE ends. It's cumulative and permanent.
This is the nature of all compound functions and is why it's so destructive across the board to implement so-called "emergency" policies -- but nowhere is the impact going to be worse from a financial markets perspective than in companies who are now stuck with the pension impacts.

What's worse is that when these plans fail to be able to deliver in a decade or so the impact is going to come right up the chute of those around 50ish now, at the same time their earnings have been destroyed on their retirement funds.

Between now-retired people who have had their portfolio returns in fixed income destroyed over the last few years you can now add everyone who is in the "pre-retirement" mode, specifically those around 10-15 years from retirement. Those are the people who were made promises in pension funds that are not going to be kept because of the impossible-to-recover impact of 5+ years of "crisis" interet rates and repression.

In short what has happened is that the 50+ population segment has had its money stolen in The Fed's "monetary experiment" -- and few if any of them understand what has been done to them.

They will, however, when they're eating catfood -- and that day is coming much sooner than anyone would think."


http://market-ticker.org/akcs-www?post=217073

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Response to dixiegrrrrl (Reply #14)

Tue Feb 5, 2013, 12:42 AM

23. Bernanke should be replaced

Last edited Tue Feb 5, 2013, 03:35 AM - Edit history (1)

He should have been shown the door with the rest of the criminals!

IS WRONG WITH YOU PRES. OBAMA!?

It is this generation that has worked their butts off slaving to the likes of people like him. I should know having been one of the surfs that had to cater to these selfish freaks that are all happily long retired and living the high life in a mansion somewhere.

Now is their time for MY GENERATION to stop the working and retire but according to Big Ben, we can't have that can we? First, they must steal all they can get from people like myself, a woman that made not much and put up with a hell of a lot of crap. I was at it full-time from the age of 19 years and that is no lie. I put myself through college on my own as my WWII parents did not believe in "that college crap". I was expected to get a job ASAP and move OUT of the house and NOT be a burden any longer on my rather unforgiving parents and their household. And, so I did as they wished, I moved out at the age of 17.

I suppose the Boomers should just STFU and DIE!

For some reason, I rather doubt this will happen as we are still around, still politically active, we tend to be fairly well educated and many of us did it on our own without any help or loans at all (it is hard to get any help to go to college when you've been working full-time for years as I did). So, you did it on your own and hopefully you succeeded if you were lucky. Damn lucky.

As for IRAs and the like, the Reagun invention to bilk the poor to an even lower level in life, well that was his goal and it seems he accomplished it. Those IRAs that were supposed to pay you 10% interest a year if you dutifully contributed to them over the years are a damn joke and that "guarantee" (lie) never happened either no matter how much you tried to save and then came the idea of investing in the stock market which they can shove up their butts as far as I'm concerned as it can't keep going up and up and up forever. Time shall tell.

!!

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Response to coalition_unwilling (Reply #4)

Mon Feb 4, 2013, 08:18 PM

15. For some reason, that reminds me of a scene from the original "Alien" movie

where a message pops up on the computer screen: "Crew are expendable"

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Response to coalition_unwilling (Reply #4)

Mon Feb 4, 2013, 08:49 PM

18. My "retirement" is an IRA. To avoid eating into it, I've had to take SS much earlier...

than I wanted to. To do otherwise would mean eating into the IRA just to get a little more incremental payments at an older age. Ain't no one hiring, and they make no bones about why. What's sad for younger folks is they will face an even earlier "unemployable" age than I have (now 64), and have virtually NO UNION-TYPE BENEFITS to fall back on (like predictable work schedules, benefits & job security.

I have seen the future!!







it is temporary. and part-time.

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Response to Eleanors38 (Reply #18)

Mon Feb 4, 2013, 09:42 PM

22. You forgot to add....

"if you're lucky" at the end of your message.

We keep hearing about how older workers are so much more reliable, conscientious, hard working, etc. yet it's still difficult to get a job when you're older.

And yes, the group that is hit the hardest are those in my age group - early '60's. Not eligible for Medicare so we have to dip into our savings, if we even have any, to pay for exorbitant health insurance premiums until we get to 65. Then we can't even think about going to a doctor unless we're on our deathbed because in order to afford the health insurance, we have to get a high deductible. Then we have to take our Social Security early because, well, we do occasionally have to eat and buy groceries.

It's a heck of a place to find yourself in after working hard all your life, doing everything we were told to do.

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Response to llmart (Reply #22)

Tue Feb 5, 2013, 10:25 AM

24. Even 22yrs. Ago I saw the writing on the wall re employment...

and bought my house outright, leaving me with little except my IRA. Haven't been to a Doc during that time, drive a beater, used clothes, deer hunting, no trips except for family. Crappy situation, and see contemporaries worse off.

But the prop taxes are still high!

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Response to avaistheone1 (Original post)

Sun Feb 3, 2013, 02:30 PM

5. There hasn't been any enforcement of these laws for generations now. Robert Reich's DOL

 

was refusing to make any cases back in the 90s and I'm sure it has only become worse since then.

"Overqualified" is my favorite code word.

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Response to Egalitarian Thug (Reply #5)

Sun Feb 3, 2013, 04:02 PM

9. Wasn't the economy booming, lifting all boats including those of

older workers, for most of Robert Reich's reign?

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Response to avaistheone1 (Reply #9)

Sun Feb 3, 2013, 04:19 PM

10. That was the story. Like most things we are lead to believe it was only partly true.

 

I am only aware of this because I was involved as an advocate for a group of workers that were blatantly fired for attempting to organize themselves. The corporation didn't even bother to hide the fact that they were fired for it and NLRB just flat-out refused to enforce the law. We even appealed directly to Mr. Reich's office and were told, in governmentalese of course, "they're a big corporation, you're just a couple dozen nobodies, we're not going to bother".

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Response to Egalitarian Thug (Reply #5)

Mon Feb 4, 2013, 08:51 PM

19. I heard that upon finishing grad school; I heard that when I was 55.

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Response to avaistheone1 (Original post)

Sun Feb 3, 2013, 02:35 PM

6. As long as Goldman Sachs and AIG get their bonuses, all is well and right.

Last edited Sun Feb 3, 2013, 03:54 PM - Edit history (3)

We are so screwed. It's getting obvious when NYT notices.

We vote Democratic, in order to do something about all the problems ignored by the warmongers and greedheads, yet the best we can expect is austerity.

What was that thing called? The New Veal? Beal? Zeal?...

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Response to Octafish (Reply #6)

Mon Feb 4, 2013, 08:20 PM

16. The New Steal?

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Response to avaistheone1 (Original post)

Sun Feb 3, 2013, 03:04 PM

7. Which is why SS and Medicare age limits need to be raised.

In plutocracy world.

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Response to avaistheone1 (Original post)

Mon Feb 4, 2013, 08:42 PM

17. Definitely a good read...along with a sad read.... n/t

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Response to avaistheone1 (Original post)

Mon Feb 4, 2013, 08:51 PM

20. K & R !!!


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Response to avaistheone1 (Original post)

Mon Feb 4, 2013, 09:34 PM

21. The EEOC....

was gutted when Reagan came into office.

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Response to avaistheone1 (Original post)

Tue Feb 5, 2013, 12:29 PM

25. and the boomers

are shafted yet again...

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