Mon Feb 4, 2013, 11:58 AM
groovedaddy (6,170 posts)
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
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Response to groovedaddy (Original post)
Mon Feb 4, 2013, 02:05 PM
Doctor_J (31,793 posts)
1. What would help a lot, I think
is long prison sentences and/or execution for banksters, hedge fund managers, slimy CEOs like Papa John and Blankenship, and all of the Big Media whores who have catapulted their propaganda for 20 years. This would not only prompt a paradigm shift among the 1% and how they view and treat the proletariat, but it would feel good - give us some evidence that white collar crime can be punished just like street crime. I would bet that the people of Iceland got a collective mood boost when their banksters were sent to prison.