Recession was likely a killer for some boomers

  • Article by: CATHERINE RAMPELL , New York Times
  • Updated: February 2, 2013 - 8:17 PM

They lost most earning power; some face shorter life expectancy.

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gwbuddyFeb. 3, 13 3:44 AM

This article revealed the "Real Life" effects of the economic recession. Many other aticles just seem to "Spin The Numbers" any which way necessary to make things "Look Good". Well, times are tough for those of us who experienced: Layoffs, Unemployment, Finding Another Job At Less Pay, etc. Fewer people working, and/or, earning LESS also means LESS in Tax Collections for both the Federal, and State, Governments. Everyone suffers. It would be nice if our "Trusty" Congressional Representatives passed some legislation to bring jobs BACK to the U.S. from: China, India, and other countries. Until that happens, I don't think that the U.S. economy will change much. There will continue to be a shortage of jobs. Governments will continue to run budget deficits. Social Security will face funding problems, etc. It all goes back to how FEWER people working only means MORE problems. For EVERYONE. Boomers, Retirees, Younger Generations, etc. It has been said that the last Recession ended in 2009. Maybe so, but the effects of that Recession are still "Present", and "Growing".

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dibblegonFeb. 3, 13 6:41 AM

They may also be less inclined, at least initially, to take jobs that pay far less than their old positions.------ kinda tells you a bit about the entitlement mentality that is rampant in society

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bzimmerma3Feb. 3, 13 8:29 AM

The laws of 'supply and demand' and 'survival of the fittest' are at work here. We all compete for scarce 'well paying jobs' and these jobs are more scarce than ever because we're now in an age of global commerce so any person on the planet with net similar skills and abilities can win the job. We need to buck-up and accept that new reality. We may just need to lower our standards/expectations and put forth more effort (possibly for the rest of out lives). It is not our governments responsibility to fix this and give everyone our cushy lives back. Whatever happened to personal responsibility and appreciating the simple things in life (and the non-monetary things that are of real importance)?

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pitythefoolsFeb. 3, 13 8:48 AM

This article is a clear background against which to view Paul Ryan and the Tea Party GOP, who want to raise the SS and Medicare retirement ages. Lose a job at 40 and you'll likely find another, eventually. Lose at job at 60 and you won't. You've paid into the system for 30-40 years and now they want to move the goal posts. That's just as mean spirited and evil as it gets. That is the GOP.

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jd55604Feb. 3, 13 9:00 AM

The abysmal unemployment rate for the under 30 demographic in this country makes the baby-boomer unemployment numbers look terrific. We are now witnessing a truly stunted generation who will be in their late 40s before they are able to obtain suitable employment opportunities, own a home, or are financially able to support a family.

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pitythefoolsFeb. 3, 13 9:01 AM

bzimmerma3: "We need to buck-up and accept that new reality."

Yes, the US is in a steady decline. Job stealing globalization, unfettered free markets, trickle up capitalism and corrupt democracy have all proven to do nothing but put the Country in a steady course to 2nd world status. The point of the article is that the young will have time to adjust for this inevitable decline. The old are already cared for by the safety nets, and no one is going to stop people already receiving retirement benefits from continuing to receive them. The boomers, however, don't have time to adjust. They may have lived a good life, but their golden years will be made of tin.

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pitythefoolsFeb. 3, 13 9:06 AM

bzimmerma3: "We need to buck-up and accept that new reality."

Yes, the US is in a steady decline. Job stealing globalization, unfettered free markets, trickle up capitalism and corrupt democracy have all proven to do nothing but put the Country in a steady course to 2nd world status. The point of the article is that the young will have time to adjust for this inevitable decline. The old are already cared for by the safety nets, and no one is going to stop people already receiving retirement benefits from continuing to receive them. The boomers, however, don't have time to adjust. They may have lived a good life, but their golden years will be made of tin.

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uno1950Feb. 3, 13 9:06 AM

Everyone's a victim. Crying about what used to be isn't going to solve anything.

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clnorthFeb. 3, 13 9:24 AM

There is nothing new in this article that hasn't happened to older workers for the 40 years. The only difference is this generation did not prepare for retirement. Spent every last dime they had and never saved.

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rms316Feb. 3, 13 9:47 AM

Now 59, I could write a book detailing my experiences. After a fairly successful career, 5 years ago, the company I worked for was bought out and myself and others were bounced out in a stable industry. I was told to train my replacement or I would not receive a generous severance. After about a year of subsequent interviews, I finally figured out that it wasn't anything but my age that kept me from getting hired. I'm not there yet but I've been working on lots of other things to get back. It can happen. You just need to work at it a lot harder than ever if you are able and get focused. Use your imagination and keep talking to people. But to the articles point, I lost a lot of income in the last 4-5 years.

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