At no other time in American history has our economic infrastructure simultaneously crumbled in so many major financial arenas.
- The main contributors are Wall Street, mortgage lending, banking, unprecedented billion dollar Ponzi schemes, losses in oil and gas revenues, the demise of auto manufacturing, and outsourcing of jobs.
- The trickle down effect wiped out $3 trillion in retirement funds in just 14 months.
- Life savings, retirements, home loses, and declines in real estate forced older workers back into an already hostile job market. Deborah Russell, who studies work force issues for AARP said, “In a time of recession, older workers are going to be the hardest hit”. The group maintains age discrimination is alive and well, despite the gains of the last several years.
- 75 percent of the wealth in the nation’s retirement accounts—IRAs and defined contribution plans were held by people age 50 and older.
- The Labor Department stated that as of November the unemployment rate for persons aged 55 and over rose to 7 percent, the highest since the late 1940s. That number does not include those, who out of desperation, accepted part-time jobs, or can no longer qualify for unemployment benefits, or have finally given up looking for a job. To make matters worse, in many instances, the expected work cycle for this group has been shortened five to seven years.
- Of the 72 million family households in the U.S, 34 million of them are “Baby Boomer” households.
- In addition, couples in our society have chosen to have children later in life.
- Loss of income due to long term unemployment will seriously affect families with high school/college age children often depriving these young adults of college tuitions.
- Should these Baby Boomers remain unemployed, their young adult offspring (referred to as the “Sandwich Generation”) will become the family’s primary bread winners, and lifestyles as we know them will change dramatically. Soon, two or three generations will be living under the same roof.
This recession is a wake up call! Our time has come to speak out against unscrupulous business practices aimed at eliminating older workers. We must become a powerful voice for employment reform. We must take action now!
You should have mentioned the Insurance Industry and their Actuaries greed for the change in retirements fundings that have undercut a great portion of our society. This was done with the knowledge that those who it would affect immediately would soon be dead; and so it has come to pass.
I am a very unofficial representative from a group of unemployed baby boomers who are putting together a group similar to yours. You have a wonderful website, a strong message, and are eager to join forces with you all. We are currently busy organizing our site and deciding on our future actions, which will at least include lobbying congress.
There are quite a number of legislative bills out there trying to address our plight/situation which are very constructive, however 1) none of which (in my personal opinion) go far enough, and 2) pro-business republicans will insist on killing them anyway. This should not deter us; we need to take the opportunity of this moment to “raise awareness” (raise hell is more to my liking) with the public so that the 2012 elections will bring us a friendlier, democratic congress. If you wish to read my blog it is on Daily Kos under 50 X, and my group will be in further contact with Gray Matters in a month or 2.
Always remember, our age group ended the Vietnam war and put men on the moon: we can address this challenge too. 50 X
Good summary & right on!!!
Who ever wrote this, you know how to make the point-even though discouraging- Is there ever going to be a solution?? Barb
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Thank you so much!