Seniors and the Economy

Wonderful news from USA Today! “Despite Recession, Seniors See Income Gains” beams a September 17 article.
Well isn’t that great? At least someone’s getting something out of this mess. Or maybe not so much. Turns out, seniors’ income has increased by a $250 government contribution. If $250 is enough to make a difference, percentage-wise, it must be that the older folks are not starting out with much to begin with. The article goes on to say that seniors’ income improved more than that of people age 15-24. However, they forgot to mention that this only reflects that in the big picture this younger group is doing worse than the seniors, not that the seniors are doing better.

Financial depression spreads among seniors. Regarding people aged 55 and over:
“The unemployment rate for this age group actually reached 7.1 percent in May, the highest it’s been since the late 1940s,” writes A. Barry Rand, chief executive officer of the AARP in his September “Bulletin.” That’s more than double the 2005 rate of 3 percent.
People are being laid off because they are old, and the Supreme Court has ruled that unless a person can prove that their age was the sole reason for ther dismissal, they have no claim for discrimination.
Unemployment for teens is even higher than for seniors.
The Washington Post, Frank Ahrens said unemployment among black teens hit nearly 50 per cent last November–.html
Work until you’re dead? May be the only option. Companies are eliminating retirement plans for their employees.
Only 11% of the private sector population is covered by a regular pension.

In summary, the oldest and youngest segment of the working population are the highest hit by unemployment. If you are old and your boss lays you off for it, it’s fair game. You have no pension fund and may have to work till you die, but you won’t likely be able to find a job if you try. Nonetheless, if the government throws a $250 bone at you, a positive spin can still be achieved. Tell that to the 75-year-old guy at the soup kitchen.


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