Who is hit hardest in this recession?

Discussion in 'Current Events' started by DS, Apr 29, 2009.

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Who is affected most in this economic downturn?

  1. Gen Y 18-27 yrs

    10.0%
  2. Gen X 28-43

    0 vote(s)
    0.0%
  3. baby boomers 44-61

    75.0%
  4. silent Generation 61-76

    15.0%
  1. DS

    DS Fenderbender

    I think the baby boomers are hurting the most.
     
  2. dilligaf

    dilligaf IN VINO VERITAS

    I agree. My hubby is about 2 yrs away from retirement. This last year he has lost about half of his retirement and has little options in recouping the loss. I am guessing that there are many that are in the same position.
     
  3. Sammie

    Sammie Well-Known Member

    When I think of who I also think of what. What is not a necessity is being hit hard and that includes the people who produce those goods. Whatever the public funds has to be taking a hit, too, as in the arts.
     
  4. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Yeah Baby.
    My financial adviser and I met in Nov 2007 and he asked me if I was planning on retiring when I turned 55 (October 2009) because if I was, we needed to move into less risky investments. I said No, I was planning on retiring in March 2013. So we left it as it was.
    Fairly diversified but still down about 35%.
    2013 looking pretty good right now.
     
  5. rod

    rod retired and happy

    I believe the baby boomers age goes up to 63. My older brother was born in 1946 and he is 63. WWII was over in 1945
     
  6. JimJimmyJames

    JimJimmyJames Big Time Feeder Driver

    If the baby boomers are hurting the most they only have themselves to blame. You guys are running the show now.
     
  7. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    Read the small print:
    DS was talking about "As of Nov 2007".
     
  8. over9five

    over9five Moderator Staff Member

    Baby boomers close to retirement.
     
  9. rod

    rod retired and happy

    You think I have time to read the small print? Damn- I'm way too busy for that:happy2:
     
  10. toonertoo

    toonertoo Most Awesome Dog Staff Member

    I think the ones 63 and over, as you cant tell an older person who was told if they put in 30 yrs this is what you will get, so they do, then this happens and tell them sucks to be you, shoulds planned better. Like the UAW workers, Too old to plan ahead or get another job.
     
  11. jimstud

    jimstud Banned

    according to my center manager it is ups and he needs an extra 20 mins out of each driver. in other words he wants me as shop steward to ask my guys to run their breaks. not happening!!!!!
     
  12. UPS Lifer

    UPS Lifer Well-Known Member

    I agree that the Baby Boomers are hardest hit - On the average... we will not make up the investments that we lost.

    However, the younger generation may be paying for this bailout the rest of their life as well! News reports state that a every 20 year old will pay an additional $100,000 over their lifetime in taxes just to pay for the interest on the national debt. This does not count paying it off!

    It is a sad state we are in.
     
  13. moreluck

    moreluck golden ticket member

    The baby boomers may be hard hit, but they still have some earning power. The seniors have their portfolios shrunk by 66% and they have no future earning power.......greeters at Walmart make next to nothing.

    Srs. are screwed !!
     
  14. toonertoo

    toonertoo Most Awesome Dog Staff Member

    EXACTLY
     
  15. wkmac

    wkmac Well-Known Member

    For the moment I'd agree that More's point about Seniors seems the more accurate as boomers like myself can defer retirement if you will. However, on the longhaul, I think younger taxpayers will suffer the most as boomers first deplete Social Security and Medicare which will force younger taxpayers to most likely have to pay higher tax rates and then on top of that these same young taxpayers will be left the debt burden of what we've created over the last 30 plus years since Nixon killed Bretton Woods and we propped up the global dollar as reserve currency with oil rather than gold.

    I'd rather cut gov't now and take the hit myself (even pay higher tax if need be, it is our mess) along with my generation than for my kids to have to suffer the inflationary financial/debt burden of what could come in later years.

    jmo
     
  16. Sammie

    Sammie Well-Known Member

    This is from an article in the St. Petersburg Times Newspaper this past Sunday.

    The Business Section asked readers for ideas on "How Would You
    Fix the Economy?"

    I think this guy nailed it!

    > Dear Mr. President:
    > Please find below my suggestion for fixing America's economy.
    >
    > Instead of giving billions of dollars to companies who will only
    > squander the money on lavish parties and unearned bonuses, use the
    > following plan.
    >
    > You can call it the Patriotic Retirement Plan:
    >
    > There are about 40 million people over 50 in the work force.
    >
    > Pay them each a $1 million severance for early retirement with the following stipulations:
    >
    > 1) They MUST retire, which will bring about Forty million job openings >
    >
    > Unemployment fixed.
    >
    > 2) They MUST buy a new American CAR. Forty million cars ordered-
    >
    > Auto Industry fixed.
    >
    > 3) They MUST either buy a house or pay off their mortgage -
    >
    > Housing Crisis fixed.
    >
    > It can't get any easier than that!
    >
    > If more money is needed, demand that all members of Congress and their constituents pay their taxes...
    >
    > If you think this would work, please forward to everyone you know.
    >
    > If not, please disregard.
    >
    >
    >
     
  17. Jones

    Jones fILE A GRIEVE! Staff Member

    Drop that age a little bit and I'll sign on :wink2:
     
  18. toonertoo

    toonertoo Most Awesome Dog Staff Member

    Im in, Im at that age:sad-little:
     
  19. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Date my check for January 16, 2011, and forward to Plattsburgh NY.