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Venting to the World

The Recession is “killing” the Baby boomers

This recession may last longer than we all thought, according to analysts everywhere. Some say economic recovery may take decades. What does that mean to the late bloomers, those folks anywhere between 40-60? It means that we will be the Lost Generation. The generation on which this dark period may have the most negative impact of all.

Life used to be a progressive route to financial stability. You went to school, you found your first job, you bought your first house, you saved money for the future, and you got better paid jobs or career promotions in every phase of your professional life. In your 20’s you went to College and took your first professional steps, in your 30’s and 40’s you worked hard and raised your children, in your 50’s you started reaping the benefits of those decades of hard work. And in your late 60’s, you could retire comfortably enough and your home was paid for. Sometimes you even had a vacation home as well. That was the American dream.

For those who are middle aged now, this dream came to a sudden halt. The house you thought you would have a lot of equity in and that perhaps would even be paid for in your 60’s, is now lost to the bank. The job you had for years or decades is suddenly gone. Finding another job that pays the same is almost impossible. Few people want to hire you because of your age. The small to medium sized business you worked so hard to build is struggling, and bankruptcy looms ahead. Your parents are too old and fragile to help you financially, and your children still need your help with College and other necessities. Banks don’t want to loan you money. Health insurance costs get higher with age. There’s no one to help.
In the good times, a couple would downsize only when they became too old to take care of a bigger home or when they retired to Florida. Now, couples in their 40’s and 50’s are being forced to downsize, not because they want to, but because they no longer can afford their mortgages. What used to be the family home, a comfortable house where you’re grown children could come and bring their spouses and grandchildren, is becoming a small apartment or townhome in a lesser neighborhood. Your pension plans are compromised, your 401k may be used to survive when one or both partners lose their jobs. Small businesses are closing everywhere. Jobs lost in the private sector, manufacturing, and finance world.

The younger generations are having a hard time to make their entry in the job market, but they are young enough to be able to wait for recovery. Middle aged folks however, have little neither time nor job opportunities that can lead them to a more stable life. Unless the United States comes up with innovative technologies that can generate more jobs, this generation will be the new one called the “Lost Generation”.

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June 28, 2011 - Posted by | Economy, Society, Workplace

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