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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsLean Retirement Faces U.S. Generation X as Wealth Trails
http://www.bloomberg.com/news/2014-06-09/lean-retirement-faces-u-s-generation-x-as-wealth-trails.htmlJohnson embodies the financial challenges facing Americas Generation X, those born
Vera Johnson from Seattle is barely making do, let alone saving for retirement.
I try to remain in the present moment and not live in fear of the future, said Johnson, who has neither retirement savings nor a college fund for her two children. My property is underwater, the properties around me are underwater, Im not building equity in my home.
The 45-year-old almost lost her home to foreclosure in 2010 after the housing-market collapse in the worst recession since World War II. She embodies the financial challenges facing Americas Generation X, those born between the mid-1960s and 1980, which lags behind other generations in building assets.
Good timing is not the age groups forte. Many took out mortgages just before prices plunged, making them the most disadvantaged by the housing crisis, while the 2008 stock-market slump dealt them a further setback. Only one-third of Generation X households had more wealth than their parents held at the same age, even though most earn more, The Pew Charitable Trusts found.
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Lean Retirement Faces U.S. Generation X as Wealth Trails (Original Post)
xchrom
Jun 2014
OP
Taking each other's orders for fast food produced at a factory over seas is not going to create
Ed Suspicious
Jun 2014
#3
Generation X? How about those of us caught between GenX and Baby Boomers?
VanillaRhapsody
Jun 2014
#2
WinkyDink
(51,311 posts)1. When a country manufactures nothing, the Middle-Class earns nothing.
Ed Suspicious
(8,879 posts)3. Taking each other's orders for fast food produced at a factory over seas is not going to create
the wealth essential for a robust and thriving middle class. I will never understand if our politicians actually gave a crap about the fortunes of people in this country, why they enabled and even subsidized the dismantling and exporting of our countries once thriving manufacturing economy.
Every time I hear the term "service economy" I'm filled with rage.
hack89
(39,171 posts)5. We manufacture lots of things
Last edited Sat Jun 14, 2014, 12:18 PM - Edit history (1)
It's just high end capital goods built in highly automated factories run by high skilled labor. We lost the low end manufacturing jobs in industries that depended on low skill low cost labor.
WinkyDink
(51,311 posts)6. I was thinking more along the lines of Bethlehem Steel.
hack89
(39,171 posts)7. The US is third in the world in steel production
But modern steel mills are highly automated.
VanillaRhapsody
(21,115 posts)2. Generation X? How about those of us caught between GenX and Baby Boomers?
We are thoroughly screwwed...