The First Thing They Get Rid Of

August 3, 2008

I suggested a topic on retirees and the housing bubble, with this article. “These are tough economic times for people of all ages, but few are affected more than senior citizens living on pensions and Social Security. ‘Americans age 55 or older experienced the sharpest rise in bankruptcy filings during the 16-year period between 1991 and 2007, according to a report released by AARP, ‘Generations of Struggle.’ The rate of personal bankruptcy filings among those ages 65 or older grew by 125 percent, while the bankruptcy rate of seniors ages 75 to 84 jumped a stunning 433.3 percent.’”

“‘It’s frightening. It’s a horror story in the making. It will not get better. It will continue to get worse,’ said Thomas Mackell., chairman of the board of directors of the Federal Reserve Bank of Richmond and author of ‘When the Good Pensions Go Away.’ ‘We are facing a generation of boomers where 55 percent of them are ill-prepared economically to retire.’”

A reply, “What’s the average 401K balance, like 60 grand? That’ll last a year or two at best. I have a bad feeling there are a lot of boomers out there that will be hurting. A lot of people say that it just means people will keep working, but where? And no, it will not be their houses that save them.”

http://thehousingbubbleblog.com/?p=4817

All of a sudden, you find out that having too many birthdays is a real liability. If you're lucky and wear a suit to work, you might be offered early retirement. If you tell them you'd like to keep working, thanks, you find out that you can't. You are suddenly a corporate liability, the skills you've honed over a working lifetime are suddenly obsolete, there is no place for you in a job that pays a living wage any more no matter what that job is.

People turning 55 find themselves looking for entry level and dead end jobs and trying to figure out how to pay their bills on a teenager's paycheck. At the same time, their health insurance is gone with the corporate job, and trust me, they can't afford those COBRA payments at the age of 55.

There was a good reason that the first things unions insisted on were seniority rules. Employers have pulled this shit on older workers since there have been employers.

If you want to see where all those bankrupt people over 55 are coming from, check how many suddenly go missing at your own workplace.

Unless we change things drastically, that will be you someday.

and for those that miss this article:

Bankruptcy Filings On Rise Among Seniors



http://www.kypost.com/content/middleblue2/story.aspx?content_id=55a90c36-700d-443a-8851-96a613a7454f

My department cut 9 of 34 people a couple of weeks ago, and offered retirement to the people closest to retirement age. My boss pointed out that if I waited until next year (original plan), I wouldn't get the severance pay. I'm going for it, and realize that I'm one of the lucky ones, with 17 years at a large corporation. I've got $310,000 saved and a paid off house. I'm eligible for 100% of the pension as of December 1st. I'll try to hold off on Social Security until age 55.

This isn't fantastically comfortable, but I realize that the deal is way better than 90% of the people my age are going to get.

I realized around my 50th birthday that I was in deep shit. The other week, I met someone who's brother was laid off from high tech and became "un-rehireable" even younger than that. Mid-late 40s.

They want stupid, cheap, easy to manipulate and compassionless who have no problem screwing over customers and clients. They do NOT value experience, knowledge and people who value those who pay the bills. Young is in. Old is out.

and the rich want to put the old,disabled or sick out to pasture so they can get more money/land/assets.The shock doctrine done on an individual basis.

Fuck the rich I would love to make them poor and homeless,make them work at meaningless dead end jobs,just to afford ramen,Take back the spoils from their whole families seize their wealth every dime,and use it to pay back the people the rich exploit,clean up their corporations messes and forever deny them access to power.
Make them slum it permanently.