Yes, Things are That Tough
New survey out today that says boomers are feeling the pinch of the sluggish economy. 81% of Americans 45 plus say the economy is in fairly bad or very bad condition. Even more upsetting, one in ten is borrowing to pay everyday expenses and more than a third of them are helping their children pay bills.
For boomers (45-64) almost a quarter are prematurely taking money out of their 401(k)s and other investments. For those 65 plus, almost six out of 10 are having a harder time paying for food, gas and medicine.
This is tough news for the state of the economy. But it may be even tougher for politicians. Almost three-in-four (74%) say their elected officials are not doing enough to help people caught in the economic squeeze. Sounds like a warning to me.
Comments
Bill says:
I am an older American that has worked hard for my money all of my life. Sometimes 2 and 3 jobs at a time to make ends meet. I thought that I finally was on the right track to retirement with almost $200k in retirement savings this year. With almost 8 years to retirement, I thought with careful investment and frugal living I would be able to retire in 10 -12 years. But, now with the global crash due to the stupid policies of the past Democratic regimes and the failure of the last Republican stint to see beyond their noses, I have less than $100k in retirement and no prospects of getting it back in the near future.
I feel that the major issue is that the government needs to get out of the bailout business and clear the way for the investors and business leaders to rebuild the American economy.
I see now as a perfect time to outlaw the unions and cut out this middleman and the inflationary effect that it has had on our economy. Let the automakers fail or go into conservatorship and end their affiliation with unions once and for all. The other automakers that are producing cars here in America are doing well and that is because they are strangled by the union albatross around their necks. The union is poised to take another big bite out of our economy with the EFCA bill that is before congress. If this passes, it will be the end of our economy as we know it. The unions have become an overbearing self serving task master for industry who only seek to increase their coffers and will pay off any politician to get their favors. How do you think the coming administration was able to get into power? Only through the unified power of the corrupt rallying efforts of the unions and ACORN's fraudulent voter efforts.
If you want to assist us senior citizens, you will drop the capital gains tax to zero for the next 10 years and reduce the corporate tax structure in half. You will also have to cut the unnecessary fat out of the government offices and return us to a leaner government and allow us the personal freedoms that have helped us to create the great nation that we enjoyed in the last half of the last century. Through innovation and investment we can create green answers to the environment and the economy that are consumer driven and free market based which is the only true way for us to preserve our future.
Quit making us take your welfare, clear the way for us to see opportunities and get out of our way if you want to see a return to true economic prosperity
11/19/08 7:53 AM