...the Labor Department’s latest jobs snapshot and other recent data reports present a strong case for crowning baby boomers as the greatest victims of the recession and its grim aftermath.
These Americans in their 50s and early 60s — those near retirement age who do not yet have access to Medicare and Social Security — have lost the most earnings power of any age group, with their household incomes 10 percent below what they made when the recovery began three years ago, according to Sentier Research, a data analysis company.
Their retirement savings and home values fell sharply at the worst possible time: just before they needed to cash out. They are supporting both aged parents and unemployed young-adult children, earning them the inauspicious nickname “Generation Squeeze.”
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Filed under: * Culture-Watch Aging / the Elderly Health & Medicine Psychology * Economics, Politics Economy Labor/Labor Unions/Labor Market Personal Finance Pensions The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- The U.S. Government Medicare Social Security * Theology Ethics / Moral Theology
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