Opinion: Fed data proves Gen Xers are losing economic ground
By Maria Panaritis, Philadelphia Inquirer
It was shocking enough to hear this week that median American family wealth in 2010 had plunged to 1992 levels. But imagine this equally alarming detail that didn’t get headlines: Generation Xers — those who hit the workforce in the late 1980s and early 1990s — got more scorched than any other group.
Before laying out the ugly numbers, let’s think about what this portends for anyone who ascribes to America’s promise that kids can do better than their parents: If Gen X is failing, we all should be worried.
The Federal Reserve data behind this conclusion reinforces something I’ve been writing about for several years now, as a relatively lone voice in the nation’s press corps: Gen Xers have been decimated financially at a fragile time, while forming households and raising young families, those ordinary coming-of-age endeavors. Their massive loss of wealth occurred in “prime” earning years, when people squirrel away money to pay for bills down the road.
When, if ever, does this Lost Generation even start to catch up, considering the grim pace of economic recovery? Policymakers already are talking about cutting Social Security payments and other social safety-net benefits for Xers come retirement. This is a crisis in the making.
The Fed’s findings compound earlier research showing that, for years, this group of Americans born between 1964 and 1980 (though the agreed-upon definition varies) has been doing worse than the generation that preceded them.
They used the cash to pay for war toys,cover their bad mistakes at Your cost.The American way,bang peter and steal from Tommy, NO ONE WILL NOTICE TILL THE OLD START GETTING HUNGRY,SICK.
The results aren’t lying,but the people expecting a Golden Years better wake smell the smell,you put in, but you’re not likely to redeem your labors when it comes time to TAKING IT OUT.ONLY A DUMMY BELIEVE THIS CRIME AGANIST THE WORKING CLASS HERO.
Honestly the SS system been raped for many years and if you plan on banking on that with inflation,medical cost,high energy cost,you are pretty doomed to hell as a homeless person when your weak,tired,used up.Sad but true.Death never sleeps,it just reaches out takes you when you less Expect it.
This sad state of affairs has one up side, and that is that people are beginning to recognize their interdependence on one another. Combining households — especially inter-generational ones — is a viable option and the potential rewards at all levels are huge. Survivors of crises are creative people who find new ways to do things. It’s true the pensions we boomers counted on aren’t there the way we’d expected, and it’s true it’s going to be even worse for our kids. So think outside the proverbial box. Get smart. We have to stop moaning about our disappointing situation and start finding ways to live well in spite of it. It’s been making for an exciting project at our house. Our dreams have changed, but we still have dreams, we still have each other, whichever outlives the other will have our children and our friends. This is what matters. Life is good when you look for the good in it.