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Young households ‘crushed’ by recession
ny post ^ | 6-19-12 | PAUL THARP

Posted on 06/19/2012 11:05:08 AM PDT by TurboZamboni

Young US households — those aged 35-to-44 — lost a stunning 59 percent of their wealth during the recession, a government report released yesterday revealed. That’s the stiffest hit of any age group, said the report from the US Census Bureau. The age group — typically struggling with mortgages, tuition bills and rising tax bills — makes up the backbone of America’s middle class. The losses were mainly due to the drop in the value of their homes during the 2005 through 2010 period, the report said

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; Government; Politics/Elections
KEYWORDS: crushed; genx; greatdestroyer; households; obamanomics; obamunism; recession; thedestroyers
Your wealth will be assimilated by the Barack.

FUBO

1 posted on 06/19/2012 11:05:15 AM PDT by TurboZamboni
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To: TurboZamboni

The radical boy socialist must go! He’s killing America. To hell with liberals!


2 posted on 06/19/2012 11:07:13 AM PDT by AngelesCrestHighway
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To: TurboZamboni

And boomers wonder why their kids are struggling.


3 posted on 06/19/2012 11:07:48 AM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: TurboZamboni

I remember a discussion I heard on the radio about how these recession years are going to be lost years for people this age. They are the ones who should be acquiring wealth and stability, yet the economy in the past 3 and a half years has sapped both.

The other group that may lost a couple years are the young twenty somthings straight out of school, but that is more recoverable.


4 posted on 06/19/2012 11:11:22 AM PDT by KC_Conspirator
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To: TurboZamboni

“during the recession”

During this CONTINUING Recession.


5 posted on 06/19/2012 11:12:15 AM PDT by Varsity Flight (Phony-Care is the Government Work-Camp: Arbeitsziehungslager)
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To: TurboZamboni

There is no way Obama can get re-elected with stats like these.


6 posted on 06/19/2012 11:14:29 AM PDT by Signalman ( November, 2012-The End of an Error)
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To: Signalman

No way that 0bama SHOULD get re-elected with stats like these,

but never underestimate the power of stupidity of the electorate or the amount of fraud that will happen.


7 posted on 06/19/2012 11:16:11 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: All

Local and very successful landscape and sprinkler couple in their 30’s told me in 2009 they voted for Mr dope and blame.
Told em at the time your gonna be very sorry.

They are so broke now and they hate this President like no other.


8 posted on 06/19/2012 11:17:47 AM PDT by liberty or death
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To: TurboZamboni

I wouldn’t be surprised that the divorce rate will jump (more than recent trend), because of the hard times and general dissatisfication.

More social issues result from that.


9 posted on 06/19/2012 11:17:57 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: TurboZamboni

This is too big a loss to be explained by house prices and the stock market. It looks like these households were forced to sell assets and spend capital.

Those who are able to continue saving and investing during this period (2008-12) are still doing at least OK.


10 posted on 06/19/2012 11:19:16 AM PDT by proxy_user
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To: TurboZamboni

“The losses were mainly due to the drop in the value of their homes...”

Oh, that loss doesn’t affect anyone else? Like older folks who may have paid off their home and may need to sell it to live? It’s only a loss if you sell it at a loss, or get foreclosed with a big mortgage.


11 posted on 06/19/2012 11:19:47 AM PDT by USMCPOP (Father of LCpl. Karl Linn, KIA 1/26/2005 Al Haqlaniyah, Iraq)
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To: TurboZamboni

you don’t need any wealth under socialism - the government takes care of you.


12 posted on 06/19/2012 11:19:52 AM PDT by elpadre (AfganistaMr Obama said the goal was to "disrupt, dismantle and defeat al-hereQaeda" and its allies.)
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To: TurboZamboni

Im in that age group. Lost 25% of my income plus increased gas price and increased food prices. FUBO!


13 posted on 06/19/2012 11:23:35 AM PDT by goseminoles
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To: JCBreckenridge

Yup. My boomer parents are utterly clueless when it comes to what Gen x’ers are dealing w.


14 posted on 06/19/2012 11:23:35 AM PDT by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: TurboZamboni

That’s okay - they’re going to vote Obama in 2012 and he’ll fix it. :)


15 posted on 06/19/2012 11:24:01 AM PDT by Tzimisce (THIS SUCKS)
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To: KC_Conspirator

Japan had their lost decade,hopefully President “Present” and Congressrats haven’t set us back even more.


16 posted on 06/19/2012 11:25:35 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: JCBreckenridge

17 posted on 06/19/2012 11:26:09 AM PDT by PGR88
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To: Signalman

Obama benefits from slavish racial solidarity, white guilt, and media kneepadding.

Its disgusting.


18 posted on 06/19/2012 11:27:24 AM PDT by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: liberty or death

——Told em at the time your gonna be very sorry.-—

Even after seeing “Jay walking,” it’s hard for me to grasp the fact that such a large percentage of the population is apolitical.


19 posted on 06/19/2012 11:31:23 AM PDT by St_Thomas_Aquinas (Viva Christo Rey!)
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To: TurboZamboni

59% is about right. We took a bath in the house market. Ended up shortselling one house, but paid off the other. Couldn’t keep both and not dumping and paying off the other would have caused us to lose our primary home about 6 months ago.


20 posted on 06/19/2012 11:32:00 AM PDT by Domandred (Fdisk, format, and reinstall the entire .gov system.)
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To: Tzimisce

Yup! He’ll fix what that mean ol’ Bush did!


21 posted on 06/19/2012 11:33:11 AM PDT by FrdmLvr (culture, language, borders)
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To: TurboZamboni

Workforce participation is already back to 1982. Welcome back Carter indeed.


22 posted on 06/19/2012 11:33:27 AM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: Sir Napsalot

Divorce and the Great Recession

http://www.pewsocialtrends.org/2012/05/02/divorce-and-the-great-recession/

The recession seems to work both for and against divorce. No clear-cut answer, it seems.


23 posted on 06/19/2012 11:34:14 AM PDT by ilovesarah2012
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To: ilovesarah2012

OK, thanks. I’ll read the article later.


24 posted on 06/19/2012 11:37:32 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: ilovesarah2012

Divorce costs waaaay more than staying married. At least if assets and kids are involved.

The coming return of the ‘marriage penalty’ tax could play a role as well.


25 posted on 06/19/2012 11:37:59 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: PGR88

LOL, great sign.


26 posted on 06/19/2012 11:38:40 AM PDT by b4its2late (A Liberal is a person who will give away everything he doesn't own.)
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To: TurboZamboni
I'm right in them middle of the age group. I own a home and have no plans on selling any time soon.
However, keeping my head and finances above water is getting harder and harder. I have cut all non-essential spending and my dollar simply goes nowhere. My "home" is exactly the same as it was in late '08 because I don't have the spending cash and any extra I receive has gone straight into overdue home maintenance.

I loathe the socialists and pray America wakes the hell up and kicks them to the curb.

Pay attention Romney, the annals of history are already calling. All you have to do is kick the government in the balls and get it out of our (The American taxpayer's) way and the history books will regard you highly.
No ammnesty
Slash taxes (more!)
Cut spending
Cut entire federal agenicies
Cut all the red tape and regulations.

This country will explode with productivity.

27 posted on 06/19/2012 11:41:34 AM PDT by Michael Barnes (Obamaa+ Downgrade)
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To: Sir Napsalot

The greater disharmony and friction that can be caused by financial distress is being counterbalanced by the loss of any monetary incentive for women to divorce.

The house isn’t the cash cow it once was. Hubby’s pay is likely either stagnant, greatly reduced or limited to unemployment now.


28 posted on 06/19/2012 11:44:32 AM PDT by RegulatorCountry
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To: TurboZamboni
The losses were mainly due to the drop in the value of their homes during the 2005 through 2010 period

Nope. IMHO it's due to wages that were either frozen or declined starting in about 2007, combined with kids that are becoming teenagers.

As business uncertainty with increasing regulations, changing tax policies, and market forces remain, wage increases have frozen. To avoid outright layoffs, many have taken a pay cut in that time and are now earning less while working at the same job they did 5 years ago.

Teens eat more, food is more expensive. Teens want to do more, entertainment is more expensive. Teens want to earn money, higher minimum wage has resulted in over a 25% teen unemployment rate.

35ish to 45ish families now face the prospects of college educations they can't provide. Weddings they couldn't possibly afford. Retirements they don't expect to see.

THIS is the hope and change we got as socialism was allowed to grow. I hope we never forget that.
29 posted on 06/19/2012 11:45:53 AM PDT by mmichaels1970
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To: Sir Napsalot

I wouldn’t be surprised that the divorce rate will jump (more than recent trend), because of the hard times and general dissatisfication.

_________________

I think more people are staying together. People settle when money is tight. Only a wealthy country can manage high divorce rates.


30 posted on 06/19/2012 11:47:45 AM PDT by Chickensoup (STOP The Great O-ppression)
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To: b4its2late

it assumes that wealthy Obama voters are productive. :(


31 posted on 06/19/2012 11:50:43 AM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: TurboZamboni

They are also sowing seeds all over the media for Qe3.

BUT, they are doing it with easing CREDIT.

Another banking ploy, vs. outright ownership.


32 posted on 06/19/2012 11:51:54 AM PDT by Varsity Flight (Phony-Care is the Government Work-Camp: Arbeitsziehungslager)
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To: JCBreckenridge

Rich democrats who actually earned their wealth would be as rare as hens’ teeth.


33 posted on 06/19/2012 11:54:17 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: Sir Napsalot

Obama’s constituents aren’t married.


34 posted on 06/19/2012 12:00:35 PM PDT by Gaffer
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To: Michael Barnes

Sounds like me-treading water.

I have low expecatations from Mittens, so if he accomplished one thing he’s running on, I’d be pleasantly surprised.

If Mr. Greenjeans Pawlenty is his VP, expect even higher energy rates. (he loves ethanol and wind)


35 posted on 06/19/2012 12:03:30 PM PDT by TurboZamboni (Looting the future to bribe the present)
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To: GlockThe Vote

Not this one. I’ve seen more of my friends 20 and 30 somethings moving. They’re giving it all they’ve got, it just isn’t enough. And those entry level jobs into big corporations (like the break I got in my twenties) are not there like they were. I honestly don’t know how families are managing.

140 days left.


36 posted on 06/19/2012 12:08:14 PM PDT by SueRae (The Tower of Sauron falls on 11.06.2012)
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To: TurboZamboni
Keep watching.

Often times the administration puts out a news release like this to blunt opposition and criticism of Obama's next round of printing inflationary Monopoly money Quantitative Easing.


37 posted on 06/19/2012 12:15:16 PM PDT by Iron Munro (John Adams: 'Two ways to enslave a country. One is by the sword, the other is by debt')
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To: TurboZamboni

No one told them to buy McMansions with high payments and interest. None of them understood they’d have to pay back all that “free” tuition money. Most of their troubles fall squarely on their own shoulders.


38 posted on 06/19/2012 12:35:42 PM PDT by bgill
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To: TurboZamboni

This is not a surprise.

Crushing the middle class has always been the goal of statists like owebama. They only want two classes - uber rich (kings and queens) and ultra poor (subjects). That is the way they stay in power.

In the old days it was called feudalism.


39 posted on 06/19/2012 1:08:52 PM PDT by 43north (BHO: 50% black, 50% white, 100% RED)
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To: KC_Conspirator

I’m in the latter group. For the most port recent grads can find work, just not the entry level jobs they have degrees for. It is mostly PT or FT work in retail, etc.

It is recoverable, but 2-4 years will be lost in most cases.


40 posted on 06/19/2012 1:27:49 PM PDT by matt04
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To: Michael Barnes
However, keeping my head and finances above water is getting harder and harder. I have cut all non-essential spending and my dollar simply goes nowhere.

I hear ya. My wife and I laugh at all these "how to save money" articles. I saw one yesterday about how to save $1000 a month by dropping all the stuff that we already dropped years ago--like cable & Starbucks.

We are down to the essentials as well: mortgage, groceries and utilities--with the occasional treat like pizza/Mexican food a couple times a month. We could cut a bit more if we had to, but not all that much.

To your second point about regulations et al., what I fear most is if they start really tightening the noose on ebay and Internet commerce in general. We have been able to scrape up some extra pocket money selling things online, and it's been absolutely wonderful to put that money back into businesses with real-live human beings who care about service and what they are selling.

41 posted on 06/19/2012 2:01:06 PM PDT by Claud
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To: proxy_user
Those who are able to continue saving and investing during this period (2008-12) are still doing at least OK.

OK is a relative term. I am doing OK but I am not exactly where I want to be with retirement. It looks like I will have to work 2 to 3 years longer than I thought. If things get worse like I suspect, it will be closer to 5 extra years..

42 posted on 06/19/2012 4:08:51 PM PDT by EVO X
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To: EVO X

It is a fine line. You don’t want to wait until you’re too old to enjoy your retirement, just to pile up money. Sure, I could wait until I’m 70 and save up 4 or 5 million, but I’d be too old to enjoy it.


43 posted on 06/19/2012 6:11:02 PM PDT by proxy_user
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To: proxy_user
Sure, I could wait until I’m 70 and save up 4 or 5 million, but I’d be too old to enjoy it.

From what I've seen,70 isn't that old if your in good health.

44 posted on 06/19/2012 6:47:19 PM PDT by EVO X
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