Skip to comments.Young households ‘crushed’ by recession
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. Thats 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 Americas 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
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The radical boy socialist must go! He’s killing America. To hell with liberals!
And boomers wonder why their kids are struggling.
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.
“during the recession”
During this CONTINUING Recession.
There is no way Obama can get re-elected with stats like these.
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.
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.
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.
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.
“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.
you don’t need any wealth under socialism - the government takes care of you.
Im in that age group. Lost 25% of my income plus increased gas price and increased food prices. FUBO!
Yup. My boomer parents are utterly clueless when it comes to what Gen x’ers are dealing w.
That’s okay - they’re going to vote Obama in 2012 and he’ll fix it. :)
Japan had their lost decade,hopefully President “Present” and Congressrats haven’t set us back even more.
Obama benefits from slavish racial solidarity, white guilt, and media kneepadding.
——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.
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.
Yup! He’ll fix what that mean ol’ Bush did!
Workforce participation is already back to 1982. Welcome back Carter indeed.
Divorce and the Great Recession
The recession seems to work both for and against divorce. No clear-cut answer, it seems.
OK, thanks. I’ll read the article later.
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.
LOL, great sign.
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.
Slash taxes (more!)
Cut entire federal agenicies
Cut all the red tape and regulations.
This country will explode with productivity.
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.
I wouldnt 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.
it assumes that wealthy Obama voters are productive. :(
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.
Rich democrats who actually earned their wealth would be as rare as hens’ teeth.
Obama’s constituents aren’t married.
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)
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.
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.
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.
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.
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.
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.
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..
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.
From what I've seen,70 isn't that old if your in good health.