Monday, August 23, 2010

Is there anything they haven't screwed up?

I've been down this path before, but I'll go there again: I am NOT a baby boomer!  Oh, sure, I'm part of that 18 year population surge that took place in the post WWII years.  But I am not one of those pot smoking hippy MFers who have spent the last 45 years effing up the world.  I've said it before and I'll say it again -- if you were still in elementary school at the dawning of 1970, you are NOT a boomer.  For the record, I was still in the 6th grade at the dawning of 1970.

So why go (off) down that road again?  Because once again the boomers are effing up the world.
America's baby boomers—those born between 1946 and 1964—face a problem that could weigh on the economy for years to come: The longer it takes for the economy to recover, the less money they'll have to spend in retirement.

Policy makers have long worried that Americans aren't saving enough for old age. And lately, current and prospective retirees have been hit on many fronts at once: They have less money, they earn less on what they have, their houses aren't rising in value and the prospect of working longer to make up the shortfall has dimmed significantly in a lousy job market.

"We will have to learn to make do with a lot less in material things," says Gary Snodgrass, a 63-year-old health-care consultant in Placerville, Calif. The financial crisis, he says, slashed his retirement savings 40% and the value of his house by about half.

Banks, home buyers and bond issuers are all benefiting as the U.S. Federal Reserve holds short-term interest rates near zero to support a recovery. But for many of the 36 million Americans who will turn 65 over the next decade—and even for the 45 million who have another decade to go— the resulting low bond yields, combined with a volatile stock market, are making a dire retirement picture look even worse.
So....the boomers have spent their entire sorry lives in an orgy of materialistic gluttony...and now the rest of us are going to pay the price....AS USUAL.

That generation can't die off fast enough.