Age discrimination claims are on the rise, reaching 30% in 2008. Entry level workers are struggling to find their first career job, returning home from college jobless in record numbers. The unemployment rate for persons age 55 and over, while slightly better than their juniors, more than doubled in a year and a half. Both men and women are being downsized and the duration of unemployment is increasing.
Pounded by the stock market, money market and the mortgage debacles, older workers and retirees have lost an estimated $2 trillion, 22% of the value. 36% of workers have no pension or IRA whatsoever. And, of course, we know about the millions without healthcare coverage.
Social security claims are on the rise with Baby Boomers responding to employment decisions but also due to the family benefits the program offers. In 2008, 51 million people received Social Security benefits, 15 million of those were under age 65 (disabled workers, children, spouses, widows/widowers and parents). Only 63% of Social Security benefits pay retired workers. And we haven’t accounted for even a fraction of the debt mounting for Generations X and Y, potentially burying them fiscally before they’ve even had the chance to earn, save and succeed.
Perhaps the most critical measure is the change in poverty levels since the recession began in December of 2007. While not yet available, we can only surmise what the data may show about the economic insecurity for millions of Americans - potentially the most compelling argument for creating cost-effective social support programs.
Filed under: Financial | Tagged: age discrimination, poverty, social security, unemployment
I can tell you without question that the U.S. is no longer the richest nation in the world, no matter what the official statistics say. We have 493 billionaires who skew the statistics upward so it looks better on paper.
For the average person, life is much better in Europe or Japan. Even our neighbors to the north are doing better than we are at this point.
Thanks for the informative post.
Thanks for the confirmation. You mentioned that Europe, Japan and Canada are doing better than the US. Have you run across any ideas that we could implement here in the States that make our lives better?