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Of course these increases affect everyone, not just senior citizens on a fixed income. I only emphasized the effect these changes have on seniors because of the topic of discussion and because they are often the most vulnerable.
On the other hand, seniors income has held up better than other generations, that's quantified in the OP's link. And seniors have higher net worth on average than other generations, and their net worth has held up better than other generations, also in the OP's linked report. In that sense, I guess you could say seniors are often the least vulnerable. I'm a senior, so my point is not to attack or defend seniors or any other generation. Just that we're all having a tough time in this economy though the challenges may be different. How does pitting one against another help, intentional or otherwise?
seniors tend to hold up better because they are effected much less by inflation then folks who are still raising a family. many of the heavy inflationary expenses are over by the time we are seniors.
Guess I was talking about solving the debt/deficit issue as it ties to this issue. The math just doesn't work by simply cutting spending or increasing taxes, it will take both. And spending cuts and tax increases are going to have to include pretty much everyone, all generations and all income levels IMHO. Having looked at spending and revenues in detail many times, if there's a painless easy way out, I don't know what it would be.
Yes indeed. I guess I'm just plain tired of comments like "we" (the average American worker or retiree) have to "sacrifice" when the banking system frauds and corporate welfare go on in dizzying proportions and no one seems to point fingers in their direction. It's all directed toward the poor ******* who managed to get suckered into an ARM mortgage or one s/he shouldn't have taken on.
nothing wrong with ARM mortgages. in fact with most of america moving every 5 to 7 years thats exactly what we all should be using. its those mortgages with negative amortization structures and teaser rates that were the problem.
Yes indeed. I guess I'm just plain tired of comments like "we" (the average American worker or retiree) have to "sacrifice" when the banking system frauds and corporate welfare go on in dizzying proportions and no one seems to point fingers in their direction. It's all directed toward the poor ******* who managed to get suckered into an ARM mortgage or one s/he shouldn't have taken on.
When there are two or three parties (or groups of parties) who are roughly equally guilty of something, I'm also "just plain tired of comments" which single out only one of the parties. The following groups of people or institutions share the guilt for our economic meltdown of four or five years ago:
1. The U.S. Congress and then-President (for repealing Glass-Steagall)
2. The banks/Wall Street for offering real estate loans that they should have known were shaky
3. Consumers, who supplied the demand for such loans and eagerly jumped aboard the bandwagon which was heading for the cliff
You are giving the consumers a free pass as if they had no responsibility for anything - they were just "suckered in". What baloney - they were as greedy as the banks, and just as short-sighted!
When there are two or three parties (or groups of parties) who are roughly equally guilty of something, I'm also "just plain tired of comments" which single out only one of the parties. The following groups of people or institutions share the guilt for our economic meltdown of four or five years ago:
1. The U.S. Congress and then-President (for repealing Glass-Steagall)
2. The banks/Wall Street for offering real estate loans that they should have known were shaky
3. Consumers, who supplied the demand for such loans and eagerly jumped aboard the bandwagon which was heading for the cliff
You are giving the consumers a free pass as if they had no responsibility for anything - they were just "suckered in". What baloney - they were as greedy as the banks, and just as short-sighted!
+1. I don't excuse the financial industry but they amplified a problem that originated with our politicians. And consumers should have known better in way too many cases, what did they think would happen taking out HELOCs to pay for vacations and discretionary toys. There are millions of examples where people should have known better. Children are suckered in, adults have to assume more responsibility - I didn't read or understand what I was doing isn't wise for an adult.
You are giving the consumers a free pass as if they had no responsibility for anything - they were just "suckered in". What baloney - they were as greedy as the banks, and just as short-sighted!
That is just plain stereotyping that is a favorite line.
Sure there were people buying seven bedroom four bathroom homes when that was way above their heads. But there were probably far many more desperate for a stable place to live and remember, in those years it was cheaper to own a home than to suffer gouging and rising rents. The mortgage lenders, typically at banks, would look at a couple with two modest but decent incomes, with maybe a kid on the way or several in hand, or perhaps a young vet or military family, and would encourage them to purchase a home based on their income. So many young families did this successfully and were doing okay, meeting their mortgages on homes that placed them within proximity to their work (making the wisest choices they could under their circumstances, in regard to house price). Then they lost jobs and all the rest, or their "ARM mortgage" that was supposed to be so great at least in the beginning began to soar. It was no different than buying into any other aspect of the American dream. No, they were not all "greedy" or stupid. They just wanted a chance at what they felt they deserved and rationally needed, based on their work and income at the time of purchase.
That is just plain stereotyping that is a favorite line.
Sure there were people buying seven bedroom four bathroom homes when that was way above their heads. But there were probably far many more desperate for a stable place to live and remember, in those years it was cheaper to own a home than to suffer gouging and rising rents. The mortgage lenders, typically at banks, would look at a couple with two modest but decent incomes, with maybe a kid on the way or several in hand, or perhaps a young vet or military family, and would encourage them to purchase a home based on their income. So many young families did this successfully and were doing okay, meeting their mortgages on homes that placed them within proximity to their work (making the wisest choices they could under their circumstances, in regard to house price). Then they lost jobs and all the rest, or their "ARM mortgage" that was supposed to be so great at least in the beginning began to soar. It was no different than buying into any other aspect of the American dream. No, they were not all "greedy" or stupid. They just wanted a chance at what they felt they deserved and rationally needed, based on their work and income at the time of purchase.
It is not sterotyping to describe a situation in general terms. There is no doubt whatsoever that the general description will not apply to every single individual or to every situation; I never meant to imply that it did. Therefore, I agree with your second-to-last sentence: "They were not all greedy or stupid." (Emphasis added). You seem to have a rigid, ideological conviction that the common people, as a group, can do nothing wrong and you couple that with a practice of scapegoating the admittedly guilty banks by assigning them all the blame. Well, that is way too simplistic. Further, we do not agree on the relative percentages of people who were greedy and stupid versus people who were somehow "innocent" victims.
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I guess I'm just plain tired of comments like "we" (the average American worker or retiree) have to "sacrifice" when the banking system frauds and corporate welfare go on in dizzying proportions and no one seems to point fingers in their direction. It's all directed toward the poor ******* who managed to get suckered into an ARM mortgage or one s/he shouldn't have taken on.
Where does the guilt lie?
