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Old 08-27-2010, 07:44 AM
Mircea
 
Location: Ohio
24,620 posts, read 19,266,711 times
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Quote:
Originally Posted by bchris02 View Post
One thing that I no longer ever hear mentioned is the impending retirement of the baby boomers. By the late 2010s, millions of baby boomers will be approaching retirement age while at the same time the Milliennial generation will be entering their prime working age. Could this be what the economy needs?
I don't believe so, because the evidence doesn't support it. The Boomers hold a vast amount of wealth (80% of all the wealth in the US is concentrated in the hands of 20% of the population and the overwhelming vast majority are age 55 and older) and they are the ones who are basically driving the economy through their spending and when their spending cuts back as they retire...so it goes.

Also the wages aren't there and if you compare that with inflation it just doesn't work.

In 1980, I had an entry level job as a sound engineer with a local independent TV station earning $5.00 per hour. One paycheck paid my rent and utilities and auto insurance and the other 3 paychecks each month were disposable income.

An entry level job today pays $8.50 to $10 per hour and even at $10 per hour it takes 2 paychecks to cover the cost of rent, utilities and auto insurance (and don't forget in 1980 $10 -- or two hours of work -- paid for 2 tickets to the cinema show, a tank full of gasoline and something to eat after the movie -- the cost of two movie tickets now is over $20).
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