Baby boomer reality...some say that baby boomers are robbing their children's generation because of all the entitlements that they receive, Social Security, Medicare, etc.
Not so fast, let's take a look at a graph that shows the median income of people aged 55 to 64... it has dropped 10% since the "recovery" started in 2009.
The source of this information comes from the Census Bureau, and it is worse for several groups.
The drop is felt less by persons without a high school education than with a college education... the minimum wage jobs are still there, but the good jobs that normally go to college graduates is not proving to be the case.
With the overall unemployment rate of people with college degrees at 4%, it seems like the 55 to 64 age group is much worse off... could it be age discrimination?
The cost of education has soared... a college education at a private college costing $10,000 a year in 1986 now costs $60,000...the salaries of college professors has gone up...some elite colleges offer sabbaticals to their best professors, make that the professors that get published, every three years instead of the more usual every seven years
So those greedy baby boomers who are getting are all the entitlements were faced with an astronomical rise in the cost of educating their children... that their parents did not experience.
It is not seem so fair for the millennial's to blame the baby boomers for being greedy. Here is a link to a recent New York Times article, that prompted this page on baby boomer reality.
Our politicians are spending money like drunken sailors, without a budget, and no plan to get us out of our economic mess.
The third rail of politics is to offer suggestions for changing entitlement programs.
To me it is simple mathematics when it comes to raising the age at which a person can collect Social Security.
When Social Security started under FDR our life expectancy was 61 years... so getting a check at 65 really did help out the senior population.
Now our life expectancy is 75 to 78, and you can still get Social Security and Medicare at 65... Social Security even sooner, I took mine at 62.
Based on the above it seems hardly fair for any generation to blame another for being the cause of any generation's demise... or to say that one generation has it better than another.
Without realistic reform in our entitlement programs, the job of the politicians whom all generations elect... we are faced with going over an economic cliff... as James Carville ( whom I happen to admire despite his politics), said "it's the economy stupid" it should be replaced with, " it's the arithmetic stupid".
Generations should not be pointing fingers at one another, especially at baby boomers, at least those aged 55 to 64, when you look at the facts of their income dropping 10% in three years.