Are Baby Boomers the Worst Off Post-Recession?
February 5, 2013
The latest economic reports are presenting a strong case for “crowning baby boomers as the greatest victims of the recession and its grim aftermath,” The New York Times reports.
Americans in their 50s and 60s, near retirement, have lost the most earnings power of any other age group. Household incomes of this age group are 10 percent below what they were when the recovery began three years ago, according to the data analysis company Sentier Research.
“Their retirement savings and home values fell sharply at the worst possible time: Just before they needed to cash out,” The New York Time reports. Plus, many in this age group have the added responsibility of supporting their aging parents as well as their unemployed adult children.
While unemployment rates for Americans nearing retirement are lower than those of younger people, studies have found that once an older worker loses their job they have a much more difficult time finding another one. The average duration of unemployment for older people was 53 weeks compared with 19 weeks for teenagers, according to the Labor Department.
Plus, older Americans are more likely to own their homes and, therefore, may be less mobile than renters who can pick up and move to new job markets, The New York Times reports.
Source: “In Hard Economy for All Ages, Older Isn’t Better ... It’s Brutal,” The New York Times (Feb. 3, 2013)
Updated: January 17, 2020