Boomers Hit Hard in the Wallet

Posted May 13, 2008, 8:42 pm in Other by Growing Bolder

These are tough times for many boomers. According to a new AARP study, one in 10 middle-aged and older Americans are borrowing money for everyday living expenses from family, friends or charities.

In the telephone survey of 1,002 adults 45 and older, nearly all boomers say the economic downturn has resulted in changes in their everyday life. One-third said they stopped putting money into their 401(k) or retirement account and 14 percent said they had cut back on their medications. The majority of baby boomers said they were finding it more difficult to pay for essentials and utilities, and 60% said they had cut back on eating out and entertainment.

So far, it doesn't seem like large numbers of boomers are making radical changes like taking second jobs or moving to a smaller home, but more than one-quarter of those surveyed report having trouble paying their mortgage or rent.

Compared with older people, a greater percentage of younger baby boomers, those 45 to 54, said they were cutting back on medications, prematurely withdrawing retirement funds and postponing paying bills.

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dave melnicoff
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Posted 1:41 pm May 15th, 2008

Certainly, the "boomers" as well as those of us on fixed incomes are getting clobbered. It is our hope that change will emerge in November and the powers to be will not follow the current existing corruption and cronyism we are now experiencing . Ending the winless, everlasting Iraqi war will hopefully free up the billions being spent rebuilding that large oil producing country and provide jobs for teachers and the thousands of other hard working Americans that are currently being laid off and for rebuilding of our own infrastructure. i'e', bridges falling down and roads in disrepair.

The lower and middle class are suffering because the government simply plays to the corporate structure, cronies, and the wealthy. Promises are broken (see New Orleans)..Lies are told, "Mission Accomplished, circa 2003, great job, Brownie." Etc. No bid contracts are the norm rather than the bidding process and old pals are getting the lions share of contracts (see Haliburton, et al.)

I gasp whenever I pass a gas station that only yesterday was selling unleaded regular @ $3.71 and today is $3.79. I recall saying to my wife, Cathy once a while ago, "look at the price of gas today...$1.91..someday we'll view that as a bargain. Well, today is that day. Exxon has a $46.3 BILLION 2007 (PROFIT) year and is disappointed with the last quarters sales of gouged and criminal profits. Do our former oil company residents in the White House offer any help? Yeah, right.

We are in recession, housing is taking it on the chin, health care is extremely expensive and many cannot afford it nor can they fill their much needed RX's. Choices are being made between food and healthcare or paying the electric bill, etc. The surplus we once enjoyed has been turned into a monstrous deficit and we are told we are simply in a economic slowdown. (More Yeah, right)

I for one will breathe a sigh of relief (hopefully) on January 20, 2009 with the fondest of hopes for a more honest and honorable administration. I only wish I could live long enough to read the legacy of this administration and see where history puts it. I would venture a guess and think probably several notches below Hoover.