Business Week has an interesting article on baby boomers.
While we have already questioned the statistics on the jump in savings rate, the story shows just how focused policy makers are on Americans being consumers instead of producers.
Some statistics claimed in the article:
- $400 Billion is the amount of spending lost
- GDP growth until now has been at least 3.2% yearly since 1965
- Future projected GDP growth is at 2.4% (see post overviewing skew in GDP)
- 78% of GDP growth in the decade from 1995-2005 is attributed to boomers
- 69% of boomers do not have funds for retirement
So, the article confirms the continual blood sucking of the middle class is about to hit the economy like a tidal wave of the walking dead. I guess Zombie banks make zombie people.
I am a boomer, and they took
40% of what I saved for my retirement. I also invested in two homes. One in a suburb of the city, and one a beach house on Lake Huron. Nothing is selling. Add in the asses in Washington who are threatening social security and medicare, and exactly where is my retirement plan? Everything I saved and planned is out the window. Instead of retiring early, I will work until I am 66. Maybe by then, there'll be a new America. One that values producing instead of consuming.
http://www.dailykos.com/story/2009/7/28/95232/5317