Wow, just looking at the graph illustrates the impact the Great Recession had on our country. It is interesting that income only declined by approximately 7.5%, yet net worth by 40%. It makes me think about all the people in our country who didn't have wealth to fall back on during the recession...
If your income went down 7.5%, you'd have to make adjustments. The wealth impact is ongoing...... How do we really think we can cut Social Security and Medicare benefits when the baby boomers are so ill-prepared for retirement?
That's an interesting question. It seems we need to raise the retirement age and maybe, just maybe, baby boomers will be financially prepared by the time they retire.
Pretty scary to think that in a matter of 3 years, 18 years of investment and savings was wiped away by families. I think something really should be done about middle class families always taking the hardest hits in times of recessions.
Wow, just looking at the graph illustrates the impact the Great Recession had on our country. It is interesting that income only declined by approximately 7.5%, yet net worth by 40%. It makes me think about all the people in our country who didn't have wealth to fall back on during the recession...
ReplyDeleteIf your income went down 7.5%, you'd have to make adjustments. The wealth impact is ongoing...... How do we really think we can cut Social Security and Medicare benefits when the baby boomers are so ill-prepared for retirement?
ReplyDeleteThat's an interesting question. It seems we need to raise the retirement age and maybe, just maybe, baby boomers will be financially prepared by the time they retire.
DeleteOuch, never looked at it that way.
ReplyDeletePretty scary to think that in a matter of 3 years, 18 years of investment and savings was wiped away by families. I think something really should be done about middle class families always taking the hardest hits in times of recessions.
ReplyDeleteLet's make recessions illegal.
Delete^^^ sounds like the best idea to me!
Delete