Just read that the majority of Americans have under $1,000 in savings. If there is another recession, or better yet an actual depression, the poverty and homelessness numbers will skyrocket. Yikes.
Yeah, the Baby Boomers are no where near being able to independently retire, they haven’t saved for it, or couldn’t afford to save is more likely...or they lost a huge chunk of it when our economy crashed a few years back.
So they can’t retire, which kind of clogs up the job market with too few jobs for all the new grads with $30,000 - 100,000 + in student loan debt.
People suck it up and do what they have to...about 10 years ago I took a second job delivering pizzas in the evening after working in surgery all day, but hell man, I walked with an average of $60-$100 bucks on the weekends nights in tips.
It was to say the least, a humbling experience to explain to people who you just happen to know that no...you didn’t get fired from your other job, etc.
I rather enjoyed it most of the time...driving around, smoking cigs (when I used to smoke), listening to my music all night...got free pizza.
Something serious is going to take place when the Boomers can no longer physically do the jobs they’ve been hoarding out of necessity.
I think parents will be moving in with their kids, (just as kids can’t move out of their parent’s home now) and some societal dynamics will change.
We will have to either up the ante on SS, which I hope never takes the form of privatizing it (Bush tried to do that right before the economy crashed btw, which would have killed SS outright)...or come up with a better option than co-habitation (which is not always possible or monetarily feasible), or throwing Grandma out under the overpass with a nice sleeping bag and a Maytag refrigerator box.
This is going to happen very soon...hell, it’s already happening...it will just reach a tipping point where it will be a huge issue we will have to fix.