Posted on 03/15/2013 2:12:16 PM PDT by Sir Napsalot
WASHINGTON — Pearl Brady has a stable job with good benefits and holds two degrees, a bachelor’s and a master’s. But despite her best efforts, she has no savings, and worries that it will be years before she manages to start putting away money for a house, children and eventually retirement.
“I’m in that extremely nervous category,” said Ms. Brady, 28, a Brooklynite who works for a union. “I know how much money I’m going to be making for the near term. I hope in my 30s and 40s to be able to save, but I have no idea how. It’s scary.”
Ms. Brady has plenty of company. A new study from the Urban Institute finds that Ms. Brady and her peers up to roughly age 40 have accrued less wealth than their parents did at the same age, even as the average wealth of Americans has doubled over the last quarter-century.
Because wealth compounds over long periods of time — a dollar saved 10 years ago is worth much more than a dollar saved today — young adults probably face less secure futures for decades down the road, and even shakier retirements.
“In this country, the expectation is that every generation does better than the previous generation,” said Caroline Ratcliffe, an author of the study. “This is no longer the case. This generation might have less.” The authors said the situation facing young Americans might be unprecedented.
A broad range of economic factors has conspired to suppress wealth-building for younger American workers; the trend predates the Great Recession. Younger Americans are facing stagnant pay — the median income, when adjusted for inflation, has declined since its 1999 peak ...... (Read the whole article)
(Excerpt) Read more at nytimes.com ...
Why should she worry?
In the Era of Baraq, the government takes care of all that stuff.
Just follow the Life of Julia, right?
The 401K generation has free traded their youngster’s seed corn for cheap goods.
Life of Julia, maybe that is exactly the reason they (younger generations) voted for “Era of Baraq”.
“Gubmint taking care of everything” does not mean they will get what their parents’ generation were able to accumulate.
And maybe now they are just starting to realize that. ===> Hence, social unjust/injustice, and my comment about ‘generational war’ coming.
They never say what these peoples degrees are in.
What are you doing with a Bachelors and a Masters working for a Union?
Social study, would be my guess.
One thing to consider is back then, people didn’t need as much “stuff” as they do today. We didn’t have cell phones, and all of the other gadgets that people today “need”. Bet she pays over $500/month just for cell phones/cable tv/Internet.
Something to consider, after we move away from a manufacturing nation/society, why is everything so much more expensive (value of dollar decline asdie)?
Wymin’s Studies
We are all in this together and those who stand alone will have little support. With the world economy no longer healthy and stable the next several years are going to be a tough time for all strata of society equally.
Meanwhile there is an E4 somewhere in Afghanistan making 20K base pay.
LOL, I LOVE IT.
In Bammy we trust.
They are getting rid of the middle class.
It’s called “socialism” and it is designed to destroy the middle class.
And this woman probably voted for the people now choking the life out of her.
So what do you want me to say?
It’s the systematic destruction of avenues to the means of personal wealth. The areas of agriculture, energy, mining/extraction, medicine, maufaturing, etc. are all under attack by forces within our own country for one sole purpose: complete control and exploitation of the economy by the few. Want to see where we’re headed, take a look at mexico, south africa, zimbabwe, and china. That is our future if we don’t put a stop to it. Unfortunately, world history is betting against us, and usually wins.
a dollar saved 10 years ago... is worth about $0.75 today.
the hidden ‘redistribution’ is working wonders
thx 0bama!
“and worries that it will be years before she manages to start putting away money for a house, children and eventually retirement. “
From that picture, she’s certainly putting ‘something’ away.
“The long predicted “generational war” coming?”
Absolutely. My kids already know that they will be paying tribute every day of their working lives to the takers - the ones on Food Stamps, Medicaid, Housing, Social Security, Free Cell Phones, Medicare. You know, all of the usual government handouts.
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