Doug Henwood wrote:
On Aug 4, 2006, at 1:34 PM, Carrol Cox wrote:
Let's not forget that the _majority_ (large majority) of "boomers" are
just like any other generation -- they don't got no stocks, no
bonds, no savings account, and never did nor ever will.
That's an exaggeration - about half of all U.S. households have a
retirement account, with a median value in 2004 of $35,000. The share
is higher for "boomers" - about 60%, with a median value around
$70,000. Not a lot, but considerably more than nothing.
Unh huh, and how about the expenses incurred when you have a way of life
that nets you a $70,000 retirement "egg"? That money will last a year,
maybe three... if they scrimp, invest wisely, and sell the Lexus.
Hah! What *am* I thinking? Boomers "...will scrimp, invest wisely and
sell the Lexus"!?!?
California's (un)Real estate is the savings plan for many "boomers" I
know, reverse-mortgages, or second mortgaging to the max with mortgage
life insurance, and hoping the money is there when the ballon payment is
due.
I hear no talk of passing the family home on to the children in their
estates among the DINKs (Double Income No Kids) who had the economic and
social "misfortune' of becoming DIKs (Double Income, Kids).
Also, all these presumptions of the value of "boomers" retirement
accounts are static or progressive, and are based on the belief that the
U.S. dollar will maintain some sembalance of it's current worth, that
the "Golden Age of American Prosperity" is right around the corner...
that inflation, stagnation, currency devaluation, massive debt due to
our worldwide war on *everyone*, and other economic causes, won't be the
milk that crumbles the "boomers" economic cookie.
I'll eventually make space in my cardboard condo for one or two of these
people, but I suspect I'll be evicting them before to long because "No
Arrogance" and "No Whining" will be part of the rental agreement.
Leigh (The Cultural Contrarian)
http://leighm.net/
