Proof That The Great Recession Has Yet To Release Its Grip

Foreclosure USA

Proof That The Great Recession Has Yet To Release Its Grip

Buried deep in a speech that President Obama delivered at the height of the Great Recession was a line that has remained etched in my psyche. When Obama was acknowledging the economic devastation that the recession had wrought on individuals, he predicted, “And some people won’t ever recover.”

At the time, I wondered who he meant. Finally, that mystery has been solved. He was talking about me and people my age who ― like me ― lost their jobs, their home equity and saw their portfolio values crash and burn just as they were entering the countdown years to our retirement.

And it comes straight from the horse’s mouth: The Congressional Budget Office released a report last week that said the median family wealth for Americans age 50-64 dropped from around $250,000 in 2007 to less than $200,000 in 2010 ― and then continued to fall precipitously to about $150,000 in 2013. That’s a 40 percent drop in our wealth in just six years, notes Politico, and no, that’s not a good thing.

While all generations were slammed by the recession, the one generation that has lacked sufficient time to recover was mine ― and that’s what the CBO has finally gotten around to saying. We were pushed out of our jobs at the worst possible time, coerced to sign severance agreements agreeing not to sue for age discrimination, and in some cases, insultingly offered job “counseling” for things like “how to update your resume after 30 years of not needing to.”

Rest here…


One Response to “Proof That The Great Recession Has Yet To Release Its Grip”
  1. mike Drouin says:

    A story like this lends credence to an act by our Financial system , aided and abetted by the US Government . of wealth , confiscated ,from one generation to be redistributed to another . My parents who bought their home in the 60’s paid off their note and their house sold for 270,000 in 2004 . My father passed and my mother gave her children inheritance money in which I invested into my home unaware that a Mortgage scam had been launched by the Investment Banks involving unaware homeowners to the illegal contracts they were getting involved in , under the guise of a Mortgage contract .When Obama took office in 08 and the devastation of Great Recession was beginning to take hold , He took to the podium and said ” The American Dream is still alive ” ….. He looked to his left and looked to his right , in complete silence . He new damn well that the American Dream of millions of Americans were about to be shattered , so who was he talking to??? Was that a signal to the Thieving Banks that his Administration had their backs ??? There is no way he was talking to the millions of Americans that were about to lose everything !!!!!

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