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.”