TROUBLE AHEAD FOR SENIORS AND BABY BOOMERS
Barack Obama’s promise of “hope and change” has been disappointing for Seniors and the “Baby Boomer” generation. For those already retired, the Golden Years and a worry-free life of leisure utilizing income generated by life’s savings and investments have been compromised under the Obama Presidency. As a result, some seniors have actually returned to the work force.
Baby Boomers have a different concern as they approach age 65. Anticipated income from IRA’s and 401-(K) retirement nest eggs has been victimized by severe market fluctuations while Social Security is reported to be facing possible future insolvency. Many boomers are opting to continue working until age 70 or beyond.
Both Seniors and Boomers have been impacted by Obama’s failed economic policies including negligible interest rates on savings and investments. Further compounding loss of family net worth is a decade of real estate appreciation wiped out during his Presidency.
While the President and Democrats claim the recession over, most recessionary characteristics remain. Record unemployment and under employment of 14% have continued for over 30 months. The world’s highest business taxes have encouraged American manufacturers to exit the country making it virtually impossible to find anything made in America. Compounding this is a failed energy policy, competition by illegal aliens for scarce jobs in service and construction industries and higher taxes to subsidize a growing dependency population. No doubt “hope and change” spells trouble now and in the future for both Seniors and Baby Boomers.