Now They Tell Us… NY Times Finally Reports on the Disastrous Obama Economy
Well, the election’s over so it’s OK to let the cat out of the bag.
The economy sucks. It sucks for recent graduates who overwhelmingly voted for Barack Obama and it sucks for every other age group, too.
Barack Obama is the worst jobs president since the Great Depression.
The New York Times reported:
Young graduates are in debt, out of work and on their parents’ couches. People in their 30s and 40s can’t afford to buy homes or have children. Retirees are earning near-zero interest on their savings.
In the current listless economy, every generation has a claim to having been most injured. But the Labor Department’s latest jobs snapshot and other recent data reports present a strong case for crowning baby boomers as the greatest victims of the recession and its grim aftermath.
These Americans in their 50s and early 60s — those near retirement age who do not yet have access to Medicare and Social Security — have lost the most earnings power of any age group, with their household incomes 10 percent below what they made when the recovery began three years ago, according to Sentier Research, a data analysis company.
Their retirement savings and home values fell sharply at the worst possible time: just before they needed to cash out. They are supporting both aged parents and unemployed young-adult children, earning them the inauspicious nickname “Generation Squeeze.”
More… Most seniors don’t need a chart to know that their Social Security cost-of-living adjustments are not keeping pace with inflation.