An analysis by the nonpartisan Employee Benefit Research Center ("Study: Many workers' retirement savings will run out too soon," USA Today, July 14, 2010) found that 64 percent of workers earning less than $30,000 a year will run out of money within 10 years of retiring, and that "early" baby boomers, meaning people ages 56 to 62, have a 47 percent likelihood of not having enough money to cover basic retirement costs (i.e., housing, food, and clothing) and will be unable to meet uninsured medical expenses.
If anyone doubts the conclusions of these estimates, the consequences are already becoming apparent in the latest U.S. Department of Labor report ("Workers Over 65 Vie With Teens in Labor Market for First Time Since Truman," Bloomberg.com, July 13, 2010) that announced that for the first time since at least 1948, people over age 65 now outnumber young workers 16-19 by a significant margin. There are currently 6.6 million seniors working or actively seeking work versus only 5.9 million 16-19 year olds. Moreover, the rate of growth in this disparity is increasing rapidly. The two reports when taken together spell a major change in the labor market that will be particularly problematic for places like New York City, which has such a large number of young people, seniors, and people living at or near poverty.
Why should we be alarmed by more and more seniors coming back into the labor market? For at least two reasons. First, many are not coming back voluntarily, but because they cannot afford basic necessities on their fixed incomes; second, because they're often taking low-wage jobs that used to be the first steps into the labor market for young people, particularly those without credentials and who come from poor communities.
This kind of future - where people work right up until death at shitty jobs - is EXACTLY the one the education deformers, the anti-union people and the corporate whore politicians like Bloomberg and Obama want to bring for all but the top 1%.
That's what the ed deform movement is all about - firing as many teachers as you can so you turn over your ENTIRE teaching corps every five years and never have to pay any retirement costs.
Satan Jr. is doing this in D.C. already and Satan himself is licking his lips and twirling his pitchfork getting ready to do this in NYC in the next couple of years with the new teacher evaluations tied to test scores.
And they know they can do this because the Obama administration is now saying unemployment will stay at or above 9% all the way to the end of 2012. And of course those numbers don't count the people who have already dropped out of the job market and stopped looking because there is nothing to be had or the people working fewer hours and crappier jobs just to have some money coming in.
There will be PLENTY of applicants to take the place of fired veteran teachers.
As Rahm Emanuel is fond of saving, never let a crisis go by without using it to your advantage.
The corporate whores in the administration and their corporate overlords in the ed deform world sure are using the current crisis to remake public education into the fast food industry with high turnover rates and disposable employees
As for retirement, watch out for the Catfood Commission Obama put together to look at Social Security "fixes."
It's full of corporate whores like himself who want to privatize Social Security, raise the age to 72 and eventually starve the program out of existence.
Given the loss of pensions for many workers and 401(k) plans that are essentially worthless in a market climate whereby only Whitney Tilson and a few other corporate criminals make money, Social Security will become increasingly important to seniors.
I guess that's why Obama wants to cut your benefits and raise the age.
Nothing better for the corporate overlords than to have an economy where everybody over the age of 40 gets laid off from good paying jobs and is forced to work at Walmart until they die.
It's good for quarterly profits, bonuses and CEO pay.
And what could be more American than paying bonuses to corporate criminals?
Well, I guess firing teachers.