The Wall Street Journal is worried that seniors may outlive their savings, especially if they have their funds in near 0 interest bearing CDs. (http://online.wsj.com/article/SB10001424052748703410604576216830941163492.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsTop). The Journal even found a 91 year old retiree who personifies the IRS 97 year IRA payout schedule. With the interest rates low, seniors are having problems paying their $4,000 annual golf club memberships. Are things so bleak for seniors? I don't think so. With their considerable political clout, not to mention mediagenic looks, seniors, who on the whole have been largest beneficiary of the War on Poverty, should be able to weather this recession out.
Sunday, April 03, 2011
One of the stranger effects of the recession has been decreased crime (http://www.time.com/time/magazine/article/0,9171,1963761,00.html), almost to the 1950s levels; supposedly crime follows poverty, and the U.S. poverty rate is at 14.3% about the 1994 level, and is actually lower than the early 80s, when crime was a national concern. (The present poverty rate is still much lower the 23% rate of 1959, a supposed golden era of harmony and low crime. Another bright spot is the that the poverty rate among seniors has decreased (http://www.aarp.org/work/social-security/info-10-2010/seniors_are_not_on_easy_street_expert_says.html).