Boomers first to experience new economic era in America: The “Work Til You Drop” Era
February 26th, 2012Quoth the Associated Press:
When Paula Symons joined the U.S. workforce in 1972, typewriters in her office clacked nonstop, people answered the telephones and the hot new technology revolutionizing communication was the fax machine.
Symons, fresh out of college, entered this brave new world thinking she’d do pretty much what her parents’ generation did: Work for just one or two companies over about 45 years before bidding farewell to co-workers at a retirement party and heading off into her sunset years with a pension.
Forty years into that run, the 60-year-old communications specialist for a Wisconsin-based insurance company has worked more than a half-dozen jobs. She’s been laid off, downsized and seen the pension disappear with only a few thousand dollars accrued when it was frozen.
So, five years from the age when people once retired, she laughs when she describes her future plans.
“I’ll probably just work until I drop,” she says, a sentiment expressed, with varying degrees of humor, by numerous members of her age group.
Like 78 million other U.S. Baby Boomers, Symons and her husband had the misfortune of approaching retirement age at a time when stock market crashes diminished their 401(k) nest eggs, companies began eliminating defined benefit pensions in record numbers and previously unimagined technical advances all but eliminated entire job descriptions from travel agent to telephone operator.
This is the dead end result of decades of forced unionization, endless fiat money creation, exporting dollars instead of creating products, rampant and stupid speculation in the housing and stock markets, price-fixing, rent-seeking, market-distorting, capital-destroying, insane risk-taking, resource-misallocating, incentive-perverting, mindlessly consuming-instead-of-investing behavior.
The higher standards of living that accompany an economic boom cannot last forever if the boom wasn’t real in the first place.
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