As I read this preview of a documentary film on the financial state of the boomers since The Great Recession, I thought of all the contributors to our recent FamilyScholars Symposium on State of our Unions. Each pointed out that supporting marriage is not the only way to support the middle class and these numbers remind us that we need all hands on deck, especially as this generation moves into old age in the next two decades.
“One of the lasting effects of the Great Recession has been the economic spiral downward of the American middle class, and no group has been harder hit than the boomer generation, men and women in the prime of their working lives.
From 2007 to 2009, workers 55 to 64 year old who lost jobs had been making an average of $850 a week; those lucky enough to be re-employed by January 2010 were earning $647 a week, a 23.9 percent drop in income.
Younger boomers, ages 45 to 54, had been averaging $916 a week; the jobs they were able to find after the recession paid $755, a 17.6 percent decline.
That is the story Susan Sipprelle tells in her new documentary, “Set for Life,” about the generation that was so sure that they were — until their lives came undone during the Great Recession…” Read more