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February 4, 2013

NYT Reports on Obama's Dismal Economy

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It's hard to believe that this depressing, depression-level, story on just how bad the economy is actually comes from the Obama-worshipping New York Times. It's as though now the election's over they can stop hiding the truth:

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."

New research suggests that they may die sooner, because their health, income security and mental well-being were battered by recession at a crucial time in their lives. A recent study by economists at Wellesley College found that people who lost their jobs in the few years before becoming eligible for Social Security lost up to three years from their life expectancy, largely because they no longer had access to affordable health care.

Read the whole thing here.

Donald Lambro clearly had it right back in September 2012, when he noted in his Washington Times piece that Barack Obama is on track to have the worst job record since the end of the Great Depression. And you know that when even the New York Times stops hiding the truth about the economy, it's got to be really dismal.

Meanwhile, what's our divider-in-chief focusing on as our economy is slowing to a snail's pace and jobs become harder and harder to come by? Gun control, gay scouts, and concussions in pro-football.

Related: Factory Orders Ex Transports Post First Annual Decline Since July

Posted by Hyscience at February 4, 2013 10:10 AM



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