SYNDICATED COLUMN: Who Will Do Something About the Looming Retirement Crisis?
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In Douglas Coupland’s 1991 age-warfare classic novel “Generation X” a young man trashes a car because it bears a bumpersticker with the obnoxious slogan “I’m spending my children’s inheritance.” Like Coupland I launched my career as something like a spokesperson for Generation X, raging on behalf of a demographic cohort perpetually struggling to make itself and its concerns heard in the wake of the older, bigger and wealthier Baby Boom generation. Culturally marginalized by the Boomers, forced to accept transient employment, hobbled by growing student loan debt and buffeted by recessions, Xers feared that they would never be able to save enough in order to retire, much less spend their kids’ inheritance. The retirement crisis will be worse than we ever feared. “We predict the U.S. will soon be facing rates of elder poverty unseen since the Great Depression,” New School economist Teresa Ghilarducci and Blackstone executive vice chairman Tony James write in the Harvard Business Review. Sayonara, Kurt Cobain.…
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