Which age group do you think got the worst of the recession?

I'm a GenXers. The GenYers have it worst. You would think the Boomers would have helped their kids along with all the income and perks they generated over the years but we all know that was not the case. I am grateful they spent foolishly on anything and everything, as it generated a booming economy that allowed many of us to prosper in our careers. I still have many more years to retirement that gives me more time to recover from the stock market losses. Without over analyzing in a blog, we are the "better off" generation.
The issue with the Boomers is how much is enough at retirement. It is very expensive to continue the same level of travel, maintaining a cottage and the toys that come with it. Therefore, staying employed longer will help solve that lifestyle. As suggested, the GenYers have less opportunities of well-paid employment. They are the hardest hit by far; so hopefully, the Boomer Parents will give up a little wealth, lower their expectations of retirement so they can help out their young ones.

Brilliant plan. Let the little people fight amongst themselves while the rich rape society for every penny. And with the focus on age there's no worry about finding ways to flood in visible minorities. The reason the recession continues is because the rigged system is being propped up beyond its' natural breaking point.

i think the most hit by the recession are the ones that are in their mid 50's because they are too young yet to retire and too old some companies won't hire, I hear it all the time even though the companies don't come out and tell you in plain English but thats what it amounts to, which isn't fair to them at all! Plus their is alot of people that could retire and give someone else a job but don't, which isn't fair either. Some should be made to retire if only for safety reasons at some companies, but the company is stuck also . I wish the government would quit saying the recession is over when everyone else knows its not, they sho9uld take the pay that some of us have anymore and see how they like it, to pay things out of $10.25 an hour!!

Honestly, I don't think any particular age group has been hit any harder than the others - we've all suffered (and will continue to suffer) in different ways. I'm at the cusp between Gen X and Gen Y and am noticing that, even with a PhD in genetics, it is very difficult to find any sort of meaningful employment. I'm mainly talking about PI/professor positions, as universities now seem to be requiring two retirements for every new hire...and no one ever retires!! So I have the option of wading through endless post doc positions, which pay next to nothing, or wasting my years of training and working for some biotech corporation, with a starting salary that is not nearly what it used to be.

What was the point of this comment? Well, just to complain, I suppose ;)

Every age group has achievers who work hard, save hard, and plan for the future. I'm just a college graduate, married to another. Three kids now through university, no debts. Havent travelled to Florida until our 30th wedding anniversary. Kids never been to Disney. But none of us has debts, and own our own car.

Everyone can do the same thing, if they work hard for decades, too. Stop Whining.

By the way, I'm 56 and retired with a good pension. Good thing, as 35 years of sitting at a computer has euchred my back.

Rather than getting angry at each other the generations (citizens) ought to get angry a the financial system. The weakly regulated form of Capitalism that we have now has failed all of us. It is unstable and allows for all sorts of shoddy behaviour by those in the financial community particularly in the United States.

We have done everything for this system - cut taxes, defanged our governments, shrunk them to to a size where they cannot protect us from the corporations who actually are at the centre of the present form of global capitalism. This system has made the world safe for the corporations and the very wealthy 1% of income earners. What has it done for us? Poorer jobs, longer hours, lower pay, reduced pensions and other benefits, and higher unemployment to name just a few.

It is time that we put our governments back in the business of looking out after our interests and not those of the tiny rich minority and the corporations. We need to elect governments that will work for us by reforming the present financial system, corporate power and the type of global capitalism that is harming most of us and our planet. Raise corporate taxes, raise the income taxes of the rich, lower tuition fees, put some standards in the global economic system that cut out exploitation of people and the planet.

We in the democracies of the world should be doing this now - not pathetically debating which generation is the best or worse off. Act or cry in your beer. It is our collective choice.

Think about what you are saying. If we overtax the rich, as you wish to do, do you realize they could leave the country? Then, who takes care of the poor? Noone? Try not to be too nasty to the corporate world. They are indeed the ones feeding us.

To John Paul

Im guessing you are a poor student. Your solution is that corporations and high net worth individuals should pay more so that you can have a cheaper educaiton? Kinda self centered isn't that?

Next lets look at your assertions. You state there are now "Poorer jobs, longer hours, lower pay, reduced pensions." Really? Poorer jobs? Most north american jobs are now service orientated or office work. Those have a pretty nice work environment (I grew up shoveling wheat which isn't such a nice work environment as comparasin). Your grandfather probably did manual labour 12 hours a day 7 days a week to feed his family (mine did). Me, I work 40-45 hours a week in virtual paradise. It also affords me a quality of life he couldn't dream about. Longer hours? What a joke. Modern labour standards are the tightest they have ever been. Lower pay? Again your quality of life is probably far superior to any of your ancestors. Lastly reduced pensions. Well that is possible as in the 60-80s pensions kinda went crazy. Personally I believe a person's retirement should be their own responsiblity so reduced pensions isn't even a bad thing.

I'm a early Gen Y and I gotta say that the amount of opportunity in this world now is almost staggering. I consider myself somewhat lazy (40 hours a week isn't exactly busting my hump) and I reap a lifestyle that even 50 years ago kings didn't have. Medical advances mean I'll have a long life and my economic plans mean I'll enjoy all my years. You don't know how good you have it.

Lastly John Paul think on this. The recession has hurt corporations which has filtered down to your life and hurt you. Your solution then is to further hurt the corporations because this will make your life better? Democracy does not mean that we get to repress a minority (be it wealthy or otherwise).

As to the article I do feel a bit for recent retirees as the recession has damaged their future lifestyles and many of them will have little recourse concerning this as they have run out of time to earn more.

I love the folks here supporting the race to the bottom, not realizing that no matter how much they've saved or how 'secure' their pension, a spike in inflation or a change in government and it's all gone.
Sadly democracy is merely mob voting rule by the stupid (which is why it's loved by capitalists).

I am a mid-boomer and am planning on pulling the plug next July at the age of 58. I started saving via RRSP's at the age of 25 and after reading about the 10% savings rule. We have not done much travel, we have focused on paying ourselves first and have kept with conservative investments. In retirement we will be debt free, not very rich however we will be comfortable.

My opinion is that it is key that all of us recognize where we are in the world and map out a life plan accordingly. Knowing what our individual issues are, regardless of what generation we are is key. Knowledge here represents 50% of the solution.

The glass can be half full.

Yep Freedom of 55 Your on Your Own Think ABout IT

Take the time and frequent a casino. Don't need to play. Have a free coffee, walk around and look at who the majority of patrons are. The majority are baby boomers. They continuously feed those slot machines because of the extra savings they have. Don't tell me they are there because of their addiction. They have some financial security and have money to spend.
Now the government knows that. If they tried to increase personal taxes or tax inheritances, there would be a backlash from these voters. Instead, they created casinos which is a different way to get to their savings accounts. At least they are having fun losing the money. While not everybody in this category are gamblers or have added savings, I chuckle when Boomers, in general, claim they can't afford the cost of living. It's not the actual cost of living they are crying about, it's the cost of the lifestyle they want to keep - wasteful spending. Again, I do empathize with those who have worked hard all their lives but can't get ahead. My parents are in this category. As mentioned in my earlier blog, I am thankful for the economy the boomers created thus allowing me the financial freedom to help out my parents and yes, frequent casinos a few times per year.

I am a boomer, yet I work 20 to 25 hours a week at $12 an hour. This is my only income. I'd like to see a gen y try to live on my income. Don't blame an x, y or g person. Blame the government and the big corporations. Blame the government and the big corporations. They are the ones who run our lives.