Hey Boomers, let's rejoice! The reason our Soc. Security is delayed for two years is

[truedelphi]

105. YOUR very last sentence shows your lack of motivation to think about this.

You have a job. At the age of 62. Good. For you.

But tens of millions of people are being phased out of the job market. If you read enough posts here on DU, each week, you can probably catch some 5 or 6 people here on DU talking about being 55 to 60 years old, and very discouraged in terms of looking for work.

Why? Because employers do not want to pay for the hugely expensive insurance premiums that such older workers bring with them. (This was happening years before the ACA so I am not laying blame on that.)

Often when an older person is hired they are hired part time, so that again, the insurance premium situation does not take profit from the employer and translate that profit into insurance premiums.

So by the time a person is 62, they are so discouraged. They realize they have few options. They may already be trying to figure out if they should pay their rent, or buy their meds. Or pay their rent, but skimp on groceries and buy their meds.

Meanwhile, every day of the week, some financial expert is on TV telling people how important it is to wait to go for their Social Security benefits. As though us older people are just too damn lazy to work. (The people at Motley Fool had an article about this recently too - again, the onus was on us damn lazy oldsters.)

Yet the idea that the economic recovery has not been possible for many people is finally getting into the thick skulls of the Financial crowd. Here are two paragraphs of a speech recently offered to the public by Mr Fischer of the Federal Reserve:


But--and this is no small "but"--the global recovery has been disappointing. With few exceptions, growth in the advanced economies has underperformed expectations of growth as economies exited from recession. Year after year we have had to explain from mid-year on why the global growth rate has been lower than predicted as little as two quarters back. Indeed, research done by my colleagues at the Federal Reserve comparing previous cases of severe recessions suggests that, even conditional on the depth and duration of the Great Recession and its association with a banking and financial crisis, the recoveries in the advanced economies have been well below average.(footnote #3) In the emerging market economies, the initial recovery was more in line with historical experience, but recently the pace of growth has been disappointing in those economies as well. This slowing is broad based--with performance in Emerging Asia, importantly China, stepping down sharply from the post-crisis surge, to rates significantly below the average pace in the decade before the crisis. A similar stepdown has been seen recently for other regions including Latin America.

Another snip:

Job cuts at federal, state, and local governments have reduced payrolls by almost 3/4 of a million workers, resulting in a decline in total government civilian employment of 3-1/4 percent since its peak in early 2009.(footnote #7) The fiscal adjustments of the last few years have reduced the federal government deficit to an expected level of 3 percent of GDP in 2014 and fiscal drag over the next few years is likely to be relatively low.