Generation X Hit Hardest By Recession (Demo)

On May 30, 2013, Ann Carrns writes in The New York Times:

Members of Generation X, now in their late 30s to late 40s, were especially hard-hit by the recent recession, and are at risk for downward mobility in their retirement years, a new report finds.

Generation Xers, the group of Americans following the Baby Boomers, lost nearly half of their overall net worth between 2007 and 2010, according to a report from the Pew Charitable Trusts.

Generation Xers lost an average of about $33,000, reducing their “already low” relative levels of wealth, the report found.

While Gen-Xers saw greater increases in wealth from home equity during the housing boom, they have lower overall rates of home ownership compared to earlier generations, which mutes the impact on the wealth of their group over all, the report found.

The report defined Generation X as those born between 1966 and 1975, so they now range in age from 38 to 47.

By comparison, both early and late baby boomers also were hurt by the recession, but to a lesser extent, losing 28 percent and 25 percent of their median net worth, respectively.

Gen-Xers also have higher levels of debt than other age groups, the report found.

Unfortunately, the catch-up is not going to happen unless our government enacts policies that provides the equal opportunity to EVERY American to acquire individual ownership in FUTURE wealth-creating, income-generating productive capital assets and pay for their acquisition using insured capital credit loans whereby the investments generates the income to pay for the initial creation of the assets. In this way over time EVERY American can acquire a viable capital estate income source without taking from those who already OWN, because the focus in not on redistribution of wealth but on the FUTURE creation of wealth and new capital owners.Support the Capital Homestead Act athttp://www.cesj.org/homestead/index.htmandhttp://www.cesj.org/homestead/summary-cha.htm.

See my article “The Absent Conversation: Who Should Own America?” published by The Huffington Post at http://www.huffingtonpost.com/gary-reber/who-should-own-america_b_2040592.html and by OpEd News athttp://www.opednews.com/articles/THE-Absent-Conversation–by-Gary-Reber-130429-498.html.

Also see “The Path To Eradicating Poverty In America” athttp://www.huffingtonpost.com/gary-reber/the-path-to-eradicating-p_b_3017072.html and “The Path To Sustainable Economic Growth” athttp://www.huffingtonpost.com/gary-reber/sustainable-economic-growth_b_3141721.html, and the article entitled “The Solution To America’s Economic Decline” at http://www.nationofchange.org/solution-america-s-economic-decline-1367588690.

http://bucks.blogs.nytimes.com/2013/05/30/generation-x-hit-hardest-by-recession/