Thursday, September 15, 2011

Blame the seniors

We senior citizens have to get with the program, pull up our socks, pick up the pace, so to speak.

According to a recent Bloomberg Businessweek article, we are to blame for many of the current ills.

First, we are retiring. This is bad because it shrinks the workforce thereby weakening economic activity. The article says we can expect two decades of this. (We seniors would be pleased to still be experiencing anything in two decades.)

Also, retirees are not forming new families. Most are sticking with the ones they have, meaning sales of houses, appliances, and general stuff, suffers.

Then there is the frugality of seniors. They just don't splurge on "impulse" items and useless trinkets like they did in their teens.

And now that they aren't working, their income is down quite a bit, and this hits consumer spending. Motorcycle sales are expected to fall.

That's not all.

The stock market will also take a hit, as older investors try to hang on to their nest eggs rather than taking a flyer on the next hot play in stuffed animal vending machines, or whatever.

The picture is pretty bleak so, for the good of the country and the world, we need to come off the bench and get in the game.

You up for it?