The Great Recession: Are we looking at a repeat?

Ten years ago…

A decade ago, the world economy crashed. Fellow news junkies have no doubt noticed the surfeit of news articles reflecting back on the brutal unfolding of the Great Recession. For me, the Great Recession is such a defining chapter in my generation’s story that these pieces prompt vivid “where were you when…” remembrances of September 2008.

Watching from afar

I was in Hawaii at the time, and it was surreal.

I had been awarded a research sabbatical for that fall term. But before digging into my sabbatical work, I visited Maui for two weeks to help out and support a dear cousin who had lost her husband to cancer.

As we sorted through the many details that follow the passing of a loved one, regular TV programming was constantly interrupted by news coverage of the rapid economic collapse. It quickly became clear that this was no ordinary downturn, and that the world’s economic and financial structures were at risk of breaking apart.

To watch this unfold from one of the most beautiful places in the world, with a six-hour time difference between the East Coast and Hawaii, made for a disconnected and strange experience. You step outside into sunlight and palm trees and locals going about their business. You then watch the television news, with a lot of normally cool characters looking visibly shaken and fearful.

Today’s reality

So here we are, a decade later, looking back at the Great Recession and all the human and financial carnage it exacted. It would be nice to assume that we’ve learned from the massive debt bubbles and casino-style investing that helped to bring down the economy in 2008, and that somehow we’ve managed to reclaim those losses.

But there are two stark realities facing us today: First, although a booming stock market, record profits, and executive raises have fueled the net worths of the wealthy and upper middle class, a lot of middle-class, working-class, and poor people have never recovered from the last recession. As Alana Semuels wrote in “The Never-Ending Foreclosure,” a December 2017 piece in The Atlantic:

In the big picture, the U.S. economy has recovered from the Great Recession, which officially began a decade ago, in December of 2007. The current unemployment rate of 4.4 percent is lower than it was before the recession started, and there are more jobs in the economy than there were then (though the population is also bigger). But for some, the recession and its consequences are neverending, felt most strongly by families . . . who lost jobs and homes. Understanding what these families have experienced, and why recovery has been so evasive, is key to assessing the economic risks the nation faces. Despite ever-sunnier economic conditions overall, the Great Recession is still rattling American families. When the next economic crisis hits, the losses could be even more profound.

Secondly, a lot of knowledgeable people are saying that we are once again on the brink of a significant economic downturn. I won’t even attempt to link to the array of opinion pieces and analyses making this point. Just search “next recession,” and you’ll see what I mean. These assessments are coming from liberal, moderate, and conservative economists alike. Their biggest question is how bad will it be. It’s safe to say, however, that especially for the millions of people who never recovered from the last recession, the added punch will be extremely hard.

I know I’m sounding like a doomsayer, but I think we’re in for another rough go of it. My biggest question is whether we’ll come out of the next recession with a genuine civic and political commitment toward building an economy that works for everyone, not just for the wealthy and well-to-do.

…on-the-ground realities today

“Let’s leave it all out on the field”: A Gen Joneser rallying cry?

Bartlet (l) and McGarry (r) confer

Dear readers, I confess that this is a bit of a ramble, a lot of thinking out loud in digital form. It’s about my generational cohort — the one dubbed Generation Jones, i.e., late Boomers and early Gen Xers born between 1954 and 1965 — and how we might contribute to the world in the years to come.

One of my favorite television characters is Leo McGarry from “The West Wing,” the Emmy Award-winning political drama that ran on NBC for seven seasons. The late John Spencer, a supremely underrated actor, played McGarry, a politically savvy and trusted close advisor to President Jed Bartlet (Martin Sheen).

A favorite West Wing episode comes late in the series (season 6, episode 12). McGarry is returning to White House duties after a heart attack and bypass surgery, and the Bartlet Administration has only a year left in its second term. The President is fatigued due to a chronic illness, and McGarry is struggling to regain his health and his role in the Oval Office. Too often the Administration is letting events control it, rather than the other way around. Leo senses that maybe the President and his inner circle are simply running out the clock, while trying resting on their laurels.

In a great scene featuring McGarry and the President, Leo challenges his long-time friend and fellow political war horse to push hard during their last year in office: “Both of us, sir, this is our last game. Let’s leave it all out on the field.” With the President’s approval, Leo calls a late night meeting for the senior staff, during which they begin to map out an ambitious policy agenda for the Bartlet Administration’s final 365 days.

A Gen Joneser rallying cry?

I love that scene between McGarry and the President. Yeah, it is corny and doesn’t bear any resemblance to today’s Washington D.C. But for pure inspiration, it works for me.

And maybe it even speaks to me. Let’s leave it all out on the field. When I think of fellow members of Generation Jones, these words come to mind as a potential rallying cry for our (hopefully many!) remaining years.

Today’s Gen Jonesers are roughly between 52 and 64 years old. In terms of traditional age demographics, this covers a healthy span of middle age. And while our bodies may be feeling the passage of time, we also have a lot of accumulated wisdom, insight, and experience. I’d like to think that we have a lot of gas left in our tanks. In fact, in many realms we may be at or near the top of our games in terms of productivity and leadership capabilities. These qualities give us opportunities to make significant contributions to the world around us during the years to come.

In some cases, a middle-aged career shift may be part of a fundamental personal transition. Career counselors and coaches have sometimes referred to this as pursuing an “encore” career, one that may involve earning less or even no money — the latter crossing into the realm of avocation — but in any event enabling someone to make a difference in a chosen arena. A popular website devoted to the pursuit of encore careers uses the tag “Second acts for the greater good.” It’s an appealing idea: Earn enough money to secure your future, then spend a chunk of the rest of your time giving back.

Imagine, millions of seasoned, able, mature workers pursuing work and activities that help our communities, big and small. It’s about defining personal legacies, giving back, and paying it forward, right? As I wrote in 2016:

…(W)e live in a world in serious need of more joy, creativity, humanity, and compassion. Who wants to look back at a life only to see a lot of wonderful opportunities squandered and wasted?

Reality checks

But hold on, there are harsh reality checks on my generational cheerleading. Let’s start with economics and personal finances. As I wrote last year, many members of Gen Jones are getting hammered in terms of jobs, savings, and retirement readiness:

…Generation Jones has been snakebitten by broader events. During the early 1980s, many graduated into a terrible recession that limited entry-level job opportunities. This was also a time when America’s industrial jobs base went into sharp decline (a trend continuing to this day), wages started to flatline (ditto), and employers began eliminating pension plans (ditto again).

Fast forwarding, the Great Recession hit during what should’ve been Gen Jonesers’ strongest earning years, the heart of their 40s and early 50s. Many lost jobs and livelihoods during that time and have struggled to recover. Some have never recovered. Gen Jonesers are now hurtling toward what have been considered traditional retirement years; most are within 10-15 years of that time. But as I have written often on this blog…, America faces a retirement funding crisis of major proportions.

Gen Jonesers are in the bull’s-eye of that retirement funding crisis, as will become evident during the next decade. In terms of its entrance into the labor market, this age group is the first to fully experience the widening wealth gap that began in the 1980s and continues to this day. Absent dramatic changes in the American economic structure — likely through some combination of civic leadership, public policy, and political voice — we are a preview of things to come.

Overall, the march of time brings a mix of ordinary and extraordinary life challenges. Job losses and career setbacks have emotional as well as financial impacts. Illnesses and deaths are a part of life, but no less difficult because of their inevitability. As many regular readers of this blog know, various forms of abuse can exact a significant toll and have cumulative effects.

Looking ahead

So what is it to be? A rich midlife with impact-making encore contributions, or remaining years spent pinching pennies and recovering from setbacks? Of course, the reality for most Gen Jonesers will be somewhere in between, replete with individual stories and circumstances. After all, there is no one-size-fits-all playbook for midlife and beyond.

With all that said, here is a cluster of framing ideas for our consideration, some possible ways for us to leave it all out on the field:

Legacy work — It starts with legacy work. Again from 2016:

By “legacy work” I mean our core contributions and accomplishments, the stuff we’d like to be remembered for in the longer run and by people we care about. In the realm of vocation, it may involve creative or intellectual work, achievement in business, service to others, building something, activism and social change work, or some type of innovation or invention.

…(O)ne’s legacy work need not be vocational in nature. It can include parenting, caregiving, an engaging avocation, a deeply meaningful hobby, or charitable work. For some, a “day job” may pay the bills, but an unrelated project or endeavor brings the deeper meaning.

Community — In recent years, loneliness has been labeled an epidemic and a public health crisis by health experts. (See recent pieces in the Washington Post and New York Times for more.) Part of the answer is to build and maintain genuine communities. These communities can be grounded in geography (e.g., neighborhood), shared interests and activities (e.g., vocations, avocations, hobbies), or shared values (e.g., social and faith beliefs). The care and feeding of communities and those within them require intention and commitment.

Recovery — By the time midlife hits, a lot of folks find themselves recovering from setbacks small and large. The big hits often involve fear, stress, and even trauma. Fortunately, for many there are paths to recovery. For example, even those experiencing post-traumatic stress, once thought to be extremely hard to treat, may heal via new healing modalities and even enter a phase known as post-traumatic growth.

Scarcity, generosity, and choices — Some very smart people are telling us that we face a long-term era of scarcity. Accordingly, our challenge may be to find ways to live good and meaningful lives during a time when resources (personal and global) are limited. As I see it, it will require letting go of some the values that led us to this place and reorienting our lives and lifestyles so that we are less about stuff and more about humanity. It will mean giving back and paying it forward, while defining abundance differently from the ways we have done so before.

Instructive on these points are the words of my late friend and pioneering adult educator John Ohliger (1926-2004), which appeared in a 1981 issue of his newsletter Second Thoughts:

My picture is of a future where we live more relaxed and more modest lives with an abundance of unmeasurable and infinitely available non-material (or better, trans-material) resources. All the travail and pressure we’re going through right now may be paving the way for that future. This future could be one where we will have a choice of “goodies”; not ones requiring scarce energy, minerals, or dollars; or ones permitting some people to get rich while others go hungry, but choices that we create with our own hearts and heads and hands among people we know and care for.

Related posts

Obviously there’s a lot to contemplate here, and I’ve barely scratched the surface. For those who would like to explore some of these themes a bit deeper, I’ve collected a bunch of past entries relating to midlife, transitions, vocations, avocations, and community building:

Work, savings, and retirement: Generation Jones is getting hammered (2017)

From hoop jumping to legacy work and places in-between (2016)

Charles Hayes on the ripples of our lives (2016)

David Brooks and his “moral bucket list” (2015)

Defining, refining, creating, and redefining your “body of work” (2015)

Tribes for brewing ideas and engaging in positive change (2015)

The power of face-to-face dialogue for change agents (2015)

Taking stock at midlife: Time for reading assignments (2014)

Hard looks at joblessness, retirement funding, and Generation Jones (2014)

Personal reinvention: Take a look at “50 over 50” (2014)

Holiday reads: Fueling heart, mind, and soul (2014)

“The Shift: Ambition to Meaning” (2014)

Transitions and inner callings (2014)

Inauthenticity at work and the fast track to a midlife crisis (2013)

“Follow your bliss”? Parsing Joseph Campbell’s famous advice (2012)

What’s your legacy work? (And how can you de-clutter way to it?) (2011)

The “butterfly effect” and working as an educator (2011)

Embracing creative dreams at midlife (2010)

Will our avocations save us? (2010)

Does life begin at 46? (2010).

Are You a Marathoner or a Sprinter? (2009)

Top 2017 reads

image courtesy of gallery.yopriceville.com

Hello dear readers, here are the top posts published here during 2017, as measured by “hits” or page views. I’ve divided them into two categories, in recognition of the fact that the overwhelming share of online searches that lead to this blog are about workplace bullying and related topics.

Workplace bullying, mobbing, and abuse

  1. Gaslighting at work (March)
  2. Trauma-Informed Legal Perspectives on Workplace Bullying and Mobbing (June)
  3. Workplace bullying: HR to the rescue? (March)
  4. How insights on abusive relationships inform our understanding of workplace bullying and mobbing (April)
  5. Workplace bullying: Acknowledging grief (April)
  6. Male targets of workplace bullying (June)
  7. “Jerks at work” vs. workplace soul stalkers (November)
  8. Workplace bullying: Blitzkrieg edition (April)
  9. Workplace bullying and mobbing: Individual vs. organizational accountability (February)
  10. Addressing workplace bullying, mobbing, and incivility in higher education: The roles of law, cultures, codes, and coaching (July)
  11. When workplace predators silence and intimidate their targets (November)
  12. Bystander intervention in workplace bullying situations (January)
  13. Workplace bullying and mobbing: Resources for HR (May)
  14. Passing workplace anti-bullying laws during the Age of Trump (January)
  15. Ageism in the American workplace (and its continuing relevance to workplace bullying) (January)

Other Topics

  1. Can an employer fire a publicly-avowed white supremacist? (August)
  2. “First world” ethics of the Amtrak Quiet Car (March)
  3. Inauguration Week special: “Gaslighting” goes mainstream (January)
  4. Work, savings, retirement: Generation Jones is getting hammered (August)
  5. “The rules don’t apply to me” (February)

Work, savings, retirement: Generation Jones is getting hammered

If you were born between 1954 and 1965, then you may identify as a member of “Generation Jones,” that large cohort sandwiched between classic Baby Boomers and classic Generation Xers. The thesis is that Gen Jonesers, on average, have had very different life experiences than those of folks in the two iconic groupings. Indeed, with a 1959 birthdate, I am a card-carrying member of Generation Jones, and I have long believed that, on balance, our group is different than the mainstream Boomers with which we are often categorized.

Gen Jonesers now range from their early 50s and early 60s. And currently, this age group is getting hammered by economic conditions and policies, personal financial circumstances, and frequent age discrimination in the workplace.

To some extent, this Generation Jones has been snakebitten by broader events. During the early 1980s, many graduated into a terrible recession that limited entry-level job opportunities. This was also a time when America’s industrial jobs base went into sharp decline (a trend continuing to this day), wages started to flatline (ditto), and employers began eliminating pension plans (ditto again).

Fast forwarding, the Great Recession hit during what should’ve been Gen Jonesers’ strongest earning years, the heart of their 40s and early 50s. Many lost jobs and livelihoods during that time and have struggled to recover. Some have never recovered. Gen Jonesers are now hurtling toward what have been considered traditional retirement years; most are within 10-15 years of that time. But as I have written often on this blog (here, for example), America faces a retirement funding crisis of major proportions.

My own interest in this topic relates to my work on workplace bullying. I’ve witnessed the challenges that face those in middle age who have lost jobs and livelihoods due to bullying, mobbing, and abuse at work. The ongoing specter of age discrimination often undermines their efforts to seek new employment.

These are difficult topics, but they are vitally important, and they should be front and center in our national political and policy debates, even though anyone following the news knows they are not. For those who want to learn and think more, however, I’ll make two suggestions:

First, watch Elizabeth White’s TEDx talk, “Fifty-five, Unemployed, Faking Normal.” It’s an 18-minute reflection on what it means to have lost your job at middle age and to face the financial challenges that can follow. I’ve written about her important work before, and I’m a big fan of her book, Fifty-Five, Unemployed, and Faking Normal: Your Guide to a Better Life (2016). Richard Eisenberg, writing for the Next Avenue blog, previews White’s TEDx talk:

White’s TEDx Talk, filmed earlier this year in Richmond, Va., is a composite of her story and her friends’ — women and men in their 50s who are “faking normal.” By that, White’s talking about people who had good careers and lives until they didn’t. She describes them in the TEDx Talk as people who “entered the uncertain world of formerly and used to be.”

Second, read Elizabeth Olson’s New York Times piece, “Shown the Door, Older Workers Find Bias Hard to Prove,” which explains the legal challenges facing laid off workers who are alleging age discrimination:

Yet, even as the work force has a large number of older employees, one of the principal tools to fight such discrimination, the Age Discrimination in Employment Act — which Congress passed a half-century ago — may not be up to the task, said Laurie A. McCann, a lawyer with AARP Foundation Litigation, which is providing legal counsel to the Wichita plaintiffs.

“Ageism unfortunately remains pervasive in the American work force,” she said. Only two of the cases the E.E.O.C. filed in court last year involved the federal age discrimination act, according to a list assembled by AARP, the nonprofit older citizens group.

They were among a total of only 86 workplace discrimination cases litigated in court last year, AARP found. Few cases are taken to court because such complaints are complicated and expensive; it can take a long time to assemble relevant evidence and testimony.

The daily commute as an element of job satisfaction (or lack thereof)

Do you factor in a daily commuting experience as part of your overall job satisfaction? If you don’t, then maybe you should.

Shana Lebowitz writes for Business Insider on “how most of us underestimate just how miserable commuting can make us.” She cites research published in the Harvard Business Review:

That’s according to a team of researchers writing in The Harvard Business Review. They cite multiple studies that suggest commuting can be more stressful than actually working, and that the longer your commute, the less satisfied you may be with your job and with life in general.

Her conclusion? “Reduce your commute. As in, move closer to your office or find a job closer to your home.”

Urban commuter here

My commuting-to-work experiences have been exclusively by city subways. (I haven’t owned a car since 1982!) I’m more than willing to exchange suburban home space for the experience of city living.

After graduating from law school, for years I made weekday subway trips from Park Slope, Brooklyn to lower Manhattan. My love affair with New York was still in full flower, so I dealt with the frustrations, delays, and packed subway cars with (somewhat) stoic patience. The average door-to-door commuting time was 40-50 minutes, but it often felt much longer because of the miserable rush hour experience. When I look back at those years, I’m surprised there weren’t more displays of maniacal acting out by otherwise mature, sensible people!

For the past fourteen years, I’ve been doing subway trips from Jamaica Plain, Boston, to downtown Boston, where my university is located. The average commuting time is about 30-40 minutes, made much easier by the fact that a flexible work schedule allows me to largely avoid rush hour traveling. The biggest difference between this and my NYC subway experience is that I can usually get a seat on the train, which for me translates into opportunities to read a book, magazine, or newspaper.

Economic class impacts

However, I’m also cognizant of the fact that I’ve had some choices in this regard. In Greater Boston, for example, housing costs have driven more and more people into outer ring suburbs and beyond. Their lengthier commutes are often imposed upon them. Similar patterns are evident in other popular metro areas as well.

Of course, others choose to live in suburban areas, even if it means a longer work commute. Personally, I can’t understand the appeal of suburban living, but many of my friends feel completely the opposite way! In any event, smoother commutes — whether by car or by train — would be good for everyone. If we use this research data to inform how we can improve the quality of lives overall, then we should invest in transportation systems that ease commuting experiences to and from urban centers.

Even early 401(k) supporters believe the U.S. retirement funding system is broken

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Slate‘s Helaine Olen summarizes recent articles and research studies to paint a scary view of America’s retirement funding crisis, including a Wall Street Journal piece reporting that early advocates of the 401(k) retirement account are now admitting that it’s doing a lousy job of helping folks save for retirement:

The Wall Street Journal’s Timothy Martin tracked down several early proponents of the 401(k) and asked them what they think of their innovation, which has supplanted the traditional pension at most companies. . . .

Herbert Whitehouse, a former Johnson & Johnson human resources executive who pushed the then-new savings vehicle in the early 1980s, now says even he can’t retire until his mid-70s if he wishes to maintain his standard of living, because, Martin writes, his 401(k) “took a hit” in 2008. He’s 65. And Ted Benna, the man most frequently credited for the 401(k) as we know it, says he doesn’t believe “any system currently in existence” can help most Americans finance their financial needs in retirement.

Olen summarizes recent research studies documenting the depth and breadth of this crisis:

The Center for Retirement Research currently estimates that about 52 percent of households are “at risk of not having enough to maintain their living standards in retirement” with “the outlook for retiring Baby Boomers and Generation Xers far less sanguine than for current retirees.” The Economic Policy Institute says just under half of households headed by someone between the ages of 32 and 61 have nothing saved for retirement.

Cassandra Calling

In a Slate piece from last March, Olen reveals her exasperation in writing over and again about a retirement funding crisis that America is sweeping under the rug:

News flash: Americans still aren’t saving enough money for retirement.

No doubt you are tired of reading this story. I’m certainly tired of writing it.

“The United States is on the verge of a retirement crisis,” I proclaimed in 2013. I repeated myself in 2014. And again in 2015. And, now, 2016.

I can relate. On a much more modest level (in terms of readership, that is!), I’ve been sounding this call for many years on this blog:

Two tales of the Times (2016)

Two articles published in last Saturday’s New York Times drive home a pair of contrasting narratives about aging and retirement prospects in the United States. One paints an idyllic picture of retirees who have the flexibility and financial resources to engage in adult learning activities for pleasure and intellectual company. The other details the challenges facing women who became unemployed in their 50s during the Great Recession and who have struggled to find work since then.

Is America “On the Beach” about its retirement funding crisis? (2015)

Is America simply waiting for the huge, coming crisis in retirement funding to overtake us? What happens then?

The situation reminds me of the 1959 movie, On the Beach, starring Gregory Peck and Ava Gardner. In the film, Australians are attempting to carry on with their everyday lives, while knowing that massive, deadly nuclear fallout, which already has wiped out most of the rest of humanity, is heading their way. When that occurs, they, too, will have no hope for survival.

Hard looks at joblessness, retirement funding, and Generation Jones (2014)

Many members of “Generation Jones,” that span of late Boomers and early Gen Xers who are in their middle years, face tough times right now. This cohort has been hit especially hard by the ongoing economic crisis, with many losing jobs in mid-career and finding it difficult to obtain new employment and to save for retirement.

The three-pronged political attack on the very notion of retirement (except for a few) (2013) 

In America, the very notion of a relatively safe and secure retirement is under relentless attack, and much of this broadside is coming from well-monied corporate interests, aided by supportive far-right politicians.

This is not by accident. Only when you connect the dots do you see a unifying force, and it’s very, very political. We haven’t been comprehending how the pieces come together because, frankly, concerns about America’s retirement funding crisis tend to be examined in silos, such as (1) Social Security; (2) public employee pension funds; and (3) 401(k) balances.

Retirement expert: “Most Americans will become poor or near-poor retirees” (2012)

According to economist Teresa Ghilarducci, one of the nation’s leading experts on retirement policy, “(i)t looks like most middle-class Americans will become poor or near-poor retirees,” adding that “(t)he baby boomers will be the first generation that will do worse in retirement than their parents.”

When Boomers retire (or try to): America’s coming train wreck (2010)

Do I have it completely wrong, or is most of America ignoring the coming economic and social train wreck that will occur when millions of Baby Boomers realize they do not have sufficient resources to fund a relatively comfortable retirement?

I’ve been trying to connect the dots, and the emerging picture of the Boomer retirement crisis frightens me….

In her March Slate piece, Olen urged the presidential candidates to make the nation’s retirement readiness a major campaign issue. Instead, we got the ugliest, most vulgar campaign in modern American history. I don’t know what it will take for the nation to wake up to what is before us, as millions of Boomers (followed closely by Gen Xers) move into their later years. Even the relatively quick-fix responses, such as raising the payroll tax limit to allow Social Security to maintain current benefit levels and — hopefully — to increase benefits for those in need, do not appear to have a lot of political support in Washington D.C.

Poor, aging, and on the road in America

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A photo essay by John Glionna and Francine Orr for the Los Angeles Times profiles the life of Dolores Westfall, age 79, who travels the country in her rickety recreational vehicle in search of work:

Westfall — 5 feet 1 tall, with a graceful dancer’s body she honed as a tap-dancing teenager — is as stubborn as she is high-spirited. But she finds herself these days in a precarious place: Her savings long gone, and having never done much long-term financial planning, Westfall left her home in California to live in an aging RV she calls Big Foot, driving from one temporary job to the next.

She endures what is for many aging Americans an unforgiving economy. Nearly one-third of U.S. heads of households ages 55 and older have no pension or retirement savings and a median annual income of about $19,000.

. . . Many rely on Social Security and minimal pensions, in part because half of all workers have no employer-backed retirement plans. Eight in 10 Americans say they will work well into their 60s or skip retirement entirely.

The piece notes that while more fortunate retirees may pack up their RVs to cross the country sightseeing, Westfall (whose fall from the middle class was precipitated by the Great Recession) and others are traversing America in search of work. Most of these jobs are of limited duration and pay poorly. In Westfall’s case:

Her seven-year journey has taken Westfall to 33 states and counting. She’s worked as a cavern tour guide, resort receptionist, crowd control officer, hustling clerk at an Amazon warehouse. Others like her have cleaned toilets, picked beets, plucked chickens.

Her monthly income consists of $1,200 in Social Security and a $190 pension, plus pay from her seasonal jobs. She owes $50,000 on her credit cards. There’s also a $268 monthly loan payment for her aging rig.

Westfall embodies what journalist Jessica Bruder, interviewed two years ago by NPR’s’s Here and Now program, has called the phenomenon of “workampers.” Here’s the intro:

A story in Harper’s Magazine opens a window into some of these people. They’re called “workampers” (a contraction of working and camping) and they travel across the country in their RVs, often performing seasonal work, selling fireworks, pumpkins, Christmas trees. They even work part-time in huge Amazon warehouses.

Jessica Bruder is author of the story, “The End Of Retirement: When You Can’t Afford To Stop Working,” in the August issue of Harper’s. She told Here & Now’s Robin Young that this movable work force is a great thing for companies like Amazon.

Even if workamping does not become a dominant option for cash-strapped seniors, a growing retirement funding crisis awaits us. A huge cohort of late Boomers and early Gen Xers — a group that just missed out on the golden era of employer-provided pensions — is hurdling into middle age and beyond with scant retirement savings. For example, a 2015 study by the non-profit National Institute on Retirement Security concluded, among other things:

The average working household has virtually no retirement savings. When all households are included— not just households with retirement accounts—the median retirement account balance is $2,500 for all working-age households and $14,500 for near-retirement households. Furthermore, 62 percent of working households age 55-64 have retirement savings less than one times their annual income, which is far below what they will need to maintain their standard of living in retirement.

Beefing up Social Security payments and strengthening Medicare are two obvious options to help close the financial gaps facing many seniors now and in the future. Unfortunately, we heard very little discussion about America’s retirement readiness during the awful, just concluded presidential campaign. If early assessments are correct, the Trump Administration will be looking to cut Social Security and Medicare payments for seniors, which will only worsen the human impacts of the burgeoning crisis.

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