Monday, November 07, 2011

MSNBC: Seniors may have it better than youngsters; Wash Post: Existing public employees need to accept cuts in future pension promises

MSNBC has a lead story today maintaining that those over 65 are often better off than younger workers.  Why?

Seniors are more likely to own older homes, either paid for or acquired long before the housing bubble.

Younger people are buying into a housing market that collapsed and is still sometimes falling. And younger people tend to have record student debt.

Despite claims of age discrimination, seniors may be more likely to be in second careers that they want, and may actually own their own businesses.

The MSNBC story is by John Schoen of its Lifeinc unit, here

In the meantime, The Washington Post has a major editorial Monday morning on the pension tsunami, especially how Democratic governors are handling it with public employees in California, Illinois and New York, link here. The inconvenient truth is that governors will have to start cutting back on future defined benefits to existing public employees, not just new hires. 

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