Saturday, November 12, 2011
Seniors have much higher net worth than young adults, inspiring "Jonathan Swift" satire
If you want to read a parody of Jonathan Swift’s “modest proposal”, try the Washington Post’s op-ed Saturday by Alexandra Petri, “A Modest Proposal for the Occupy Movement”.
It’s not “eat the rich”, it’s “eat the old”. There are social insects that do just that.
She writes that households headed by those over 65 have 47 times the net worth of those under 35. She says the median net worth household for over 65, $170000. For under 35, $3700. That’s partly because of student loan debt. The link is here.
It's true, there are life insurance companies with division that focus only on those individuals with "high net worth". It doesn't sound quite fair.
It’s true, that those about 70 now grew up in a time when employment was more stable and their own parents could actually amass wealth with relatively conservative investments. My own parents did that. Our family is lucky in that one member owned a gas well in Ohio (hence, high fuel prices help me). My father invested very heavily in utility stocks, because people will always need electricity. He was right. So I did the same thing at age 30 with Exxon stock, right before the first oil shock. That’s only because of his example
But go back to your ninth grade English literature for inspiration.