For a number of years CRE has stated that baby boomers, born between 1946 and 1964, were in large part on a path to economic doom. The reason behind this doomsday projection was the severe downward trend in conventional (defined benefit) pensions. Extended unemployment, the non-availability of pensions and failure to utilize defined contribution plans are also contributing factors but are all part of the same problem–lack of sustainable income at an advancing age.
In order that federal policy makers be armed with sufficient data of high quality CRE personnel made numerous suggestions to federal agencies to conduct studies which would support the aforementioned hypothesis. Fortunately the talented individuals of the Bureau of the Census conducted such studies.
By in large the study’s formed the basis for two generally accepted conclusions:
- approximately fifty per cent of the boomers have no pensions, and
- approximately fifty per cent of the boomers will have social security payments as their primary source of income.
CRE was correct in identifying boomers as the disfranchised generation; but was incorrect in identifying the relief the boomers would seek.
CRE incorrectly concluded that one of the most schooled and probably the the most politically active generation to date, as witnessed by its opposition to segregation and Viet Nam, would manifest itself in successful demands for a major increase in entitlement spending; instead it appears that this politically active cohort has instead identified another path for economic relief— a game changing impact on the 2016 Presidential election.