5. For lower wage workers in their 50's and up it is even more devastating.
Edited on Wed Aug-18-10 08:08 AM by ipaint
Not everyone at that age is middle class with a home and a 401k.
25% of baby boomers have no retirement and another 25% have saved too little to retire on. 50% of baby boomers have to keep working and those numbers are pre-recession.
The jobs that low wage workers could count on to get them through downturns are now scoffed up by middle class unemployed and new to the workforce people with degrees. Non degreed or older lower wage workers are pretty much fucked.
The job market has permanently collapsed for these people, never to come back in their working lifetime.
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