Report finds retirees feeling stretched financially: Two years ago, 40% of retirees had outstanding credit card debt. Today, it’s 70%

2 comments

1. This has come about through deliberate action.

   We live within a “what the market will bear” economy, and one can only increase what the market will bear by increasing how much people have to spend. Simple math says that if people aren’t going to get higher wages, then they have to have wider and easier access to credit.

   I was born into a world where credit cards didn’t exist, and grew up in a world where credit worthiness had to be proven before the card would be issued. This changed with Reagan’s policies in the 1980s where the Reagan tax cuts for the rich moved shit tons of ownership of capital up to the already very richest.

   These now even more flush with capital people needed places for their capital to make them even more capital, and that was the birth of super easy credit.

   This has been by design.

2. LOLs, even Baby Boomers having to deal with the massive income / wealth inequality they have wrecked our country with

   Note: I’m well aware this is an upper income / top 10% vs everyone else issue and not age specific

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