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Chris Farrell

Baby boomers hit hardest by the 'Great Recession'

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HIRED support group
Some older workers laid off from their jobs find their way into support groups like one in St. Paul run by the agency HIRED, a large provider of employment and training services for those out of work.
MPR Photo/Annie Baxter

The effects of the recession have been felt in all age groups, but recent statistics suggest that baby boomers may have been hit hardest of all.

"Americans nearing retirement age have suffered disproportionately after the financial crisis," reports The New York Times' Economix blog. "Along with the declining value of their homes, which were intended to cushion their final years, their incomes have fallen sharply."

Not everyone sees the numbers this way.

"The financial foundation of leading-edge boomers looks stronger in the aggregate than commonly assumed and it's likely to improve in coming years," writes Chris Farrell in Bloomberg Businessweek.

Farrell and Richard Johnson, senior fellow and director of the Program on Retirement Policy at the Urban Institute, join The Daily Circuit to discuss the fate of America's baby boomers.

LEARN MORE ABOUT BABY BOOMERS AND THE RECESSION:

• In Hard Economy for All Ages, Older Isn't Better ... It's Brutal. "The Labor Department's latest jobs snapshot and other recent data reports present a strong case for crowning baby boomers as the greatest victims of the recession and its grim aftermath." (The New York Times)

• Boomers and the Great Recession. A study from the AARP shows that boomers are feeling considerable insecurity about retirement.

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HIRED support group
Some older workers laid off from their jobs find their way into support groups like one in St. Paul run by the agency HIRED, a large provider of employment and training services for those out of work.
MPR Photo/Annie Baxter