I was chatting with my niece today who is a 25 yr old single mom of 2 small boys living with her Dad. She made a very astute observation about the "REAL" state of the recession that is supposed to be ending soon. She observed that during the great depression Grandparents were not living off of these great pensions that so many in our time have been blessed with. In our current Economic reality we have Grand parents and Great Grand parents who have lived frugally and either own their home outright or have a relatively small mortgage they are paying off.
These modern retirees have been wise with their money throughout their lives and they have savings in addition to their pension plans and Social Security Checks. These older Americans are using their excess income and savings to keep their posterity afloat.
We have noticed this phenomenon in ourown multigenerational family economy. My parents help my Brother help his daughter and her boys financially. I buy clothes for my niece's boys when I have extra money and I try to buy little things for my niece that she doesn't have the funds herself. There is a lot of unselfish focus on keeping everyone fed and clothed and finding little extras when we can. No one takes luxury vacations nor do we make frivolous purchases. We shop at the outlets, sales and Costco. We buy bulk TP and split it between 3 households. I live with my parents so they can remain in their home in lieu of an assisted living center. I am self employed and have a very humble income. My dad planned for his retirement and saved wisely which has resulted in all the generations of our family treading water during these incomprehensible economic times.
In addition, we were thinking that this is having a direct effect on the crime rate NOT running wild like it did during the Great Depression.
Just a thought
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