This dream is over: The Associated Press: Home Foreclosures Set Record in First Quarter. More than 1 million homes are now in foreclosure. This, as we watch economic recession claim all equity of responsible mortgage borrowers, while the government attempts to save the irresponsible with a lender rodeo. The association says it expects foreclosures and late payments “are going to continue to go up” in the coming months as housing prices continue to fall… and they’re sending out economic stimulus checks? What kind of fucking joke is this?

Realization: Generation X will see harder times and a lower quality of life than their (our) parenting, Baby Boomer generation. There are naturally fortunate exceptions and unique escape routes, but I find hard not to be cynical. Experts have warned that too many of 79 million Baby Boomers aren’t financially ready for their coming retirements.

Generation X have even less assurance than the Boomers of receiving company pensions and projected Social Security benefits. 1 in 3 aren’t setting aside any money for retirement and on top of that - notably because of mortgage and cost of living expenses drying the well. Perhaps this was inevitable; but all can I wonder now is - will there be any true recovery or relief?

Filed under: Society, Speak Easy