Oh No, Grandma is Broke And has to Go Back to Work Again
I just went to fill up my tank today. When I entered into a local gas station. I was shocked to see a elderly lady behind the cash register. My first thought was,"Does the Retirement Home know you have escaped and is working here?" Second thought, "What happened to you grandma, to make you want to work again?" Third thought, "I guess with the bad economy grandma lost everything, including her retirement fund and needs money to pay for her medicine."
I have never been stunned, but today I am speechless. I can't believe that a senior citizen is working at her age. I have read that many of the senior citizens are going back to work, because they can't afford to pay for rent, utilities, food, health care, and medicine. That their only choice is to go back to work at a minimum wage.
I guess with the down spiral of the stocks and housing market, many have to go back to work or get a second job to make ends meet. This is what we will all be seeing in the future. I already know of a family member who was laid off from a coffee shop where he worked as a manager, and another relative, who went to work as a bus driver, because the real estate market is doing so poorly.
In my opinion, this is what the real estate and construction companies deserve, after scamming people out of their hard earn money. I hope that their industry can get a proper investigation and they are force to following the rules. So, this unfortunate incident will not happen again to any new home buyer or seller.
If I am seeing someone who is the same age of my grandmother working at the local gas station, than who else will I spot working at a minimum wage job. I hope to see a former CEO of a bank, real estate or construction company working at a fast food restaurant or local pizza joint. You can never expect to see someone who one day is driving a Mercedes and the next a second hand car with dents in the fender. This is indeed a unsure time in our economy and I hope it will get better. My grandmother always said, "Things will either get better or worst, but it will take time to change that."
I guess time is what we all have and we need to be patient for the full duration of what will come from this stimulus package. It is not what we all want to have more debt added to the trillion we are in from the Iraq War, but it is something to help create jobs, and tax cuts for the middle class. I read the article Banking on the Brink by Paul Krugman of the New York Times (Link to article: Timeshttp://www.nytimes.com/2009/02/23/opinion/23krugman.html?em) that asks the question about how nationalization of the banks will help them reconstruct and get them out of the collapsing. Which a collapse of the banking system would only add to the problem of the economy.
Paul Krugman last quote was, "What we want is a system in which banks own the downs as well as the ups, and the road to that system runs through nationalization." What does this mean? Well, when the Congress passed the $710 billion bailout at the tax payer's expense to help out the banks to give out loans to their consumers or small business owners, and assist Wall Street had failed. It showed that it helped only to pay bonus to the stock holders and CEO's who were responsible for the down spiral of the company. It only showed how the Congress didn't really think this out.
It only reveal the last of the Republicans power to help out their "rich friends" and have the tax payers foot the bill. Instead of helping us out of this credit crunch. It only made matters worst for home owners who couldn't refinance to get out of their ARM mortgages and small business owners couldn't get loans to pay their expenses. Our economy sunk even lower as the number of businesses closing and laying off their employees. The numbers increased as numerous homes were foreclosed on and people had to leave their homes.
The president Barack Obama had to put his foot down and declare that any of the banks who received a bailout pay their CEO's $500,000 a year. This outraged the CEO's of the banks, but after it came out that the CEO of Bank of America paid $30,000 on a rug to redecorate his office, really didn't have anything to back them up on this argument.
This infuriated me to the point where I would say, "How dare you even complain about the decrease of your income, when many are being laid off from their jobs or the countless numbers of people who are being foreclosed on," "So, you really don't anyone to back you up on your argument." Also, how about the numbers of homeless increasing in this country and the many shelters being closed across this nation because of the decrease of cash donations from local small businesses in their community.
So, to all the senior citizens who have to go back to work because they can't afford to live off their retirement. Kudos to you for going back to work and deal with the public again. I hope that in the future you will not have to do this again and can go back to retirement. You deserve your rest.
I have to reflect on those who are about to consider retirement this year, and now has to stop to think about it, because of the limited funds in their stocks. Let's hope that any of your decision to retire isn't interrupted because you lost your retirement funds in the collapse of the economy, and that the x or y generation have time to recover their loss in the stock market. This will be the time to stop and think about today, tomorrow, or the future.