Economy

What Is CamperForce? – WIRED

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Chuck and Barb found that they had a lot in common with their fellow workers, who came from all corners of the United States. Many had seen their retirement savings vanish in the stock market or had lost homes to foreclosure. Others had watched businesses go under or grappled with unemployment and ageism. A larger number had become full-time RVers or vandwellers because they could no longer afford traditional housing—what they called “sticks and bricks.” They talked about how Social Security wasn’t enough to cover the basic necessities and about the yoke of debt from every imaginable source: medical bills, maxed-out credit cards, even student loans.

Source: What Is CamperForce? Amazon’s Nomadic Retiree Army | WIRED

I was delighted and surprised when I found Nomadland by Jessica Bruder available for loan at my local library.  So I downloaded the book and have been reading stories of the forgotten victims of the 2008 financial crisis.  I feel lucky and blessed to be where I am at the present time.  Life for me could have turned out a lot like the people profiled in this book.

The New Reality of Old Age in America – Washington Post

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retirement

Source: The new reality of old age in America – Washington Post

The present standard of retiring somewhere between ages 60 and 70 is not going to be sustainable when half the population lives to 80 or 90 – which is already realistic today – let alone 100 or more. It’s just not possible. If you’re like me, you don’t intend to retire at 70 or maybe not at all, but it’s nice to know we have the option. Future generations won’t.

John Mauldin

I refuse to extrapolate the stories of two families profiled in the linked Washington Post article but will readily admit the author may be on to something.  The cartoon was not part of the article but ran in my local newspaper’s Sunday Comics.  So I put the two together and the picture is anything but funny.

So what happens when you  look at sales figures for RV’s in the US?  Yeah…wow.

I guess it’s pretty tough out there for some.  The sad thing is it’s going to get a lot tougher.

The Retirement Myth.  It’s a new hashtag.

I found some pretty sound advice here.  Scroll down to the bottom of the article.

 

Lunch Traffic Lowest in Four Decades: Out for Lunch a Dying Tradition? Demise of the “Gourmet” Burger? — MishTalk

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“I like Five Guys, but I can buy ground beef and one onion and get pretty close to the same burger for half the cost,” said Mr. Cockerline, who rarely goes to Five Guys anymore. “A hamburger, to me, is not a luxury,”

Brian Cockerline 20 years young Rutgers University student

Source: Lunch Traffic Lowest in Four Decades: Out for Lunch a Dying Tradition? Demise of the “Gourmet” Burger? | MishTalk

Clearly what we have is the End of Affluence.  When I was a kid going out to eat at a restaurant was the occasional treat.  Not many families could afford eating out more than once a week.  The family cooked and ate most of our meals at home.  I’ve lived in Oklahoma for a while now.  We have basic burger platters for around $10.  But when you add in drinks and tip the cost starts to add up.  Eat out five days a week and you’re incurring substantial expense.

I’m hardly surprised at the traffic numbers.  Despite government statistics the economy is anemic.  Today’s kids are graduating from college with massive debt and a job market that is unkind.

What’s next?  Car sharing?  Multiple roommates?  Tiny homes?

Italy at the Grim Edge of a Global Problem | Wolf Street

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Eurostat statistics in October 2016 showed that less than a third of under-35s in Italy had left their parental home, a figure 20 percentage points higher than the European average.

Source: Italy at the Grim Edge of a Global Problem | Wolf Street

The grown up child living in her childhood bedroom or the basement is actually a global problem.  I don’t pretend to have the answers.  All I know is my millennials are gone.  Neither of the two are financially dependent upon the Bank of Mom & Dad.  Hopefully we did some things right.  Maybe we got a little lucky.

Probably both.