Thursday, Aug 13, 2009
Suffer little children
The Times: One in six young Britons jobless as unemployment hits 14-year high
Looks like the media have "ringfenced" the worst of the economic crises, recession or what ever you want to call it, to those who will make little difference to their new found wealth. Yes middle England and house prices will escape the worst.
Posted by cheekie charlie @ 12:17 AM (423 views) Add Comment
7 Comments
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1. paul said...
I'm not sure the property rich will get away with it that easily.
If Mervyn King is correct, we are heading into a deflationary recession just like Japan (what a surprise!) and we all know what happened to Japan's property values.
2. paul said...
That last quote is a choice one:
Andrew Harrop, head of public policy at Age Concern and Help the Aged, said: “Today’s unemployed older worker is tomorrow's poor pensioner. With only a one in five chance of being in work two years later, scores of baby boomers are being shut out of the job market at a time when they need to work and save for their retirement more than ever.”
So, in a soundbite, he ignores the fact that most unemployed older workers are sitting pretty in overpriced property that they can sell off to fund their retirements.
Younger people don't have that cushion but they don't get a mention from "Age Concern".
3. nomad said...
Paul @ 2. That's quite a generalisation - do you have the source for your stats.
Logans Run here we come. What's your cut off point paul? 30.
4. japanese uncle said...
There is no guarantee 'one in six' will not be getting worse, to be 'one in five', and eventually 'one in four, which in fact is quite likely. They will be denied any work experience nor training, devastating the national earning power for decades to come. Very unfortunate, indeed. What should be the implication of the presence of those millions of unskilled workers or rather absense of skilled workers? Creating bubble economy is nothing short of destroying the basis of a national economy.
Incidentally (irrelevantly), the majority of kids hereafter will find 'Magnum Bar' @1.20 hardly affordable, which I have always regarded as ridiculous price for a popsycle. It should be 30p.
5. mr g said...
@2 said: "So, in a soundbite, he ignores the fact that most unemployed older workers are sitting pretty in overpriced property that they can sell off to fund their retirements"
IMO, the "my house is my pension" way of planning for retirement has always been flawed, take the following example for a 60 year old couple:
You sell a house for £500K and downsize to a house at say £200K therefore you have a "pension pot" of £300K.
Assuming neither you or your partner have any other savings, you use the £300K either to buy an annuity, which includes a widow's pension and it would pay somewhere in the region of £16/£17K p.a. or you take a risk on the stock market or related products, as savings rates are sh*te.
Add this to the fact that you have downsized to a property worth £300K less and you are not going to have the high rolling, flashy life style you thought you would have.
6. Chris said...
. paul said...
I'm not sure the property rich will get away with it that easily.
If Mervyn King is correct, we are heading into a deflationary recession just like Japan (what a surprise!) and we all know what happened to Japan's property values.
Thursday, August 13, 2009 09:00AM
Does anyone really believe what Mervyn King or anyone else in the BoE say? This is the same BoE that deliberately created the housing and asset bubble. This is the same BoE that will take any rise in Sterling as an opportunity to indulge in more QE. Having created the bubble would they let it collapse or prop it up at the expense of savers and by trashing the currency? IMO none of these people can be trusted AT ALL.
7. Tea Drinker said...
It was 1 in 5 in the London free papers yesterday.
Could it have got better already?