The Institute for Fiscal Studies reported today that over 60s are the only age group to be better off now than they were before the financial crisis struck in 2007/8, while adults in their 20s saw the biggest fall in income — about 12 per cent. They called it “a triumph of social policy.”
Hang on a minute. Older people are more likely to have expensive assets to their name because of rampant house price appreciation over the last 50 years (average house prices in the UK hit a record in May) which younger people have no chance of being able to afford. British workers have seen an “unprecedented” fall in wages (that means: never ever fallen so much in a period of time ever before. Ever.) since the recession began. And there are a record number of people over 65 in work while youth unemployment in Britain is almost a million.
A triumph of social policy!?
To be fair to the IFS, their senior economist did point out that “the face of poverty has become much younger during recent decades,” and recommended that policymakers “respond accordingly,” without specifying how or in what direction.
Obviously, I’m a little enraged by the steady and consistent erosion of my financial prospects. I’m acutely aware that education is getting more expensive (and charging more interest), jobs are fewer and pay less, and the state will not be there to support me if I really need them to.
What’s the solution to all this? Vote! Piss off your MP until they do something about it. The younger generation is apathetic right now, but bloody hell Mr Cameron I can tell you when more of us feel the bite you’ll know about it. In the meantime, this ridiculous policy about protecting an already wealthy elderly population will no doubt continue, while more and more young people hit a mid-youth crisis.
Bottom line: Just in case you’re in any doubt (yes IFS, I’m looking at you) the definition of triumph is here.