Baby Boomers Are Facing Financial Turmoil In Their 60’s!

AFRICAN AMERICAN BUSINESSES ARE STRUGGLING AND CLOSING BECAUSE OF THE COVID 19 PANDEMIC

YourBlackWorld.net, By Victor Omondi, Posted February 11th 2021

Things have changed for the baby boomers. Having been born in an era of economic boom, they didn’t have to struggle with job search. Little qualifications would earn lucrative jobs, with incredible allowances. Over time, everything has changed.

Between then and now, the U.S has experienced economic turmoil brought about by two significant recessions. COVID-19 pandemic only came to worsen the economic situation of the baby boomers. A whole 0.9 million population aged between 60 and 69 lost their jobs, and, as reported by the Bureau of Labor Statistics, this was a whole 5% of employees within the same generation. 

Besides, the BLS approximated that a 21.2 million American population are pulled out of the workforce. 

As the country tried to navigate through the pandemic craze, many small businesses are still struggling to remain running, with a whopping 100,000 of them being closed. Additionally, around 8 million Americans fell under the poverty bracket between June and November. Blacks and Latinos are experiencing the pandemic ravages, having to endure the loss of their loved ones as well as the economic crisis.

In an interview, some of the boomers were given a chance to ventilate the economic struggles they’ve had to go through. Mark you, these interviewees have all you need to qualify for a good job, be it experience, being productive employees for long enough. Unfortunately, they all have a pretty unpleasant experience to narrate. 

To start with, Curtis Berndt took more than four decades to establish a rich experience in craftsmanship and technical engineering. For a decade, he had been an acting senior mechanical designer. Unfortunately, his long-running career suddenly came to a halt in 2020. 

“Everything was good and then all of a sudden – and I mean, really, all of a sudden – there was a huge financial issue and they decided they were going to have to get rid of people,” said Berndt.

In another case, Lu McCarty was suddenly laid off, coming at a time when he was just about to get employed permanently. He had been a long-serving engineer and product designer. 

“I got to my 59th day of probation and they told me I wasn’t a good fit for the job…I was handed a ‘see you later’ notice,” said McCarty.

Smiley face Smiley face Smiley face Smiley face Smiley face