Isn't it ironic that the demographic in America that has seen the largest job growth during the 'recovery' turned out in droves to vote (against the incumbents) while the generation that remain mired in student debt, living at home with their mom-and-dad in record amounts, and having lost hope of the American Dream were apparently uninterested in 'change'. Perhaps, just perhaps, the elder generation still believes there is a difference between the two parties... or perhaps they are the ones who are most pissed as the promises of sipping margaritas on a golden beach in retirement is crushed into the reality of working to your grave at Home Depot...
Which is ironic given that the Over-60s (and only over-60s) have been hired in droves...
Here is the breakdown of job gains by all age groups since the start of the depression in December 2007: 5.5 million jobs "gained" in the 55-69 age group. What about the core, 25-54 demographic? Negative 2.04 million.
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As Bloomberg's Richard Breslow noted this morning,
U.S. midterm elections yday turned out pretty much like the polls suggested; I was a little surprised to see how many stories led with economy and how many exit polls said that -- it may have been the economy, but it’s not that it’s doing particularly poorly. If anything, the numbers are doing ok, it’s that people felt the distribution of the “ok” had got the balance out of whack, that neither party was listening to Main Street, aka, the citizenry.
Democrats had the bad misfortune of being the Ins, and the Ins got thrown out. This really was a wakeup call for the establishment writ large, not particularly a poke at the Democrats other than more is expected from them
Having said that, elections have consequences, so we’re in for an interesting period; I did read one portfolio manager in Europe saying this would be good for the economy, decision making would pick up. I don’t see it - I think you just have an electorate that felt deserted by the people they thought would protect them, and Washington became synonymous with Wall St. Helps explain a lot of more populous frustrations globally.
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Forget racism, prepare for ageism.