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The Shift of Wealth to America’s Elderly

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  • Description

    FBN’s Stuart Varney argues that young Americans are paying for the older class.

  • Duration 2:04
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How many times have we said but America is beginning to -- a lot more like Europe -- we have another example it's not pretty.

Here's my take on young people and the transfer of wealth to the old.

Throughout Europe twenty somethings can't find -- -- -- for that parents too but for the young it is a crisis.

Same here.

In the last week of may get 12% of people eighteen to 29 look for a job couldn't find one another one point seven million didn't even look.

More than a third of those American twenty somethings had student debt that averaged averaged 23000.

Dollars.

The big picture shows a long term shift of money and jobs away -- from the young.

-- to a large degree the shift is towards older people retirees especially.

Look at public sector retirees across the country despite hard times for the young.

They have kept their often generous pensions remember the San Jose cops and firefighters whose pensions average of 95000 dollars a year.

Young people being laid -- not hide in the first place to pay for backed.

Social security and Medicare also transfer money from the young to the old.

This is beginning to register politically president Obama's lead among young -- is this year is.

What it was full years ago.

Hope and change didn't look so well the youngsters my heart goes out of the twenty somethings of today.

I wouldn't -- -- be emerging from college saddled with debt facing a national debt that I have to pay off -- -- job market that's dead in the water.

Look I don't have a solution but I do you know this Europe is not the way to go.

-- it is a shame what we're seeing in the job market obviously -- you just eloquently pointed out when it comes to the nation's youth here's the problem those jobs.

Those wages that they went to college to hopefully get.

Are going to come that we run at the manufacturing sector -- -- you can heartbreak in.

-- and -- net -- that's why got to college my father you gotta show the highlight -- vote coming up now.

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