Sunday, September 28, 2008

Multigenerational families and globalization

ABCNews ran this interesting piece about multigenerational families on Sept 23 (by Barbara Pinto):

Janis and Andy Mink got married, raised a daughter, sent her off to college, but are still not empty nesters. Three years ago, Janis' 87-year-old mother, Marie Hendrickson, moved in.

The Minks are just one of the 3.6 million American families making room for older parents, according to numbers released today by the Census Bureau. With more Americans struggling to keep a roof over their heads, some parents who need care or have outlived their savings are moving in with their adult children.

That's 3.6 million, up from 2.1 million in 2000.

The story (and video) continue:

"I really think we are going to see an increase in multi-generational households, based on need -- based on what's happening in our economy on foreclosures, on people having more difficulty staying in their homes or maintaining their homes," said Donna Butts, executive director of Generations United, an advocacy organization.

I think it's nice when families live together. But I also see it as an indication of the global redistribution of wealth that is ongoing... also known by its other name - globalization. And this bailout is just another attempt by Washington Insiders to lull the American People into a sense of safety.

Thing is, the federal budgets' ballooning deficits have been financed by China (and others) for years. At some point, America is going to have to pay back the loans.

My guess is that this significant increase (67% in seven years) of multigenerational homes is a direct result of this global redistribution of wealth.

Tim White

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