Dear Editor,
In contemplating the current state of our economy, one cannot help but recall Cliff Taylor’s comments, where he referred to the shift observed since 2007 as “extraordinary.” His steadfast analysis conveyed a shift in the financial welfare of those above 65. They used to earn 25% lesser than their younger counterparts but now surpass them with regard to possible expenditure.
However, this may not be an accurate representation of an economic comeback. The majority of people in the 65+ bracket from 2007 have possibly passed away at this point. Those who have now taken their place in that demographic may have benefitted from the wealth left behind by their forerunners, who the 2007 data already revealed, were in a more advantageous economic position than them.
This indicates that the individuals under 65 in 2007, currently fall in the ‘richer than before’ over-65 category. Nevertheless, for those impoverished individuals over 65 who were around in 2007 and have lived to tell the tale, there is a low probability for them to have harvested considerable wealth or discovered new income sources in the past years.
Yours faithfully,
Brian O’Brien,
Kinsale,
County Cork.