On Our Radar: Tony Blair, Diana Nyad and Super-Rich Spending
The fate of the U.S. economy now depends upon the very rich, according to The Wall Street Journal. Research by Moody's shows 37 percent of all consumer spending is done by those with the top five percent of income. Why does this matter? "Consumer spending accounts for roughly two-thirds of U.S. gross domestic product, or the value of all goods and services produced in the nation. And spending by the rich now accounts for the largest share of consumer outlays in at least 20 years," the WSJ concludes.
Add Tony Blair to the list of former heads of state who have found a second act outside politics. For the one-time British prime minister, the reinvention takes the form of a startup investment firm. And this being Blair, his new venture is not without controversy--mere days after the announcement of the company's formation.
Meanwhile, the not-so-rich seem to be circling the wagons in these tough economic times. The New York Times points out that small investors are fleeing the stock market in droves, withdrawing $33.12 billion from domestic stock market mutual funds in the first nine months of the year.
At SecondAct.com, columnist Karin Price Mueller suggests this is the right time to get into a Roth IRA.
Some encouraging news for the million-plus Americans who suffer from chronic fatigue syndrome: Researchers are homing in on the cause of the debilitating condition.
And while the recall of eggs tainted with salmonella continues to grow, U.S. News & World Report offers four steps to help protect yourself from the outbreak.
As the number of baby boomers hitting retirement age grows, so does the number of stories and columns peppered with dire predictions about the effect on the economy. The U.K. Guardian opines that while parents are comfy in their golden years, it's at the expense of their kids, for whom they've left a broken world.
The Colorado Springs Gazette takes a milder tone with the same material, covering the effect of mass retirement on health care and Social Security.
Which leads AllVoices.com to ask a fair question: Are baby boomers being demonized? Will they become the next target of discrimination?
Let's close with something inspiring, namely Diana Nyad and her return to endurance swimming. We've been following her here at SecondAct.com, and now the Miami Herald comes out with a nice profile. She just turned 61 in Florida while preparing for her Cuba-to-Miami swim: "I'm still young, passionate, vibrant," she says. "Still relevant. But society doesn't always treat us that way. In some professions, you are forced to retire at 62. I was experiencing what millions my age are feeling--no longer valued, worried the best years are behind, that it's all downhill from here. I'm here to empower people my age, to prove you are never too old to chase a dream."
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