Brian McLane

Media and Social Commentary

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October 27th, 2010 · 1 Comment · Social Commentary

This past week I watched 60 Minutes and was blown away by a story on “The “99’ers””. The “99’ers” aren’t related to the San Francisco 49’ers, but this story did take place in California where it is calculated that the actual unemployment rate isn’t 9.9 percent as the government would have you believe, but try….. 22%.

Where’s all the hope and change we were promised?

In short, the 99’ers are people who’s unemployment benefits ran out after 99 weeks. That’s because the Obama Administration approved an extra year for people to hopefully find a job. And though it cost 100 Billion dollars, these people didn’t ask for this economic downturn which by some measures is worse than the economic depression of the 1930’s. They brought up and raised to believe that if they went to college and got a degree, their live’s would be assured.

Not so.

Especially for those who enrolled in colleges that they couldn’t afford and are now saddled with debt and obligated to Citibank, one of the beneficiaries of the bailout, and it’s “partner in crime” Sallie Mae for debts they can’t possibly repay. This further complicates the economic outlook because credit is tightening, so fewer people will be buying cars, tv’s etc. All except seemingly for Apple users who will do anything Steve Jobs says.

But I digress.

Yes, people shouldn’t have fallen for those “on the arm” mortgages (zero money down, no questions asked), and not been “shopaholics.” Hindsight is certainly 20/20. And it is my personal hope that my kids will not only benefit from our shared experience during these difficult times, but learn to save, not spend.

And forget about rising college tuition costs (see previous post on September 13, what about the curve balls that life can throw at you such as the unexpected death of a loved one and provider.

For the longest time I’ve been blind to this. The emotional stress and the financial difficulties that follow such an event are best dealt with in advance. What if you outlive your income or youre downsized? I’ve taken a keen interest in the NUMBER ONE Insurance Company according to Forbes, NY LIFE and the array of financial products, many of which are affordable to everyone and I plan to be blogging about it over the next few weeks.

Meanwhile here’s a link to the video of the CBS story which if you haven’t seen it, you should.

The Role of Insurance and The 99'ers

The Role of Insurance and The 99'ers

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