That is the only thing that readers of an article about the poor retirement prospects of the baby boomers can conclude. The article notes the decline of traditional pensions and the limited amount of money that workers have accumulated in 401(k)s, and it also raises nonsense concerns about Social Security. (The program is projected to be fully solvent through the lifetime of most baby boomers with no changes whatsoever.) However, the article does not include a word about the huge loss of home equity that most baby boomers have suffered in the last couple of years. Insofar as baby boomers had accumulated any wealth at all, the vast majority was in the form of equity in their home. Much of this equity has disappeared in the last two years. It is incredible that USA Today can have a lengthy article about the retirement prospects of baby boomers and not mention this fact.
--Dean Baker
