FROM CNN's Jack Cafferty:
So much for the American dream….
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A new poll shows that a majority of Americans are pessimistic about their children's future. More than half of those polled in the Bloomberg survey say they are "not confident" or only "somewhat confident" that their children will have a better life than they do.
This is a shocking statistic. For a very long time in this country - each generation has had the expectation that the next generation will have a better, easier, and more successful life than their own.
But the Great Recession may have brought all of this to a screeching halt.
One 65-year-old retiree from Massachusetts says of his three grown children, "I don't think they've got a chance," adding that he's "very angry at what's going on in this country."
Pluralities of people say they're not hopeful they'll have enough money in retirement, and expect they'll have to keep working to make up the difference. A whopping 85 percent say they've taken some steps to cut costs - from using coupons, to cutting a regular expenses like cable TV, telephone or internet service, to putting off a major purchase.
The outlook is bleak. A new survey of top economists has cut its growth forecasts for both this year and next.
They expect GDP to grow at a pace of 2.6 percent this year and next... that's down from the group's previous prediction of 3.2 percent.
They've also lowered their outlook for consumer spending - which makes up two-thirds of the economy - and expect this year's holiday sales to be "especially weak."
Here’s my question to you: How do you think your children's lives will compare to your own?
Interested to know which ones made it on air?
35+ years ago we made the decision not to have children and I've never been so sure of that decision as I am today. If the trend continues, the U.S. will someday be a third world nation with inadequate health care, inadequate nutrition and jobs that must compete with low wage workers in other third world countries. Tent cities will be common and Republicans will still be giving tax cuts to billionaires.
Karen in Idaho writes:
My kids are all lucky to be employed, but none have jobs utilizing their college training and all are working for low salaries. Two have moved home for financial reasons. There is, I think, no more American Dream. We are all living paycheck to paycheck and hoping that next month there will be a paycheck and a home to live in.
C. in Massachusetts writes:
Our son is a senior at NYU and is working two paying jobs while taking classes and writing an honors thesis. He's already eclipsed us in many ways; he plans to do better financially too. With a little luck and a lot of hard work, we hope so.
Mario in Arizona writes:
My children are now grown men and women. My fear is not for them. My fear is for their children, and their children's children. And for America's children and their future children. The day a worker in Indiana is willing to work for the same wage paid to a worker in India is day the American Dream will be buried. It's on life-support now. Is there a doctor in the house?
My kids may have the opportunity to take these difficult times and trials and become better because of them. They may learn how to better handle and budget money because they have such a reality that saving and spending carefully is an important life skill.
The same question was asked after the Depression, and I remember the hard times in the '70s. The fact is: we will go on, we always do because the American spirit is strong. "This too shall pass".
In this economy, who can afford to have kids?