Re: random thoughts on income gaps and the mobility of capital

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Date: Tue Feb 22 2000 - 12:11:10 PST

In a message dated 2/22/00 12:12:45 PM, writes:

>At least in the US, there's a strong correlation of wealth with age.
>The rich are likely to be old, and the young likely to be poor.

Interestingly , that fact dates to post Medicare America. During Senate
hearings re Medicare, held during the Kennedy administratin, there ws
voluminous evidence of the relatively greater impoverishment of the oldest
Americans vis a vis others (at least vis a vis under 65s). Much of this might
also be due to the ravages of the Depression, the fact that these poeple in
1961-63 had not had much of their working life in the boom of the 1950s (a
great wealth-creating decade), and had had their peak earning years
interrupted by WWII. But paying medical bills was a significant contributor.
Now, the velvet slipper is on the other generational foot.

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