Economics
Retiring Boomers Will Hurt Consumer Spending, Economic Growth
Consumption will wilt as the U.S.’s workforce ages and its ranks thin
This article is for subscribers only.
Retired Ford Motor worker Tony Fransetta scrimps on every expense now that he earns about one-third of his final pay since leaving the auto company in 1990. “There is no magic bullet,” says Fransetta, 77, who lives in Wellington, Fla., near West Palm Beach. “I have cut vacations and travel. You have to manage your food very closely. You don’t go out and buy expensive cuts of beef. You have to catch things on sale.”