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And after riding this bull, the Silent retired and sold out just before the crash hit. Their midlife high-savings decades roughly coincided, in 1980s and ‘90s, with perhaps the greatest bull market ever in both stocks and bonds. managers started-the same plans that are now unraveling for Boomers.
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In the large corporations where so many of them worked, they signed up young for the defined-benefit pension plans their G.I. Many of them locked in fixed 3% mortgages on their first homes in the 1960s just before inflation hit-giving them decades of negative real interest rates. Sociologist Elwood Carlson echoes Easterlin’s thesis in his recent book, The Lucky Few: Between the Greatest Generation and the Baby Boom.Īs the Silent have aged, their perfect timing has not let them down.
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Later, as they retired, their small size (next to the large FICA-paying generation following them) has certainly helped make their pay-as-you-go Social Security and Medicare benefits seem more affordable. Easterlin noted that a remarkable feature of the Sputnik era was how the typical young man could earn more by age 30 than the average wage for men of all ages in his profession-and could certainly live better than most “retired” elders. He also noted that since the mid-1970s, the economic conditions facing young late-wave Boomers were becoming much tougher.Īt the time, Easterlin hypothesized that the Silent-being small in number due to low birthrates during the 1930s and early ‘40s-benefited from labor markets that bid up their wages in an era when young adults were relatively scarce. Demographer Richard Easterlin, in his 1980 book Birth and Fortune, called them the “Lucky” or “Fortunate” generation for their great timing. A new “booming” economy was ready to join right out of school. Unlike the G.I.s, the Silent didn’t have to wait for a depression or war to end. elders by marrying and having babies incredibly young-in fact, younger on average than any other generation in American history. Fortune’s story on the “College Class of ‘49” was subtitled “Taking No Chances.” When they went to job interviews, their first questions were about pension plans. While Mr Xenos was ordered to pay Dr Tan $100,000 in damages, he continued to work at Monash Medical Centre where he is still working.They were also careful in the labor market. Judge Harbison also ruled that Mr Danks had been a partial witness which was "inconsistent" with his position of power and responsibility to deal with complaints of sexual harassment. Mr Xenos was also supported by Dr Helen Maroulis who told the hearing that Dr Tan wore provocative clothing and had "set the cause of feminism back fifty years" by levelling such a complaint against her male colleague.īut Judge Marilyn Harbison said Mr Xenos, a surgeon who had great influence over Dr Tan's qualification and future career, deliberately and falsely denied the harassment by exaggerating the time her work was substandard and "completely smeared" her character in the process. VCAT heard that when she first reported the allegation to the head of neurosurgery at Monash Medical Centre Andrew Danks, he said words to the effect of: "What do you expect when you dress the way you do?" He did not deny this during the hearing. They can say your abilities were not as good as the next candidate's," she said.ĭuring a 15-day long VCAT hearing in 2008, Mr Xenos emphatically denied the allegations against him and accused Dr Tan of fabricating the story so she could excuse poor performance if it jeopardised her position in the surgical training program. "They can always say you weren't good enough. She has a record of performing well in most examinations and excellent references. While she cannot prove it, Dr Tan said her decision to take him to the Victorian Civil and Administrative Tribunal in 2008 contributed to her being shunned by other surgeons who have repeatedly overlooked her for positions in at least eight public and private hospitals. The college also delayed awarding her a fellowship for nearly a year while it investigated complaints made about her paperwork. "I don't think anyone should give into such blatant sexual harassment because your career depends on it," she said.ĭr Tan said after reporting Mr Xenos had sexually assaulted her one night in 2006 by kissing her, feeling her breast and propositioning her for sex, she faced a concerted campaign by him and his peers to undermine her credibility.