Granny's Doing Fine

The Census reports that over 65s have actually seen their income rise during the Great Recession:

Perhaps no households have weathered the downturn better than those headed by people 65 and older, whose incomes rose 5.5 percent from 2007 to 2010. By contrast, household income for every other age group fell. Among people ages 15 to 24, it plunged 15.3 percent.

Partly that is because older Americans get more of their income from pensions and investments, so a job shortage hurts them less. Also, the generation now retiring has been the most prosperous in history, so as poorer Americans die off, the income of the age group grows.

And the policy response to this remarkable exception to the trend?

Why - it is to exempt the over 65s from any and all budget cuts while hammering hard the future benefits of the age groups who are currently doing worst.