Newt Gingrich will never get a job writing for David Letterman, but he did come up with a rather piercing health care quip Friday night before the South Carolina Primary.
“Why is President Obama for young people being allowed to stay on their parents’ insurance until 26? Because he can’t get any jobs for them to go out and buy their own insurance.
“I mean I have — I have an offer — I have an offer to the parents of America: Elect us and your kids will be able to move out because they’ll have work.”
Gingrich and colleagues believe in the trickle down theory of economics — let the economy run free and job creation will follow. Everybody who wants to work will be able to work and be able to afford their own place. Little pink houses for you and me.
Whether you buy that or not, Gingrich certainly hits a nerve on the issue of adult children moving back home. The phenomenon of “Boomerang Kids” has been going on since the start of the recession in 2007.
Among men 25-34, 19 percent were living with their parents in 2011, compared with 14 percent in 2005. Ten percent of women in that age group were living with parents, up 2 percent, according to U.S. Census data cited by CNN Money.
What’s interesting is, with pension benefits getting cut and the possibility of reductions in Social Security and Medicare, there’s an assumption that more seniors will have to move in with their kids. Looks to me like we’re getting ready to create the ultimate Sandwich Generation — middle-aged couples who have to accommodate the housing needs of their adult children and their aging parents at the same time.
And the American housing market may be in the early stages of adapting to this trend. Bloomberg published a story in November about “a growing line of new homes marketed to multigenerational families.” It’s a category that increased 30 percent from 2000 to 2010.
Home builders are offering new digs with two master bedrooms, two living rooms, and two washer-dryer sets. Built-in mother-in-law suites attractive to the 40-something buyers who can then turn around and use grandma and grandpa as built-in babysitters. Or, as they get a little older, a place for their young adult kids.
There were 5.1 million households in 2010 that consisted of three generations, up from 3.9 million a decade earlier. Fifty-one million families are housing at least two generations, up from 42 million.
Great big pink houses for you and me and also ma and pa and 20-somethings Bud and Sis.
In this new vision of America, everybody pitches in. Bud brings in the firewood and grandpa is more than happy to tell stories about the olden days, while grandma teaches Sis how to cross-stitch.
Bud, who has a Ph.D. in electrical engineering, is more than happy to contribute most of his weekly $325 paycheck from shifts at the corner 7-Eleven and grandpa, his $41.25 monthly interest payments from his 401(k).
So who has it right? Is American business ready to tap into a new multigenerational trend of extended family housing, or will Newt and his compadres come to our rescue and help us continue to live our lives of independent bliss?
Or, will both versions turn out to be a little too optimistic?
Photo: http://www.flickr.com/photos/genista/4854034/







