Dear Mr. Berko: In 1992, the Jonesboro Sun invited you to speak to its readers. And so did Arkansas State because I remember my dismay when you were introduced to our classroom, and several other classes, too. My classmates and I didn’t want to listen to some old guy talk about the stock market. You should have heard the students grumble, but none of us had the guts to leave the room. And I’m glad I didn’t. Because of your comments, my husband and I own a successful insurance agency in Indianapolis (I read your column here, too) and I owe my success to you. You gave our class some numbers, telling us that when we retire at 65 only one of us would be financially successful. But the way you explained the numbers scarred me. We have two kids both of which are entering Indiana University next year. We’d like to give them the same numbers you gave at Arkansas State about failure and success.
— S.A., Indianapolis
Dear S.A., Holy Moses, Mary and Methuselah that was so long ago, the Bible on my hotel room bed stand was a first edition. I remember the class, but I didn’t hear the grumbles. Though when I entered the room, the looks on some faces were hard enough to scare rust off an old car bumper. Here’s a truncated version, and you’ll have to fill in the commentary.
There were 68 students in your class, and I said that in 45 years (2037), when most of you reach 65, some 16 of you won’t make it. You’ll be either dead or in jail. “Go ahead and look around because you may be one of the jailed.” That got their attention! Therefore, 52 of you will compete for the “dwindling assets” of the economy and “94.2 percent of you will fail egregiously!” That got the class’s attention, too.
1. By 2037, when you reach 65, some 18 of you will be living in penury and “won’t have a pot to cook in.” You’ve been unemployed for years and don’t care. You’ll be dependent on federal and state welfare programs for housing assistance, food stamps and pity from family and friends. You accept it.
