Interesting comment coming out of the Reuters Restructuring Summit . John Lonski, chief economist at Moody’s Investors Service, says U.S. demographic trends are the worst coming out of any recession since World War Two, mostly because of the aging baby boomers.
“When you are over 55, you just don’t spend like you did when you were in your early 50s, 40s and 30s.
The aging of the population is not going away any time soon, so the rate of growth of consumer spending is shifting downward in a lasting manner.”
Dena Aubin has the full story here.
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Well,, that’s one way to get vendors to rethink their “I want it all now” attitudes. Some real market adversity that gives pain to “thems that got” would be a refreshing change from what’s going on this last year.
- Posted by UnemployedThe so called boomers might be running out of spending money or might have already accumulated enough junk to fill their 4 bedroom, 3 car garage suburbia house. They don’t need anything else. The younger folks want to charge everything, but have discovered that there actually may be a limit to spending money that they don’t have. Thought for the day - don’t spend any money on anything unless you have the actual cash on hand for the purchase. It works every time and doesn’t matter if is for clothing, cars, boats, houses, bird seed, etc.
- Posted by Frank