Next year, the Oxford University Press will publish a new
gauge to define “economic insecurity.” It consists of one year or more of periodic
joblessness, government aid such as food stamps or income below 150 percent of
the poverty line. Based on that gauge, economic insecurity rises to 79% by age 60. Based
on 2011 Census Figures, that number will become 80% by the time people turn 60.
If current economic conditions are previewing greater economic insecurity
in the future, here are some questions to ponder:
What will that mean for housing’s future?
What will that mean for future consumer spending?
What will it mean for future economic conditions?
How will the U.S. need to change its economic model to
adjust for higher savings and less spending?
Again, the word “deleverage” comes to mind.
--Robert Michaels
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