Whenever you hear 10 economists forecast future economic trends, you get 10 different forecasts. My prediction will simply lay out facts and how it will affect the job market. These 7 points should simply illustrate my view...
1. Our national debt is growing at such a rapid rate, that at some point we won't be able to even pay the interest on our debt.
2. Entitlement programs will soon be unsustainable due to the tax burden.
3. Foreign competition will replace many US jobs.
4. Excessive printing of money will devalue our currency and make imports far more expensive.
5. As inflation rises wages will not keep pace due to sources of cheap labor.
6. Inflation coupled with falling wages will reduce disposable income and consumer spending .
7. a drop in consumer spending may result in a recession.
Having laid out all the facts, I still can't predict with certainty what the future will bring. What I can do is advise people to always have an updated resume and one foot in the job market. It is always better to be proactive vs reactive. So give us a call and get that resume updated, because no one has an accurate crystal ball.