This is proof of a statement I made years ago that boomers would be competing against their kids and grandkids for jobs at Walmart.
Other boomers in good paying jobs are reluctant to give them up.
The labor pool participation rate will stay elevated instead of contracting as much as one might have thought. In turn ...
The unemployment rate will stay elevated longer than economists think.
Kids out of college will have a harder time finding jobs.
Kids out of college will be forced to move back in with their parents.
Kids out of college will have no way of paying back college loans.
Parents who co-signed for their kids education will come to regret it.
The above factors will pressure discretionary spending of both boomers and those just out of college.
Those out of college will postpone family building.
Postponement of family building will further pressure housing prices.
Bankruptcies, foreclosures, credit card defaults, and walk-aways will continue longer than economists think.
The deflationary pressures of the cycle described above are immense.
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