Word: economisters
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Such was the consensus of TIME's Board of Economists, which gathered in late May in Manhattan to assess a rapidly changing business outlook. For the first time in at least two years, members concurred, not all economic systems are go. Imbalances are showing up, notably a worsening labor shortage and excessive consumer spending; signs of renewed inflation are real; stock markets have turned turbulent, to say the least. Allen Sinai, chief global economist of Primark Decision Economics, long contended that rising productivity in the new economy enables the U.S. to enjoy noninflationary increases in production much greater than once...
...generation behind just won't have enough buyers). And your neighbors' children, simultaneously burdened with the cost of your aging and victimized by the one thing you'll hold onto--your political power--will boil with resentment. Your own kids may get especially peevish: even today, says Rand Corp. economist James P. Smith, "half the adult children with parents who die over age 70 get zero. Parents are living longer, with more health expenses. The first thing to go...is bequests to children...
Want more? As unforgiving as the present has become, our future could be bleaker. It is truly stunning how financially unprepared for retirement boomers are. They don't hold nearly as much stock as their parents do, and according to Richard Hokenson, chief economist of Donaldson, Lufkin & Jenrette, when they were younger--filled, no doubt, with a confident belief in boomer immortality, or at least boomer invulnerability--they saved for retirement much less conscientiously than their Gen X counterparts are doing today. As a result, a full 40% of boomers, and 30% of those nearest to retirement, have less than...
...four words may be even more important to the American future than the expected medical advances. There are today 3.4 wage-earning (and Social Security-contributing) American workers for every person over 65. In 2030 there will be only two workers for each of the elderly (which is why economist Hokenson, of DLJ, calls Social Security "the mother of all Ponzi schemes"). Those two are either going to have to work a lot harder to support all the old folks, or we will see a spectacle of misery unprecedented in the world's wealthiest nation. Two irrefutable facts, the size...
...goal is to be half as funny...as moral philosopher and welfare economist Amartya Sen, " said O'Brien in his Class Day address yesterday. "Better bring a calculator. It will be a nerdfest...