1) People have to live with and accept less. For years wages have remained stagnant. Fifteen years ago USA families made as much as they do now in pay. This is partly due to the global economy and other countries catching up to the USA.
2) There is a larger divide between the rich and poor and the middle class is shrinking. Companies are taking advantage of workers. When someone is on salary they often make less than someone on hourly per hour. A law recently passed that would required salaried workers to be paid for OT. That ruling was recently blocked by a federal judge and may never happen.
What will probably happen in the next 20 years with the worker situation may be interesting. I predict the younger generation kids to the baby boomers will take their parents money (when the baby boomers die) and work less. They will not spend anywhere near as much as their parents and make more frugal financial decisions. Over a trillion dollars will be changing hands in the next 20 years when baby boomers die.
You have their kids who up until this point have been working for half of what their parents made working harder than their parents did. Experience is overvalued in this job market and the work a sixty-five+ year old baby boomer does at a firm which relies on computers is greatly inflated.
When the money changes hands, I predict this will happen.
1) people of the 20-30 year old generation who don't have to work won't and that will be maybe 15-35% of the available workforce.
2) people of the 20-30 generation won't buy what their parents did. Things like boats or brand new vehicles every couple years are wastes of money that people won't pay for. Entertainment will be cheaper. People will pay for basically internet and their entertainment charges will be much less than their parents.
3) major usa manufacturing companies will sell a lot of products to newly industrialized countries and have a hard time meeting demand. They will remain stubborn on pay of workers and continue to hold onto money concentrated at the top.
4) people with education debt from bachelors/masters who never earned the value back from their degree will realize it was the worst financial mistake of their life.
I don't think I am alone in these thoughts. These are all my opinions on the economy into the future.
You have their kids who up until this point have been working for half of what their parents made working harder than their parents did. Experience is overvalued in this job market and the work a sixty-five+ year old baby boomer does at a firm which relies on computers is greatly inflated.
It's all relative - the baby boomers did have a significantly smaller cost of living relative to their earnings, and the cost of living has risen significantly over the last 20years for the younger gnerations, but then the BB's are contributing to the tax system currently too.
I also have to argue that experience isn't valued as much as you suggest. In my industry, the younger staff are cheap - the older staff are expensive from a salary perspective. IME, most health dept's will usually only recruit staff fresh out of university to reduce their overall costs. It's rare an experienced staff member is replaced with another.
What that means, being one of the few senior people where I work (I'm the 2nd oldest at 36), is that I'm constantly training new staff who are clueless and apathetic. It's unrewarding, given a lot of millennial's are know-it-all's who can't do anything without consulting facebook first, but that's how large medical businesses operate in my city.
The USA suffers from the same problem as most western countries - the baby boomers are the largest generation, not only in terms of wealth created and owned, but also in sheer number of citizens.
How this effects the property markets, healthcare & welfare in general, and the ways companies work with their shareholders, the majority being baby boomers, will determine world economies in the western world for the next few decades at least.
The next generations coming through just don't have the means to drive an economy the way the BB's did, or will continue to do.
I assume that large companies don't look at a workforce the same way anymore either, as full-time salaried work is slowly being phased out & replaced with causal positions in a lot of industries (mine included).
I think the USA will more of less lead the way, being the largest western economy, when it comes to any protectionist measures to protect their domestic industry, workers etc., which will then force the rest of the world to react.
I don't think the USA can agree to free-trade in the long term and keep their domestic industries running smoothly, the US dollar is too high compared to the competition. Use the car industry as an example in almost every western country. Also bear in mind, manufacturing in countries like Australia and New Zealand has died almost completely due to the dollar being too high to compete with the Asian countries. Then compare to the US dollar, which is historically a lot higher than the NZD or AUD, if we take out the anomaly of the GFC.
I believe we'll see far more of a nationalistic tone under Trump with higher tariffs and higher consumption taxes with lower personal income taxes and lower business taxes. NAFTA and the other trade deals are going to get seriously underscored, and Trump has been on record to really hate China.
I feel the largest issue has been the nationalism of the Chinese and the unwillingness of Chinese firms and American firms who have large investments in China to pay those foreign workers better. China needs wealth, but also consumption. There are American products the Chinese want to buy and American goods like Magic the Gathering that do sell well. The problem is mostly the Chinese Communist Party and it's control over media and always wanting to keep labor cheap to keep exports high.
While I do not believe that the US will ever become what it was with manufacturing, you have to take into account that Trump will push more aggressively for US firms. He was elected in part to be more nationalistic and nation building at home, and I feel that he has had that rhetoric for a few years now and it will be a platform.
My largest issues with Trump are thus; he'll obliterate the healthcare system and smash it to pieces. The repeal of Obamacare will cause a lot of issues over the next two years. A gradual building on the Obamacare system with things like a health savings account system among other aspects to build on top of the system would be a good start. The repeal and replace has been one of the most ridiculous concepts I have seen as a conservative.
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Rollback Post to RevisionRollBack
Life is a beautiful engineer, yet a brutal scientist.
1) People have to live with and accept less. For years wages have remained stagnant. Fifteen years ago USA families made as much as they do now in pay. This is partly due to the global economy and other countries catching up to the USA.
2) There is a larger divide between the rich and poor and the middle class is shrinking. Companies are taking advantage of workers. When someone is on salary they often make less than someone on hourly per hour. A law recently passed that would required salaried workers to be paid for OT. That ruling was recently blocked by a federal judge and may never happen.
What will probably happen in the next 20 years with the worker situation may be interesting. I predict the younger generation kids to the baby boomers will take their parents money (when the baby boomers die) and work less. They will not spend anywhere near as much as their parents and make more frugal financial decisions. Over a trillion dollars will be changing hands in the next 20 years when baby boomers die.
You have their kids who up until this point have been working for half of what their parents made working harder than their parents did. Experience is overvalued in this job market and the work a sixty-five+ year old baby boomer does at a firm which relies on computers is greatly inflated.
When the money changes hands, I predict this will happen.
1) people of the 20-30 year old generation who don't have to work won't and that will be maybe 15-35% of the available workforce.
2) people of the 20-30 generation won't buy what their parents did. Things like boats or brand new vehicles every couple years are wastes of money that people won't pay for. Entertainment will be cheaper. People will pay for basically internet and their entertainment charges will be much less than their parents.
3) major usa manufacturing companies will sell a lot of products to newly industrialized countries and have a hard time meeting demand. They will remain stubborn on pay of workers and continue to hold onto money concentrated at the top.
4) people with education debt from bachelors/masters who never earned the value back from their degree will realize it was the worst financial mistake of their life.
I don't think I am alone in these thoughts. These are all my opinions on the economy into the future.
It's all relative - the baby boomers did have a significantly smaller cost of living relative to their earnings, and the cost of living has risen significantly over the last 20years for the younger gnerations, but then the BB's are contributing to the tax system currently too.
I also have to argue that experience isn't valued as much as you suggest. In my industry, the younger staff are cheap - the older staff are expensive from a salary perspective. IME, most health dept's will usually only recruit staff fresh out of university to reduce their overall costs. It's rare an experienced staff member is replaced with another.
What that means, being one of the few senior people where I work (I'm the 2nd oldest at 36), is that I'm constantly training new staff who are clueless and apathetic. It's unrewarding, given a lot of millennial's are know-it-all's who can't do anything without consulting facebook first, but that's how large medical businesses operate in my city.
The USA suffers from the same problem as most western countries - the baby boomers are the largest generation, not only in terms of wealth created and owned, but also in sheer number of citizens.
How this effects the property markets, healthcare & welfare in general, and the ways companies work with their shareholders, the majority being baby boomers, will determine world economies in the western world for the next few decades at least.
The next generations coming through just don't have the means to drive an economy the way the BB's did, or will continue to do.
I assume that large companies don't look at a workforce the same way anymore either, as full-time salaried work is slowly being phased out & replaced with causal positions in a lot of industries (mine included).
I think the USA will more of less lead the way, being the largest western economy, when it comes to any protectionist measures to protect their domestic industry, workers etc., which will then force the rest of the world to react.
I don't think the USA can agree to free-trade in the long term and keep their domestic industries running smoothly, the US dollar is too high compared to the competition. Use the car industry as an example in almost every western country. Also bear in mind, manufacturing in countries like Australia and New Zealand has died almost completely due to the dollar being too high to compete with the Asian countries. Then compare to the US dollar, which is historically a lot higher than the NZD or AUD, if we take out the anomaly of the GFC.
I feel the largest issue has been the nationalism of the Chinese and the unwillingness of Chinese firms and American firms who have large investments in China to pay those foreign workers better. China needs wealth, but also consumption. There are American products the Chinese want to buy and American goods like Magic the Gathering that do sell well. The problem is mostly the Chinese Communist Party and it's control over media and always wanting to keep labor cheap to keep exports high.
While I do not believe that the US will ever become what it was with manufacturing, you have to take into account that Trump will push more aggressively for US firms. He was elected in part to be more nationalistic and nation building at home, and I feel that he has had that rhetoric for a few years now and it will be a platform.
My largest issues with Trump are thus; he'll obliterate the healthcare system and smash it to pieces. The repeal of Obamacare will cause a lot of issues over the next two years. A gradual building on the Obamacare system with things like a health savings account system among other aspects to build on top of the system would be a good start. The repeal and replace has been one of the most ridiculous concepts I have seen as a conservative.
Modern
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<a href="http://www.mtgsalvation.com/forums/the-game/the-cube-forum/cube-lists/588020-unpowered-themed-enchantment-an-enchanted-evening">An Enchanted Evening Cube </a>