Forget competition from China or increased productivity thanks to automation. The biggest threat to our economy might be demographics, namely the aging Baby Boomers, who are huge in number, who are now in their late 50s and 60s, and who are spending less and saving more (for retirement). As the Boomers age, we are seeing a boom in thrift itself, which is never good for the economy. But good news is on the way. As Boomers transition to becoming retirees, they are poised to become net spenders, and the hole they leave in the workforce will give the Millennials much-needed career opportunities that will supercharge their earning potential and enable them to finally make those major life events happen, such as getting married, buying a house and starting a family. A Boomer economic slowdown now could very well turn into a 15-year economic renaissance.
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