I'm not a lib, but I'm also not feeling any remorse, and I did vote for Obama. We do have a number of problems going on in our economy right now. The thing is that most of you really do not understand what has driven the downturn. You talk about the fact that we have lost 4 million jobs since 2007, but you don't think about the fact that since 2007, 22 million have retired. Now, the problem with the mass exodus from the workforce by the baby boomers, is not just that they are leaving the workforce but that they have stopped buying things. The baby boomers drove this economy with their spending for at least twenty to thirty years, and now they have stopped buying. The problem is that because they stopped buying, there is not demand for more products, and therefore companies are not replacing all these people.
We are in a vicious economic downturn that has been created out of circumstance more than anything else, and truthfully, I'm not certain that there is a real easy fix. What I do know is that the economy will eventually take off again, but it's not going to happen right away. Those in Generation X number around 41 million. They are pretty well into life and already own homes if they are going to. They have their families and are now starting to think about retirement, although they still have a long way to go. It is their kids and some of the late Boomer's kids, who are now in their early 20's to early 30's who are going to make the economy boom again. It's just a matter of a few more years, probably eight or so before we see a massive growth cycle again. You see, there are 71 million in the Y Generation, and when that 71 million start having kids in big numbers, and they start buying houses, things will boom again, and they will. Once business sees that demand is there, they will start hiring and producing again.
For now, we just need to ride out the storm.