JoA: Futurist Speaks to CPAs

Some economic predictions from a “strategic forecaster” named Pierce Snyder at an AICPA meeting in New Orleans. One can only hope that his prediction on government deleveraging (a nice way of saying debt retirement) is true. The others aren’t really a huge shock but interesting nonetheless.

Snyder listed seven economic inevitabilities for the next seven to eight years. Those are: * The entry-level labor pool will shrink by 5%. Workers 16 to 24 years old will be in short supply with intense competition among employers to attract this more tech-savvy generation. * The share of the work force held by individuals 55 and over will increase from 20% to 30%. * Unemployment will remain above 7.5%. * Fiscal and financial deleveraging will constrain government and consumer spending. * Commerce will become essentially paperless and cashless. * Health care will account for a quarter of all economic growth even as the health care industry consolidates. * The construction industry will shrink and consolidate.