I tend to take any forecasts beyond a year with a grain of salt, but never discount them entirely. If you still have a decade or more of work life left consider the following bad news from McKinsey.
The market is going to suck for the next 20 years, and you’re going to have to double your life savings
There’s an old platitude that goes something like this: “When one door closes another opens.” I’m on the run today but felt a need to address this issue after reading a magazine article. I will also share a potential business opportunity with you. (Please excuse the quickie job on this post.)
A Door Closes
Here’s another article, this time from The Economist, on a worrisome megatrend that started back in the late 1970s. That’s when wages began stagnating as American companies started offshoring production. Roughly around the same time technology began enabling companies to replace people with software and robots.
Here are a few highlites from All Around the World, Labour is Losing Out to Capital:
Here’s a chilling summary of the past 30 years from the NY Times. While a few of us have been tracking this trend for a long time, many people seem oblivious to what’s going on.
America’s Sinking Middle Class
On Tuesday, however, the Census Bureau reminded me how for most Americans 1988 still looks a lot like yesterday: last year, the typical household made $51,017, roughly the same as the typical household made a quarter of a century ago.
The statistic is staggering — hardly what one would expect from one of the richest and most technologically advanced nations on the planet.
A must watch 4-part series by the CBC on “the men who crashed the world. ” Yes, these are tycoons too. Continue reading
Here’s the second part on the global financial collapse. Continue reading