Economists: Second-longest economic boom in US history ends in 2020 … with a recession.
This would be the end of one of the longest economic booms since the 1990 Dot Com bubble.
60 private-sector economists were recently surveyed by the Wall Street Journal, and their prediction is somewhat dire. 59% of them say the economic expansion that began in 2009 after the Great Recession of 2008 took the wind out of the world’s economic sails will end in 2020. Another 22% pegged the year 2021. What lies beyond that is probably another recession, the depths of which will likely become apparent as things progress — or, rather, regress.
“The current economic expansion is getting long in the tooth by historical standards, and more late-cycle signs are emerging,” said Scott Anderson, chief economist at Bank of the West, who was among those economists predicting a 2020 recession.
It’s worth noting that these kinds of things are very hard to predict, so a grain of salt is warranted. However, with a total of 81% of economists surveyed by the WSJ predicting that things will hit the fan by 2021, it seems likely that it’s coming.
The current “boom” is second only to the 1990 information technology economic bubble that lasted nearly 10 years and coincided almost exactly with the years Bill Clinton was President.
Interestingly, the same survey revealed that those same economists do not think the "tax breaks passed by Congress have anything to do with the current economic expansion.
That same expansion has left many people underemployed and earning less than before the Great Recession of 2008, as well as losing health insurance and retirement savings, which could mean when the next bust happens, poor and working-class people will be in much worse shape than ever. And that, coupled with the elimination of some social safety nets across many states in the U. S., means the future might be pretty bleak, indeed.
At least, for those without a pile of money to rely on.
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Can sensitive coral reefs survive another human generation?
- Coral reefs may not be able to survive another human decade because of the environmental stress we have placed on them, says author David Wallace-Wells. He posits that without meaningful changes to policies, the trend of them dying out, even in light of recent advances, will continue.
- The World Wildlife Fund says that 60 percent of all vertebrate mammals have died since just 1970. On top of this, recent studies suggest that insect populations may have fallen by as much as 75 percent over the last few decades.
- If it were not for our oceans, the planet would probably be already several degrees warmer than it is today due to the emissions we've expelled into the atmosphere.
They didn't know it, but the rituals of Iron Age Scandinavians turned their iron into steel.
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- To strengthen their swords, smiths used the bones of their dead ancestors and animals, hoping to transfer the spirit into their blades.
- They couldn't have known that in so doing, they actually were forging a rudimentary form of steel.
Michael Dowling, Northwell Health's CEO, believes we're entering the age of smart medicine.
- The United States health care system has much room for improvement, and big tech may be laying the foundation for those improvements.
- Technological progress in medicine is coming from two fronts: medical technology and information technology.
- As information technology develops, patients will become active participants in their health care, and value-based care may become a reality.
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