So far it is a repeat of what occurred during the 1970s. I expect a recession (reported for 2H23 AFTER the election via "corrections"). Economic weakness will be the impetus for interest rate cuts, and then another bout of inflation, just as we saw then. Call it stagflation if you like. Won't really be able to recognize it until years after the fact.
This forecast can only change if we have the following:
This forecast can only change if we have the following:
- A massive invention of some kind, such as ground-breaking battery technologies and/or cheap sources of energy.
- Cuts in wasteful government spending -- downsized/eliminated departments, trimmed entitlements, cuts in military spending -- particularly for wars.....anything that does not economically generate supply that is in consumer demand.
- A total revamp of our systems of education, with much greater emphasis on merit and specific vocations, including professional fields of need (METS).
- A workforce with higher average skills, which means the lawless immigration of unskilled people must not only stop, but be reversed.
