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Boomers as an Economic Force

I covered this topic earlier in my essay on Boomers. This latest essay from Business Week further illustrates the impact Boomers have had on the economy.
 
  • $400 Billion: Amount that will come out of annual U.S. consumption as thrifty boomers push savings rate from 1% to nearly 5%.
     
  • 47%: Boomers share of national disposable income in 2005 before the bubble burst. Boomers contributed only 7% to national savings.
     
  • 2.4%: Forecasted GDP growth over the next three decades as boomers ratchet back. GDP has grown 3.2% a year since 1965.
     
  • 69%: Portion of boomers aged 54 to 63 who are financially unprepared for retirement.
     
  • 78%: Boomers' share of GDP growth during the bubble years of 1995 to 2005
 

All of this will be evaporating as Boomers retire or attempt to retire. So long consumer spending bubble...