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Graham Summers is Chief Market Strategist for Phoenix Capital Investment Research, an independent financial research firm based in Charlottesville VA with clients in 56 countries around the world. He and his staff write Daily Market Alert (http://phoenixcapitalmarketing.com/dma.html), an... More
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  • Boomers as an Economic Force 0 comments
    Jul 30, 2009 12:58 AM
    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...
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