Where We Will be in Ten Years

Economically where will be in ten years? Well, the near-Depression we are living through today will be a distant memory, our standard of living will have improved, we will have new technologies at our fingertips, and new innovations for improving and extending our lives. Even if we have an economic calamity like hyperinflation, it will likely be cured in ten years in some fashion. Will there be a lot of wreckage? Surely. Will the hot new companies that everyone wants to work for be the same hot new companies that everyone wants to work for today? Undoubtedly, no. There will of course be a lot of the same companies, but there will be several handfuls of new ones.

Am I just a naïve pollyanna. We face a fiscal crisis at every governmental level, and it looks like our politicians can think only of trying to tax our way out of the mess instead of grow our way out of it. We have wars going on with countries obtaining nuclear weapons, and terrorism is on the rise. We have global trade falling off a cliff and a massive looming economic crisis in Europe. We face mountains of debt from entitlement programs that Congress only wants to expand. What makes me such an optimist for ten years out?

For one, even the Great Depression where fundamental policy mistakes were made lasted only about ten years, and it would have ended earlier had the federal government not embarked on many failed policies. Two, even the economic malaise of the late 1970’s ended with the election of a president who understood how to stimulate economic growth. If Obama cannot do that, then he probably will not be re-elected in three and half years. Currently his proposals will lead to stagnation, but that will only shorten his term and those who support him. He may adopt different policies to promote growth, and then he would remain for another term promoting growth. Our system is robust and resilient because it allows for change.

For those reasons, I am an optimist for ten years out. In the meantime, hang in there, continue building your skills and knowledge (even if the recession has put you out of work), and maintain a good attitude. It is just a matter of time, and there are always difficult times when the best one can do is survive, but doing so will sustain you to take advantage of the good times that will eventually return.