By Doug Casey, founder, Casey Research
Prediction 1: The End of Retirement
The average American can forget about retirement. We’ve all heard the stories about how the average American couldn’t lay his hands on $1,000 to save his life. His expenses aren’t going away, however, even if his income does.
It seems like things have reached a critical mass. And if the economy slows down, there are going to be a lot of people losing their homes again. They’ll be unable to pay their credit card bills, car payments, student loans, or anything else. They aren’t going to be able to buy anything. They wound up in breadlines in the 1930s. But today, 40 million Americans have SNAP cards to take away the hunger pains and embarrassment of being penniless. There could be 100 million in a few years.
I know this sounds outrageous because right now, everything is running fairly smoothly. The standard of living of the average middle-class American has degraded slowly over decades, but hasn’t yet totally collapsed. But that’s the way it is a day before a volcano explodes, or a day before an earthquake, or minutes before an avalanche starts coming down.