1. Not one expert was willing to predict what things will look like in 3 years other than they think it will be better 2. One top economist said if you are a developer find another career for the next 3 years-there is nothing to do and it may be 5 years 3. Recovery will be slow. Unemployment will not drop back to more normal levels until 2014. First they will bring back people on 4 day weeks to 5 days, then they will increase hours form the average 33 hours now, then part timers will become more full time, then they will start to hire. However, even if (a BIG if, in my estimation) employment goes up to "more normal" levels in 5 years or so, the impact of these years of un- and underemployment will be felt for decades. People simply will remain behind where they would have been, which has huge implications for the real economy far into the future.
yes and without a babyboom to fuel growth much like we've been living off of since the mid 50s
Good and to the point on your list. However, we may want to think about the fact that also, boomers retiring and not working or only part-time, will have the effect that many will not spend to 'enjoy' their golden years.
That was once the the third last part of the American Dream.
IMHO, the retired boomers will pinch pennies like we've never seen....that in of itself is something economic forecasters (Wall Street) have not added to the equation, in fact the opposite has been their norm.
Inflation will come very soon because of asinine goobermint spending and we will see another 10-20% decline in discretionary spending habits of the US populace. Wages too will remain stagnant at best as I am hearing that blue collar pay has dropped.