With the apocalyptic economic panic going around the media, I figure it’s time to be a contrarian.  Admittedly, we have huge structural economic problems (far larger than the average establishment source will admit) that go back at least to the 1970s if not earlier.  I will discuss my view of these in a later post.  But for now, think about this: The oldest baby boomers are now 63.  In 2 years, they will be 65.

Now, I’m sure you’re all thinking that I’ve gone nuts.  It’s true that this means higher Social Security and Medicare costs, perhaps a later retirement age eventually, the Grateful Dead being used to sell calcium supplements, hordes of pseudo-hip oldsters swarming down the streets in golf carts, etc….  But just as importantly, think about what it means for the job market.  Even if the labor market is stagnant, millions of old folks retiring means millions of job opportunities, just 2 years away.

Truman once said that he wanted to find a one-armed economist to advise him, so that the answer to every question could no longer be “on the one hand this, but on the other hand that”.  I think I’m starting to understand where the whole vagueness thing comes from.

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