What will ourfinancialfuture be like?

In LiveScience.com, Clara Moskowiz quotes economist RossGittell as saying, “For many US households this may resultin a new reality, with declining economic prospects for thenext generation.”

Will the economic world really be worse for our kids than ithas been for us? Moskowiz qjuotes economist Steven Fazzari as saying, “It’s possible, but I think it’s unlikely. Thereare stronger aspects of the economy that will eventuallyturn us around. Once we get out three to five years, thingswill start to look much better?We’ll look at this as as badan event as we’ve had in the last 50 years, but not anotherGreat Depression.”

She quotes economic historian David Sicilia as saying, “Ithink people are going to live a more austere lifestyle.”And quotes Yildiray Yildirim as saying, “I think futuregenerations are going to do fine. My suspicion is that weare a strong country and financially we are going to befine. We always learn from our mistakes. In the short term,yes, people are going to be having a hard time accessinggoods that they easily accessed before. But once we catchthe upward trend in the next few years then everything isgoing to go back to normal, hopefully.”

But maybe financial expert Radhakrishnan Gopalan says itbest: “It’s like looking into a crystal ball.”

Art credit: freeimages.co.uk

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