In a Financial Times op-ed, “Brace For an Era of Crisis Aftershocks,” David Rosenberg, chief economist and strategist of Gluskin Sheff, serves up a shot of what some might call anti-hopium.
The scars from the detonation of the housing and credit bubble-bust have yet to heal.
Household net worth per capita is still 15 per cent or $100,000 shy of where it was five years ago and ultra-low interest rates are punishing those who save in bank deposits or money market funds.
The median age of the boomer is 55 going on 56 and retirement is the darkness at the end of the tunnel.
The trend towards second jobs, do-it-yourself, private labels, dollar stores, maintaining your existing vehicle, downsizing property needs, cocooning and frugality will continue unabated.