Current ratio of vehicles registration to new vehicles sales puts the fleet replacement at 25 years. The average is normally 10-15 years. So either people will return to buying vehicles or the number of registered vehicles will decline.
Recessions are probably a necessary part of any economic system. They are an opportunity to reorganize, rethink, and refocus.
People become healthier…smoke less, drink less, drive less.
Elasticity estimates suggest for each additional 1% of income our health related expenditures increase by 1.6%. Part of this is through technological advances that reduce our expenditures of other things. For example, look at how the percentage of income spent on food has fallen.
As much as 53 Trillion dollars. 34 trillion for medicare (of which about 8 trillion is prescription drugs) and the rest social security.
2. Taggert J. Brooks, PhD<br />Associate Professor of Economics<br />University of Wisconsin-La Crosse<br />Email: email@example.com<br />Web: http://www.uwlax.edu/faculty/brooks<br />
7. Disclaimer:<br />I’ll pretend to know, but I probably don’t. And the views expressed today might be my own, but they probably do not reflect the views of the sponsors, my employer, or my parents.<br />
8. Uncertainty<br />versus<br /> Risk<br />
9. Frank Knight<br />Profit arises out of the inherent, absolute unpredictability of things, out of the sheer, brute fact that the results of human activity cannot be anticipated and then only in so far as even a probability calculation in regard to them is impossible and meaningless.<br />
10. Housing Market<br />Where it all started…. <br />
17. Data<br />Listen and be prepared to alter course…. <br />
22. In Recessions…<br />Preferences Change<br />
26. In Recessions…<br />There are opportunities.<br />
27. In Recessions…<br />People Substitute – Time for Money<br />
28. Health Care<br />The “problems” and their local impact <br />
31. Myth<br />Businesses are less competitive because of the burden of health care. <br />
32. National Compensation Measures as a Share of GDP, NIPA 1960-2006<br />Private Group Health Insurance<br />56.4% of GDP<br />56.3% of GDP<br />Other Fringe Benefits and Payroll Taxes<br />3.8%<br />6.7%<br />0.6%<br />4.1%<br />Wages<br />51.8%<br />45.6%<br />2006<br />Source: Kaiser Family Foundation analysis of data from the U.S. Department of Commerce, Bureau of Economic Analysis, National Income and Product Accounts, 1960-2006, Tables 1.1.5, 2.1, 6.11B, 6.11C, & 6.11D, 2008.<br />
33. Myth<br />Costs are rising more rapidly than other countries. <br />
35. Herb Stein<br />“If something can&apos;t go on forever, it won&apos;t.“<br />
36. Problem<br />US has highest per capita health spending <br />
38. Explanations<br />High Income<br />High Dispersion of Health Insurance<br />High Technology<br />
41. Impact<br />None of the proposals will address these issues. Expect expenditures to increase. <br />
43. Long Term Fiscal Problems<br />Medicare and Social Security.<br />
45. Data Sources<br />Bureau of Labor and Statistics<br />Wisconsin Department of Workforce Development<br />Federal Reserve Bank of St. Louis<br />Federal Reserve Bank of Cleveland<br />Bureau of Economic Analysis<br />Congressional Budget Office<br />Economagic.com<br />Other Assorted Blogs<br />Photo Credits: Flickr.com<br />