Now that the United States has eased away from the fiscal cliff (for now) and the threat of a double-dip recession is in the nation’s rearview mirror (in theory,) Americans can look ahead to 2013 with a little more cautious optimism. So what can we expect out of out economy?
An article in today’s New York Times listed a range of factors that could contribute to the Federal Reserve’s expectations of 3 percent growth for 2013, including the housing, automobile, and retail markets as well as debt and taxes. Apparently, the U.S. economy should follow the same pattern of growth that it experienced after other economic downturns in the early 1980s and 1990s.
But a recent Commonwealth Club event underscored other factors that could play an important role in the country’s economic growth–and even more importantly, social growth–in 2013, including a whole generation of young people affected by the Great Recession: millenials.