Just back from our annual conference and the economist reaffirmed his prediction on the economy:
2015-good year US and stocks, 2016-great year for US and stocks, 2017-good year for US and stocks, 2018 slight positive growth for stocks, 2019-consumer caused recession, 2020-2029= he used the term roaring 20's so lots of growth, 2030-start of global depression, also medicare runs out of money, 2032-social security is out of money forcing 25% cuts on recipients (current law). Depression to last 10 years or so, caused by poor fiscal discipline in most western countries, so that when the depression starts (actually a recession will be the trigger), no country will have the cash to prop themselves up because the treasuries are full of IOU's and a depression will happen.
On the other hand, Karl Rove didn't think much of the predictions, thinks we will have a recession in 2015. Before anyone pipes up about politics, James Carvil presented at our meeting 5 years ago. Interesting to hear all sides and views, that is why I think we are screwed.