Page 55 - Lighting Magazine November 2018

WORLD GDP (GROSS DOMESTIC PRODUCT)
U.S.
China
Japan
24.3% 15%
6.1%
“By 2030, we [businesses] have to be very good at what we do. We will be headed for a di cult time
– not unlike the Great Depression – if you are not prepared.”
Bealieu noted that there will be a slow down in the economy for 2019-2020. “Budget for growth, yes, but budget for slower growth,” he explained, adding, “Lowering taxes is not a recipe for boosting the economy.”
The long-range forecast at Bealieu’s company, ITR, is that we might not see an economic slump like we experienced in 2008-2009 for another 10 to 12 years. “By 2030, we [businesses] have to be very good at what we do. We will be headed for a di cult time – not unlike the Great Depression – if you are not prepared,” he cautioned.
There are a multitude of factors that contribute to a Depression. Bealieu detailed several key driv- ers: Demographics, Healthcare Costs, Entitlements, In ation, and the National Debt. “Costs are going up like we haven’t seen since the 1970s,” he added. It’s time to become more tax-savvy.
“I’ve been asked, ‘What should I tell my kids?’ Tell them that they need to live below their means and to learn a second language — French,” Bealieu stated. “The next China is going to be Africa, and French is a common language in Africa.”
The upcoming generation should choose careers oriented toward the opportunities in the future economy, such as the STEM [Science, Technology, Engineering, Math] disciplines. “An individual who is strong in math and bilingual is someone who will always be employed,” he remarked.
“I believe in Millennials and what they can do,” he said of the largest population group in the country.
Bealieu’s guidelines for surviving the next rocky road in the economy is to:
Þ Pay o as much debt as you can by 2030 Þ Be ready to buy at the price cycle low in the
Depression Þ Be self-reliant
The strongest business owners and individuals will be those who stop relying on the government and other people for assistance. “Use this knowl- edge to move forward. The future is yours to write,” He said. “If you know the headwinds are coming, you can plan ahead to help your family.” 
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