Here’s how millennials are about to solve the coming Social Security crisis

  • Written by MarketWatch
  • Published in Economics

That’s just part of the boost aging millennials will deliver to the U.S. economy over the next decade, according to Smead Capital Management CEO Bill Smead.

He explained to CNBC[1] on Monday morning how “incredibly economically impactful things” are about to happen as millennials prioritize necessity spending. Big ticket items, he says, will soon be prioritized over “Apple AAPL, +0.19%[2] devices, craft beer and Chipotle CMG, -0.42%[3] burritos.”

Read: Social Security is a lifeline for many older Americans, but how will it continue to be funded in the future?[4]

Smead cites the coming shift when millennials surpass baby boomers as the biggest living adult generation in the country.

“We just love this circumstance because it is very possibly the changeover point now for what we have been waiting for a long time,” he said. “We are giving them the lowest interest rates in the history of the U.S.A. to form their lives. We are practically giving them the money to buy houses and buy cars etc.”

Watch the full segment:...

Read more from our friends at MarketWatch

70°F

Philadelphia

Cloudy

Humidity: 95%

Wind: 6.21 m/h

  • 28 Sep 2020 79°F 67°F
  • 29 Sep 2020 76°F 66°F