Now that the presidential election is over, we would like to congratulate all of you who participated. We had the greatest turn out in American history, so kudos to the country!
Just like in 2000 when Al Gore asked for a recount, Donald Trump is doing the same. This time the variables are quite different. The President announced his suspicion of rampant voter fraud? Does he have proof, could it possibly be true? At this point it’s unknown; we will simply have to wait to see how the lawsuits turn out.
What I can tell you is we have plenty of vexing problems to deal with: Covid-19, small businesses that have failed, a rising deficit, expanding state and local taxes, and lower income earners losing jobs. The pandemic and the presidential election have caused a tremendous amount of angst and trepidation.
Let’s look at what is changing before our very eyes.
- Technology is becoming even more deeply ingrained than what it already is.
- The 5G communication elements will stun all of us, and more importantly, change many areas across the technology spectrum.
- Clean air, water, and food will become more important as global warming and the war on fossil fuels ramps up each passing day.
- Energy as we know it is changing so fast that it’s almost impossible to keep up with it. There will be an “energy renaissance” as alternatives become cheaper and easier to implement.
- The pace of technological change quickens because of COVID-19. Those less tech savvy will fall even further behind.
- Many industries of today will soon be the dinosaurs of yesterday as they are unable to adapt and change.
I call this the age of the machine. Why? Because we humans are now trying to catch up to what computers can do for us. We multi-task and try to do more.
If we look to take lessons from histories past, we find two very interesting takeaways. We have more immigrants than we have ever had in this country and we are still the shiny beacon on the hill of hope and opportunity. But what we must never do is to give in the radical call to make this country into a socialistic experiment. For those that can remember, Cuba and Venezuela were once very proud and self-sustaining economies. Both have become prisoners of socialism and communism and they have paid the price with their economic independence. Let us not fall into either of those traps. We must, continue to keep hope that this great country remains the beacon of hope.
Maybe you’ve been reflecting on your own, like I have been. If you’d like to discuss how economic developments in the US may be impact your retirement, please send me a message.
Disclosures: The opinions expressed in this material do not necessarily reflect the views of LPL Financial.