While there are many expert theories about our recent, and somewhat still current, economic disaster in our country, I have an opinion (as usual) that may or may not be substantiated. It involves the Baby Boom Generation, people born from 1946 to 1960 and that includes me.
It seems as though as this group of people have moved through time, they have changed everything. For example, there were so many of us they had to build houses rapidly in the 1950s and 1960s to accomodate all of our families. We also needed more schools, more churches, and more shopping centers.
As we reached driving age, we needed many more cars, more car dealerships, more auto repair centers and so on. We required more banking, more insurance, and more of everything than previous generations.
Then, population growth tapered off. To me this meant that at some point, we would not be growing our school systems, we would not have endless growth in retail, and certainly no growth in housing.
The Great Recession was deeply affected by the huge drop in housing and by the decline in auto sales. We no longer had this bulge in our population to continue the growth of many industries that had grown in the past even without quality products.
So, if this true, what is the fix? There really is none. We just have to let it play out.