Economist to security dealers: acquire and hire now
Economist Alan Beaulieu, closing keynote speaker at the ESX 2016 show that wrapped up last week in Fort Worth, Texas, was back by popular demand and did not disappoint, as he was able to mix economic forecasting with a wry sense of humor that had attendees both intellectually riveted and spitting out their drinks at the same time.
After telling the audience, “Another great depression is coming in 2030,” as baby boomers continue to age and put pressure on our healthcare system and finances, Beaulieu then said the next few years will be very good for the country and the security industry overall.
“2015 was a good year—record high levels of GDP and job opportunities, and the economy is growing,” he said. “I expect the fed rates to go up, so now is the time to get that loan, and make that purchase or acquisition, hire new people.”
He said that it is also imperative to “make sure your training and retention programs are top notch,” and “plan for higher wages and energy costs” down the road.
In the short term, Beaulieu said that he sees a mild recession coming in 2019, similar to the one we had in the ‘90s, and although he wouldn’t pick our next president, he did guarantee a “one term president” because of that looming recession.
In regard to that great depression in 2030, Beaulieu said we have the baby boomers to blame for it.
“We have 80 million baby boomers, but we have 3- to 4 million more millennials,” he said. “The millennials are going to need all of us baby boomers to die off because we are going to ruin the economy for them.”
As for the millennials, Beaulieu said, “Who knew it, but they are just like us, and want the same things we do—a family, kids and a house in the ’burbs. They will be a strength for our nation, but only after us baby boomers die off.”
Beaulieu told the audience not to be afraid to hire millennials, especially at a time when it is so difficult to find quality employees in the security industry. “Just make sure you feed them,” Beaulieu said. “And I am talking actual food.”