MANCHESTER, N.H., Feb. 9, 2015 (GLOBE NEWSWIRE) -- via PRWEB - Today's generation of young people will face an epic financial crisis in another 15 years or so when the next Great Depression -- triggered by low interest rates, growing government debt and an aging population -- takes center stage, according to two leading economic forecasters.
Brian and Alan Beaulieu are predicting rocky economic waters in the decades to come as well as another Great Depression in the 2030s in their book "Prosperity In the Age of Decline: How to Lead Your Business and Preserve Wealth Through the Coming Business Cycles."
The tough times they predict will be especially hard on the millennial generation, or those people who are less than 35 years old now.
"As they come into their peak earning years, the economy will crumble under them," said Alan Beaulieu, president of ITR Economics, a Manchester, N.H.-based economic forecasting firm. His brother Brian is the company's CEO.
"Income into the household, job potential and saving for the future will be put at significant risk. This generation also will be the taxpayers," he said. "The federal and state governments will be on the financial ropes and will be looking to taxpayers. The ones who are working will be asked to pick up the tab."
The 2030s they describe will be a time of massive unemployment, home foreclosures, business failures and widespread car repossessions.
"It's not that people won't be working," Alan Beaulieu said, "but even the workers will be struggling. The 2008 Great Recession was only the warmup."
ITR claims to have mastered long-term economic trend forecasting with a 94.7 percent accuracy rate over the course of six and a half decades.
Company founder Chapin Hoskins lived through the Great Depression and believed there must have been a way to see it coming, an idea that has guided the company since it was established in 1948 to provide consulting services for businesses in a variety of industries around the world.
"Our clients are all firms who want to mitigate against risk," Alan Beaulieu said. "When you can have a high degree of confidence about the economy and where it is going, you can naturally mitigate risk."
Three of the major driving trends that will be catalyst for the age of global decline are: an aging demographic in the industrialized world, burgeoning government debt around the world, and interest rates that could shoot as high as 18 percent for a residential mortgage.
Brian, Alan, and other key members of the ITR Economics team will be discussing the financial crisis of 2030, as well as GDP, Leading Indicators, inflation, interest rates, and commodity pricing at their first ever 2015 Economic Trends Summit at the Palmer House Hilton in Chicago, IL on June 19, 2015. Tickets are limited, and can be purchased at itreconomics.com.
About ITR Economics:
Since 1948, ITR Economics has given business leaders the economic information, insight, analysis and proactive strategies they need to take advantage of opportunities, maximize profits, and avoid risks with a 94.7% forecast accuracy rate. The oldest, privately-held, continuously operating economic research and consulting firm in the US, ITR Economics has a unique institutional memory and an uncommon understanding of long-term economic trends. More information can be found at http://www.itreconomics.com.
Please note: This release contains content originally written by Tim Grant for the Pittsburgh Post-Gazette.
This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/2015/02/prweb12499723.htm