Recession 2019. Depression in 15 Years.
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A new recession is coming in San Diego. Just not until 2019.
That's the word from Dr. Alan Beaulieu, noted economist from ITR Economics, who spoke during last week's NAIOP San Diego economic outlook breakfast at the San Diego Marriott Del Mar. While that may sound a good while away, Alan has an even more ominous prediction: “We are still on track for a Great Depression in the next 15 years” that will impact Gen Xers and Millennials the most and last for a decade. But short-term, there's good news. Alan says he's bullish in 2016 on the US economy, with US corporate profits rising. Still, he's concerned about China's economy: “If China goes down, the entire world economy goes with it,” he says.