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Opening Remarks

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Greece, France & the EU

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Summer of Discontent

BROAD rise in Youth Unemployment Rates, across the EU • Bulgaria: 32.8% ... up from 26.7%

• Portugal: 36.1% ... up from 27.6%

• Denmark: 15.1% ... up from 13.7%

• Ireland: 30.3% ... up from 28.7%

• Hungary: 28.8% ... up from 25.4% • Netherlands: 9.3% ... up from 6.9% • Poland: 26.7% ... up from 25.7% • Slovenia: 16.5% ... up from 16.3% • Cyprus: 28.8% ... up from 18.8%

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Will It Infect America … ?

• 5 million fewer jobs than pre recession

• How long will we take to recover …

Will it be a summer of “dissent” in America?

Is America in the Age of “Descent”?

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Gross Debt to GDP

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Share of Global GDP

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Wageless, Jobless Recovery

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The 1%? The 99%? Or …

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Movement at the Top …

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The Next American Boom

LT Trends favor America

• Energy

• “Reshoring” – a manufacturing resurgence

• Education

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Share of Global GDP

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Corporate profits increasing.

bea.gov

Plenty of cash for hiring.

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Job openings increasing.

bls.gov

Unemployment slowly improving.

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Opportunity knocks for some...

over others.

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Percent Change In Employment 2010-2020

Employment Growth in Jobs that Require Higher Education

Less than High School

High School

14%

12%

Some College

Associate Degree

Bachelor Degree

Master Degree

Doctoral Degree

18%

18%

17%

22%

20%

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un-/under employment is above 20%.

For 40% of the U.S. population

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The Skills Gap

60% of new jobs

will require skills held by

20% of the population.

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There are two types of workers in our economy.

Andy Kessler, Investment Banker, Hedge Fund Manager, Author

Creators Servers

Forget Blue and White Collar …

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Our Biggest Growth Engines

create a fraction of the jobs they used to ...

43,000

Apple Today

GM 1950s

400,000

Workers employed in the U.S.

create a fraction of the jobs they used to ...

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U.S. “App-economy” Jobs

Q1 2012

477,000

Before iPhone

0

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A Cigarette Break is now a …

… “Social Media Break”

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Western Civilization 7 Killer “Apps”

• Competition

• Scientific Revolution

• Rule of Law

• Representative Government

• Modern Medicine

• Consumer Society

• Work Ethic

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It’s really up to us …

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