The New Normal

Tom Gillaspy

In a previous blog post, we gave a good overview of the Emerging Markets Conference recently held for Bremer Employees in St. Cloud. I also attended that conference and wanted to add a few comments about the presentation by Tom Gillaspy, State Demographer about the “New Normal.”

Something Gillaspy said really struck a cord with me and I haven’t been able to forget it. He said that in January 2008, the world changed in fundamental ways and as we know it.

Here are some key points he made:

• We have entered the Age of Entitlement – where economic growth in the next 25 years will be slower than what it was in the past 25.
• MN Jobs down 4.3 % since the recession began in 2008.
• Impact of the Babyboomers.
• Labor Force growth is about to slow sharply. The end of this decade will be at the end of our increase in labor force growth in MN.
• MN saw a 30% jump in workers turning 62 in 2008.

At the break, people of all ages were discussing how sobering the information was – and yet I also heard people saying….there could be opportunity in all of this! We have to learn to adapt and find ways to make the “New Normal” work.

I thought to my Babyboomer self, it doesn’t pay to worry, I need to understand and accept that the world has changed and when you get lemons you make lemonade and work until you’re 66!

Holly Witt, NRS, Alexandria