The improving fortunes of many other countries also will drive economic expansion in the United States, he said. More countries-71 out of 165-are free or mostly free today, more than ever before, and freedom is the mainspring of economic prosperity, Asmus said. "When other countries do well, we do better," he said.
Other positive factors for the economy, he said, will be our move from "pharmaceuticals as chemistry to pharmaceuticals as biology"-pharmacists before long will be able to dispense medicine based on factors in an individual's blood, for example. Our dependence on oil will also drop as the country moves to photovoltaic cars-those with solar cells built in that can supplement power for hybrid and electric cars, Asmus adds.
And let's not forget the contribution the 75 million baby boomers will make to this business expansion. When this huge cohort entered the workforce in the late '60s, '70s and early '80s, they were inexperienced and it was cheaper to add labor rather than increase productivity, Asmus explained. Now the economy is benefiting from the experience they bring to the workplace, he says. Also, the older baby boomers are at an age when their propensity to save rather than spend is increasing, which should also help the economy, he said. Asmus added the next big group of Americans to rival the baby boomers in terms of numbers-about 70 million-is, on average, in sixth grade now.
Asmus concluded that all these factors should create an environment ripe for business expansion, and the boom cycle that began last year could last longer than the long boom of the '90s. Said Asmus, "It looks very good for the next couple of decades."