Older people will probably continue to buy cars while younger graduates and new families will move into the cities and utilize mass transit. Both of those groups are going to have no choice. Older people are going to be forced to hunker down and keep working to pay of mortgages on their devalued homes and condos. Younger people are going to face soaring unemployment and under employment because of the more experienced elders who can't retire. As a result, home ownership is going to be unobtainable for younger families and they just aren't going to be able to make it to the same middle class their parents were use to. Car ownership, health care, home mortgages, childcare, and taxes are huge fixed costs that they simply won't be able to afford [[those costs are so high that no business owner would see the middle class family's financial model as viable, if it were translated to a business).
Some fixed costs are going to have to be eliminated for young people, and cities, multifamily housing, shared cars, and mass transit will be popular options they will utilize. Right now this generation is choosing to not get health care, and are just starting to have children. As they age, health care will become more of a priority, and their children will need childcare. It will be automotive sales and home sales that really suffer.
In the above scenario, there might end up being more jobs that pay less, due to a wider array of needs.
Going off topic, I hear there are two start-ups in Seattle producing light rail vehicles and beginning to use Michigan based suppliers that once catered mainly to automotive makers.
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