Check out the chart below. What you're looking at is one of the most important #GrowthSlowing charts in Global Macro for the next three years. (If you don't get demographics, you don't get the "Slower-For-Longer" theme)
* * *
Here's another reality check. Baby Boomers are past peak in spending.
Finally, here's China and its contribution to Global GDP. It matters a lot more than Old Wall is presently pitching.