Baby boomers have been America's secret weapon for fending off recession

DMP/Getty, Tyler Le/BI

• Baby boomers are pumping $76 billion of savings into the economy, helping avoid recession, Ed Yardeni wrote.
• The generation is spending heavily on services, boosting payrolls and income, he wrote for the FT.
• Traditional recession indicators focus more heavily on the goods economy.

Talks of a looming recession are flaring across Wall Street, but the savings war chest of baby boomers has staved off a US downturn.

That's according to market veteran Ed Yardeni...