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  • The Worst Economic Recovery in a Lifetime

    I hope everyone reading this had a memorable Independence Day holiday. We certainly did with lots of family and friends at our home on Lake Travis, and with lots of cooking on my part (but unfortunately, no fireworks this year due to the severe drought in Central Texas). July 4th is one of my favorite national holidays.

    Due to the short week, I have elected to reprint a surprising new study that has just been released by the Congressional Joint Economic Committee (JEC). The JEC is a bipartisan committee including 10 Senators and 10 House Representatives, evenly divided between Republicans and Democrats. The JEC’s main purpose is to make a continuing study of matters relating to the US economy.

    The latest study from the JEC, which was developed at the request of two Republican members of the Committee, compares the current economic recovery with previous recessions and recoveries. The conclusion: economic conditions are worse today than in any recovery since at least World War II.

    Because the study was commissioned by two Republicans, the analysis includes some partisan statements, unfortunately. However, the data and charts in this study are accurate, and this is the worst economic recovery in at least 70 years. I have written often this year about this disappointing economic recovery, and this relatively brief analysis sums it up very well. It is reprinted in its entirety below, including over a dozen charts and graphs, so it will print longer than usual.

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  • On the Economy and Investment Dos and Don’ts

    There's an old riddle about how far you can walk into the woods. The answer is "half-way," since after that point you're walking out of the woods. Recent economic reports remind me of this riddle in that they seem to be indicating that we're walking out of the woods but there are still a lot of trees in our way. In this week's E-Letter, I'll discuss the positive signs that the economy may just be coming back to life. However, I'll also mention some of the not-so-good economic news that lets us know that we're definitely still in the woods, and may be there for some time.

    After that, I'm going to respond to some "instant advice" that I recently found in a financial publication. I always cringe when I see articles in financial magazines and on websites counseling readers to do this or that with their investments without knowing all of the underlying facts and circumstances that are unique to each person. I think you'll find it to be interesting reading, especially if you find yourself in one of the situations described.

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  • Why the Economic Recovery is So Slow

    IN THIS ISSUE:

    1.  Latest Economic Forecasts Don’t Look Great

    2.  The Economic Recovery Has a Long Way to Go

    3.  Consumer Spending Faces Strong Headwinds

    4.  Americans Living in Poverty Hits New High

    5.  Lastly, My Thoughts on Inflation & Gold

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