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John Mauldin's Outside the Box

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  • Penury, self-imposed or inflicted, the new normal?

    One of my favorite sources of information is The Liscio Report by Philippa Dunne & Doug Henwood. Among other things, each month they survey all the states about tax revenues, expenses and then give us the results in a very pithy fashion. No one pays taxes unless they have to, and thus taxes tell us a lot about the current spending and income situation. Taxes are a far more reliable indicator then surveys, which most 'data' is based on. They also look at various trends in a variety of topics. No surprise, this issue they talk about the numbers on retail sales, noting certain segments are up (essential spending) but sales for non-essential items are way down. This is very interesting to me. It is, as they point out, part of the journey to the new normal. They graciously allowed me to send this letter on to you as this week's Outside the Box. Those of you who might wish to learn more about theme can go to www.theliscioreport.com or drop them a note at online@theliscioreport.com.

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