Feeling the Pain

October 20, 2023 Consumer sentiment today is far below the pandemic-induced recession level of 2020 and roughly where it was at the low-point of the 2008-09 so-called great recession – the longest and deepest recession since the depression in the 1930’s.  One wonders...

How Bad Off Are You?

April 28, 2023 One of the biggest economic puzzles today is the surprising divergence between consumer confidence, which has plummeted, and consumer spending which has continued to climb at a moderate pace.  That makes absolutely no sense.  If we are as scared as we...

Awash in Liquidity

January 22, 2021 President Biden has proposed an additional fiscal stimulus package of $1.9 trillion.  A significant part of the spending takes the form of a $1,400 cash payment to taxpayers on top of the $600 payment that was approved in December and sent out earlier...

The Forgotten 70%

September 6, 2019 The consensus view is that the tariffs imposed by President Trump have increased the risk of recession in 2020.  Even the Federal Reserve seems to buy into that scenario.  We continue to disagree with that conclusion for two reasons.  First, reduced...