On March 9, the Biden administration released its $6.9 trillion fiscal year 2024 budget request. At $6.9 trillion, it is the largest budget request in US history. That’s not surprising, though, as the budget goes up almost every year. President Biden touted his latest budget saying it would be good news for most Americans. But the… Continue Reading
Economy On Solid Ground Or Headed For Recession?
The US economy as measured by Gross Domestic Product rose 2.1% in 2022. While that was down from the red-hot pace of 5.9% in 2021, 2.1% growth is still a solid number. The question is, what happens in 2023? Most forecasters continue to predict we’ll see a recession later this year. The only question in… Continue Reading
Inflation Eases In March, But Still Way Too High
The Labor Department reported yesterday that US inflation as measured by the Consumer Price Index eased to an annual rate of 5% in March from a year earlier, its lowest level in nearly two years. But underlying price pressures remained elevated despite the Federal Reserve’s campaign to slow rapid price increases. Core prices, a measure… Continue Reading
Retirement Age May Increase To 70 – Implications
Congress has approved several new laws impacting employer-sponsored 401(k) plans but still hasn’t addressed Social Security, which the government says will run out of money by 2033 if nothing is done. People are living longer and drawing benefits longer than anticipated when the law was enacted in 1935 when the average US lifespan was 61 for men and 65… Continue Reading
Nervous Depositors Pull Money From Regional Banks
Federal Reserve data showed that bank customers collectively pulled nearly $100 billion from accounts for the week ended March 15, as Silicon Valley Bank and Signature Bank failed, in a sign they are less confident with regional institutions. This despite the fact that the Federal Deposit Insurance Corporation (FDIC) guaranteed all deposits at the two… Continue Reading