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Can Massive Deficits Really Be Financed?

Post from First Trust Economics Blog Brian S. Wesbury – Chief Economist Robert Stein, CFA – Deputy Chief Economist  Jan. 25th, 2021  The budget deficit for fiscal year 2020, which ended 9/30/2020, was $3.1 trillion, the highest ever on record in dollar terms, and the highest relative to GDP since World War II. This year the deficit […]

Growth Continued in Q4

Post from First Trust Economics Blog Brian S. Wesbury – Chief Economist Robert Stein, CFA – Deputy Chief Economist  Jan. 19th, 2021  The double-dip recession so many feared didn’t arrive in the fourth quarter of 2020, and it certainly doesn’t look like it will happen in early 2021, either.  It’s true that renewed shutdowns starting last November […]

2021 Elections Have Tax

Post from First Trust Economics Blog Brian S. Wesbury – Chief Economist Robert Stein, CFA – Deputy Chief Economist  Jan. 11th, 2021  The seemingly endless election of 2020 is finally over, with Democrats winning both Senate seats in Georgia.  As a result, President Biden will have slender majorities in the House and Senate. These slender majorities limit […]

Keeping Good State Policies

Post from First Trust Economics Blog Brian S. Wesbury – Chief Economist Robert Stein, CFA – Deputy Chief Economist  Jan. 4th, 2021 When it comes to attracting people, jobs, and businesses, some states are just better than others. While the total US population increased 6.5% from 2010 to 2020, it increased 17.1% in Utah, 16.3% in Texas, […]

Inflation, Debt, MMT, and Bitcoin

Post from First Trust Economics Blog Brian S. Wesbury – Chief Economist Robert Stein, CFA – Deputy Chief Economist  Dec. 28th, 2020  We can’t possibly exhaust our thoughts on all these topics in one Monday Morning Outlook, but we thought we’d give it the old college try.  This year, 2020, has been exceptionally interesting for investors. Not […]

Greedy Innkeeper or Generous Capitalist?

Post from First Trust Economics Blog Brian S. Wesbury – Chief Economist Robert Stein, CFA – Deputy Chief Economist  Dec. 21st, 2020  The Bible story of the virgin birth is at the center of much of the holiday cheer this time of year. The book of Luke tells us that Mary and Joseph traveled to Bethlehem because […]

Stimulus, Bailouts, and the Fed

Post from First Trust Economics Blog Brian S. Wesbury – Chief Economist Robert Stein, CFA – Deputy Chief Economist  Dec. 14th, 2020  Back room deals in Washington, DC always die and come back to life, over and over, again. And, even though a “COVID-shutdown rescue package” seems like a no brainer, it’s been caught up in politics […]

2021: Robust Growth, Higher Inflation

Post from First Trust Economics Blog Brian S. Wesbury – Chief Economist Robert Stein, CFA – Deputy Chief Economist  Dec. 7th, 2020  The COVID-19 Recession is the weirdest we’ve ever had. There is no way anyone could have forecast it. It did not happen because the Fed was too tight. It did not happen because of a […]

S&P 4,200 – Dow 35,000

Post from First Trust Economics Blog Brian S. Wesbury – Chief Economist Robert Stein, CFA – Deputy Chief Economist  Nov 30th, 2020  In December 2019, we made a year-end 2020 forecast of 3,650 for the S&P 500. With the index closing Friday at 3,638, that looks like a very good call.  But we’d be fibbing if we […]

Mnuchin, Powell and the Georgia Elections

Post from First Trust Economics Blog Brian S. Wesbury – Chief Economist Robert Stein, CFA – Deputy Chief Economist  Nov 23rd, 2020 Who’s in charge of fiscal policy? That’s the real issue behind the recent dispute between Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell regarding the Treasury’s decision to end certain emergency lending facilities […]