Americans aren't saving enough. That's not all their fault. The Fed has kept interest rates low, depriving savers of decent rates of return on their savings. And a decade of misguided monetary policy hasn't managed to get wages growing very much. So many Americans who would prefer to retire, cannot. They are being forced to work into old age, and today elderly Americans are twice as likely to be working as they were in 1985. Bloomberg's Suzanne Woolley reports: Just as single-income families began to vanish in the last century, many of America’s elderly are now forgoing retirement for the … [Read more...]
The 2017 Tax Reform Worked, and is Still Working for Americans
Despite a near blackout in the media of good news regarding the 2017 tax reform, the law lowered taxes for the majority of taxpayers, and will do so for years. The New York Post editorial board examined why so many Americans believe the tax cut didn't work for them, writing: Why are so many people under the wrong impression about their own taxes? As the Times put it, the gap “appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand [Trump’s tax reform] as a broad middle-class tax increase.” Give the paper credit for honesty. Fact is, “Democrats … [Read more...]
Jesus: His Life
I’ve been watching Jesus: His Life on the History Channel. … [Read more...]
Happy Easter: Meet the Man behind the Sweet, Parisian, Macaron
Standing on the steps of the Madeleine church in the 8th arrondissement, looking down Rue Royale, you can see the Place de la Concorde. Where Rue Royale meets Rue du Faubourg Saint Honore, across the street from Gucci, you’ll see the mint green awnings of maison Ladurée, home to the macaron (pronounced mah-kuh-ron)—meringue like cookies, the color of Easter eggs, sandwiched with an emulsified filling. Groupe Holder is the private baking—not banking—conglomerate owned, founded and controlled by 77-year-old Francis Holder. The company is comprised of Ladurée’s 85 shops in 50 countries, the … [Read more...]
Preparing Yourself for the Next Disaster: Let There Be Water
In thinking about water storage for you and your family, I’ve been fascinated by how Israel solved their water problem. In his book, Let There Be Water: Israel’s Solution for a Water-Starved World, Seth M. Siegel tells how Israel, which is 60% desert became a water superpower. One point that stood out to me was getting residents to “buy in” to the importance of cherishing a most valuable resource. Real market pricing took care of that in a way that subsidized water never could. If something like water was free or cheap, then why not use as much of it as you could? Whereas, when charged a … [Read more...]
GNMA Update and My April Rage Gauge
If you didn’t lose your patience and held your bonds over the last year, then you know it was a perfect example for why you own them. Case in point, Vanguard GNMA ended the last 52-weeks up 4.46% and its recent 30-day SEC yield was 3.06%. The catalyst for much of the recent gains? The midterms and the Fed—socialists storming the castle, and pathetically lower rates. Whether you own treasuries, agencies and/or corporates, avoid the temptations of predictions or your gut. Because you just might end up being wrong. My April Rage Gauge has backed-off from last month, making it a perfect time to … [Read more...]
New Jersey Opens a New Front in the Fiduciary Fight
Over the last few years the battle over the fiduciary duty of financial advisors has been fought at the federal level, but now New Jersey, a state that is home to many financial firms, is opening a new front in the war. New Jersey's governor wants to force financial firms registered in New Jersey to adopt a fiduciary standard. I encourage all investors to find advisors held to a fiduciary standard, as it's the only way to ensure an advisor has the clients' best interests in mind. Other advisors held to the much lower 'suitability standard' could be more willing to fill their clients' … [Read more...]
How Are You Protecting Your Identity?
The number of Americans impacted by identity theft annually grew 33% from 12.6 million in 2012 to 16.7 million 2017. Lifelock reports that data breaches are having the greatest impact on victims: Nearly 60 million Americans have been affected by identity theft, according to a 2018 online survey by The Harris Poll. That same survey indicates nearly 15 million consumers experienced identity theft in 2017. So, yes, the crime of identity theft is relatively common. And it’s probably safe to assume it won’t be dropping anytime soon. Why? Data breaches. While there are many stories of … [Read more...]
Happy Tax Freedom Day!
It's April 16th, and yesterday Americans' income taxes were due to the IRS. Coincidentally, today is Tax Freedom Day, and until today, the average American has been working to pay off his taxes for 2019. According to the Tax Foundation, "Tax Freedom Day® is the day when the nation as a whole has earned enough money to pay its total tax bill for the year." The Tax Foundation breaks down exactly how much time Americans spent paying off the different types of taxes in 2019, writing "This year, Americans will work the longest to pay federal, state, and local individual income taxes (42 days). … [Read more...]
Unhinged Omar at it Again with 9/11 Gaffe
In her short career as a congresswoman, Ilhan Omar has stirred up controversy at seemingly every turn. Earlier this year Omar earned the condemnation of her fellow representatives by making anti-Semitic comments. Now she is facing the ire of many Americans for what they perceive as a glossing over of the 9/11 attacks. Omar described the 9/11 terrorists who murder of over 3,000 Americans to a crowd as simply, "some people did something." That line infuriated many, and President Trump rebuked Omar by posting the tweet below: WE WILL NEVER FORGET! pic.twitter.com/VxrGFRFeJM — Donald J. Trump … [Read more...]