February 10, 2023
NOTE: There will be no free weekly column released next week due to preparations for the February 19 “Annual Worldwide Webinar and Address on Forecast 2023 with Raymond Merriman.” See Announcements below for further details to register and ask questions.
REVIEW AND PREVIEW
President Biden boasted during his State of the Union address about cutting the deficit by a record $1.7 trillion. His putative conversion into a born-again deficit cutter is belied by this week’s Congressional Budget Office federal budget report for January, which shows the deficit has doubled in the first four months of this fiscal year. CBO reports that the budget deficit from October through January swelled to $522 billion from $259 billion in the same period last year. Receipts are tracking $43 billion lower than last year, mostly owing to reduced individual income taxes, while spending is running $220 billion higher. Wall Street Editorial Board, “Biden Tells a Deficit Fairy Tale,” February 10, 2023.
Half the lies they tell about me aren’t true. – Yogi Berra
And the Sun is not even into Pisces yet. Continue reading…