This week’s Capital Market commentary is provided by Tom Powers:
As my partners had suggested over the last few weeks, voting was something that we all needed to make sure was part of our game plan last Tuesday. We all now need to move forward and hope that the status quo in the House, Senate and White House, does not lead to a continuation of the past years of partisan bickering and maneuvering. We will be hearing a lot over the next 50 days or so about the ‘fiscal cliff’, the debt ceiling and the overall national debt. A $1 Trillion deficit and $16 Trillion national debt! Those are some big numbers that can’t just get swept under the carpet or kicked down the road.
A few of the enclosed articles present interesting positions on our debt situation. They are worth reading if you want to understand what we are all up against. I wish I could be a bit more positive, but wishful thinking is not going to solve the debt problems we have. Only hard decisions being made by the folks we all just voted into office are going to turn the pages in the right direction. Here’s to hoping that whomever you voted for has the will power to do what needs to get done for the good of the country, not the good of their particular political party.
It is going to be an interesting next couple months. I have my fingers crossed.