Perspective Amid Worst-Case Forecasts
Now that the market is some 20% higher than it was on January 1st, how many even remember the "fiscal cliff" concerns that caused the market correction last fall? Doomsday scenarios on the budget deficit erroneously analogize the fiscal condition of the entire country to the condition of a household. They fail to recognize the country's valuable tangible and unique intangible assets, supported by an unparalleled history of innovation. The present wave of innovation may be entering a new phase of deployment rendering current budget assumptions meaningless.