Markets are rumbling at the idea far right candidate Marine Le Pen and far left candidate Jean-Luc Mélenchon might squeak through the first round of French voting. Both candidates are advocates against many (or all) European Union policies and either one winning the presidency would rock Europe's foundations. But no matter which candidate is victorious after the second round, the new president will be handed a fiscal situation as explosive as dynamite. Dan Mitchell writes that France has promised pensions far beyond the ability of private sector tax revenues to deliver. We’ll start with … [Read more...]
Tropical Greetings! From Steve Forbes and…
Is there anything better than a snow storm back home while you’re in sunny Florida, Arizona or St. Somewhere? How great is it looking at your iPhone weather app in flip-flops at cocktail hour smiling at the arctic blast settling in back home? Life is good, right? Makes one want to send a postcard home. On your way to the post office, you could also mail your tax-returns. In a perfect world--and yours is pretty good in this story--your taxes would be one flat rate; a postcard sized filing, simple enough that your big problem that morning is beating the piss out of your opponents in pickle … [Read more...]
Is China the Linchpin to the Global Outlook?
The FT reports that China may be as important to the global investment outlook as the pro-growth reforms that Trump administration is trying to put into place. In the case of Donald Trump, expectations that the US president would act swiftly to push though tax reforms, deregulation and bold infrastructure investments are starting to ebb as signs of administrative delays proliferate. For China, an ebullient first quarter of GDP growth is giving way to anxieties that the world’s second-largest economy may have peaked. This belief has already depressed the prices of key commodities, upon … [Read more...]
This is a Terrible Way to Invest in Commodities
Investing in commodities can be a profitable endeavor, but unlike the stock market where a passive investment in a broad-based index can yield average results, passive investment in a broad-based commodities index suffers from many problems. The Wall Street Journal highlights some of the challenges passive commodities investors face. If you are going to invest in commodities, stick with an active approach. Commodity indexes haven’t provided that same kind of “significant persistent level of return over time,” says Amanda Agati, an investment strategist at PNC Institutional Asset Management in … [Read more...]
This Will Be The Largest Multi-State Wind Investment in America
Xcel Energy is preparing the largest multi-state investment in wind capacity in America. The plan is for eleven wind farms across seven states, with a generating capacity of 3,380MW. Ivan Shumkov writes of the plan at Renewables Now: The plan, to be implemented through 2021, includes a mix of owned wind parks and power purchase agreements (PPAs). “With wind energy at historic low prices, we can secure savings that will benefit customers now and for decades to come,” said Ben Fowke, chairman, president and CEO of Xcel Energy. Xcel has submitted proposals for the 522-MW Sagamore Wind … [Read more...]
Parents Listen Up: You Gotta Make Work Cool Again
I’m optimistic this morning. Lucky you. One reason why, is that my Cato friend Tucker Carlson is replacing embattled, former Fox News host Bill O’Reilly. If anyone is up to the task to fill this important time slot, it’s Tucker Carlson. He can bridge the gap between the Baby Boomers and the Millennials. He has a great feel for the pulse of America. The other reason for my optimism is because of guys like Mike Rowe, a recent guest of Carlson’s, who is doing the heavy lifting on issues that need to be addressed-like jobs. If you are a young parent like me, you can relate to my concern … [Read more...]
This is a Disturbing Trend for Mutual Funds
Exchange traded funds are a booming business today. Brokers, advisors, and everybody’s mother has been moving assets from actively managed funds into ETFs, but now even actively managed mutual funds are buying ETFs. I guess since many investors now recognize that actively managed funds are nothing more than high-fee closet index funds, the “portfolio managers” of these funds feel they can just openly buy index based ETFs. Marketwatch reports that in 2016 1,222 mutual funds held an ETF as a component in their portfolio. The median size of the ETF holdings were 4.5% of the portfolio. In … [Read more...]
Buy American, Hire American
Small-business is the heartbeat of the American economy. President Trump visited Snap-on Inc. yesterday in Kenosha, WI to sign his “Buy American, Hire American” executive order. "The 'Buy and Hire American' order I'm about to sign will help protect workers and students like those of you in the audience today," the president said in a speech. "This historic action declares that the policy of our government is to aggressively promote and use American-made goods." Trump said his order aims to reevaluate U.S. trade deals with foreign governments and enforce 'Hire American' rules -- saying too … [Read more...]
A Smart Road Revolution Could Make Driving Faster and Safer
States are testing new technologies to make their roads safer and more efficient. Some of the technologies can talk with "smart" vehicles, and some target the drivers directly with communications about the weather or accidents. The changes are happening fast, and you might see them in your neighborhood soon. Paul Page writes at The Wall Street Journal: “This transition is happening a lot quicker than we anticipated,” says Ronique Day, a government transportation analyst in Virginia, one of several states studying ways for roads and cars to communicate. State transit authorities say they … [Read more...]
Why the Border Tax Needs to Die Now
The centerpiece of the House Republican tax reform plan is a border-adjustment tax (BAT) that would tax all imports and exempt all exports. The revenue generated from this new tax would be used to fund a reduction in the corporate income tax. Supporters of the BAT tax contend that it levels the playing since many countries already exempt their own exports and tax import via the value-added tax, but Dan Mitchell and Veronique de Rugy dispel that myth in a recent Wall Street Journal piece. The plan calls for dropping the top corporate tax rate to 20% from 35%, while exempting exports and … [Read more...]
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