Doylestown Wealth Management - LPL

165 West Ashland Street Doylestown, PA 18901
P: (267) 864 - 2000 | F: (267) 864 - 2010

Advisor’s Commentary

October 2019 Budget Commentary

Fiscal Year 2019 is finished and the deficit ticked in at just under $1 trillion dollars.  Just to put that in context, a trillion dollars is more than $3000 for every person in the United States; the federal government is…

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September 2019 Budget Commentary

In recent weeks, there has been a good deal of chatter about the possibility of the US Treasury issuing 100-year bonds for the first time–the rationale being to lock in at the current low interest rates.  And although the size…

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August 2019 Budget Commentary

As readers of this commentary are only too well aware, in the last eight months the Federal Reserve has flipped from a policy of raising interest rates to reducing them.  In tandem with this, the much-ballyhooed reversal of the Treasury…

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July 2019 Budget Commentary

Theory and Practice “In theory, there’s no difference between Theory and Practice, but in practice there is.”  — Engineering saying There has been a sea change in the forecast direction of interest rates over the last six months.  Under pressure…

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June 2019 Budget Commentary

Nothing is more out of fashion in political and financial circles that a discussion of the federal deficit.  Things have now deteriorated to the point where your correspondent can attend the Hayek Prize lecture at the “fiscally-conservative” Manhattan Institute and…

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May 2019 Budget Commentary

Where It Comes From Given the plethora of taxes, fees, tariffs, and loans which flow into the federal government’s coffers, we thought it might be useful to review the composition of federal revenues.  As you can see, the vast majority…

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April 2019 Budget Commentary

Anything Goes Not so long ago a $700 billion deficit over half a year was presumed to be shocking, but now, goodness knows, anything goes. No one in Washington brings up the deficit anymore unless they want to declare that…

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March 2019 Budget Commentary

Hello, Old Friend, Hello The debt ceiling, which displays the resilience of Freddy Krueger, is back and larger than ever.  When we last saw it in February 2018, the spending limit weighed in at a mere $20.456 trillion; the latest…

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February 2019 Budget Commentary

Monthly Budget Review  February 2019  Budget Totals for Fiscal Year 2019 through January will not be published by the Congressional Budget Office this month due to the recent government shutdown.  Economic statistics are a totem of our age, presented as…

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January 2019 Budget Commentary

One of the persistent themes of this commentary has been the near-impossibility of returning to a “normal” interest rate regime—i.e., the conditions that persisted in the 1990’s and early 2000’s (with the exception of Alan Greenspan’s unprecedented reduction in short-term…

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