Doylestown Wealth Management - LPL

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

Advisor’s Commentary

Monthly Budget Review January 2017

Sometime next month—it would have been in February had the IRS not delayed the refund season–the total federal debt will surpass $20 trillion.  This milestone will be the occasion for a thousand blogposts, news reports, and letters to the editor…

December 2016 Budget Commentary

The incoming Republican regime in Washington has proposed a wide-ranging and sometimes inconsistent agenda, but one of their most salient items is the reform of corporate income taxes.  The existing system is disparaged for its complexity as well as its…

Monthly Budget Review – November 2016

“Reform?  Reform?  Aren’t things bad enough already?” –Baron Eldon, Lord Chancellor of England, 1801-27 No subject is so dear to the heart of so-called fiscal conservatives and self-appointed financial watchdogs as the tsunami of debt which will allegedly overwhelm the…

Monthly Budget Review – October 2016

As we approach the $20 trillion federal debt milestone amid a change of administrations it seems like a good time for sober reflection about the federal deficit.  We have reached a point where the reported deficit is consistently $500-600 billion…

The Return Illusion

The Return Illusion   Gregory Mallison November 10, 2016 .   “The asset allocation changes have performed as expected. In the seven fiscal years since the Great Recession of 2008, PSERS earned a net of fee return of 9.16 percent…

September 2016 Monthly Budget Commentary

The headline deficit for the 2015-16 fiscal year (the federal government’s fiscal year ends in September) was $ 588 billion, or roughly $ 1.6 billion per day.  Sometimes people ask me why this commentary focuses on the federal budget deficit,…

August 2016 Budget Commentary

In theory, the federal government ought to be indifferent to the level of asset prices, at least insofar as they are only a reflection of the state of the economy and not the driver of it.  That is, the government…

July 2016 Monthly Budget Review

What is Past is Prologue We live in a time of monetary policy unlike any which America has seen before—a fundamental observation which is nevertheless quite easy to overlook in the course of our daily lives.  It is useful, then,…

June 2016 Budget Commentary

Monthly Budget Review The Turn Several months ago, we noted the incipient year-over-year decline in federal corporate income and individual non-withheld taxes.  This weakness has now become large and persistent enough to cause a fall in aggregate federal quarterly tax…

May 2016 Budget Commentary

False Choice and Old Paradigms Financial pundits trumpet many recurring themes, and one their favorites is that Entitlements are Going to Bankrupt Us if Something Isn’t Done.  The basic argument goes something like this: Indeed, federal health care programs and…