Doylestown Wealth Management - LPL

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

Advisor’s Commentary

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…

Posted in Advisor's Commentary | Leave a comment

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…

Posted in Advisor's Commentary | Leave a comment

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…

Posted in Advisor's Commentary | Leave a comment

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…

Posted in Advisor's Commentary | Leave a comment

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…

Posted in Advisor's Commentary | Leave a comment

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Monthly Budget Review  February 2019  Budget Totals for Fiscal Year 2019 through January will not be published by the Congressional Budget Office this month due to the recent government shutdown.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…

Posted in Advisor's Commentary | Leave a comment

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…

Posted in Advisor's Commentary | Leave a comment

December 2018 Budget Commentary

A Matter of Dates You may have seen a headline proclaiming that last month was the worst November deficit on record.  While this is factually true, it ignores the fact that around $80 billion of spending was shifted forward because…

Posted in Advisor's Commentary | Leave a comment

November 2018 Budget Commentary

The Congressional Budget Office did not publish its monthly estimates for October, but Daily Treasury Reports indicate a deficit of about $100 billion for the month. The New Gridlock Not so long ago, the “gridlock” caused by a divided Congress…

Posted in Advisor's Commentary | Leave a comment

October 2018 Budget Commentary

WHAT? Sometime in early 2018, this commentary broached the idea that the winter of fiscal “responsibility” (if one can use that word for $400 billion deficits) had abated in Washington, and a new spirit of deficit spending had begun to…

Posted in Advisor's Commentary | Leave a comment