$160,000. “But, did you hear a story before that 50 percent of the people don’t pay taxes? You have to make up your share and for the 50 percent who don’t pay taxes.” Under that scenario, the family’s share of the national debt increases to $320,000 at the current debt level. If the budget deficit continues to rise, so does our individual share. A second factor holding back the economy is po-
litical paralysis, Reynolds says. “We’ll have 2.5 percent economic growth this year,”
he says, because uncertainty in government and pa- ralysis in political decision-making is hampering the economy from reaching 3 to 4 percent growth where Reynolds says it could be. Slowing population growth is another headwind.
“The U.S. population has stagnated.” Birth rates have dropped, meaning there are fewer young workers entering the workforce. “When they founded Social Security in 1932, the
average life expectancy in the U.S. was 62. The av- erage life expectancy today is 79. The demographic headwind is how to fund Social Security, Medicare and Medicaid with stagnant population growth.”
Tailwinds Given the factors against U.S. economic growth,
Reynolds says there are several reasons to be opti- mistic about our country, economic growth and the stock market. “Residential real estate is booming. Prices are up
17 percent from the bottom. The number of vacant houses due to bankruptcy has shrunk by 60 percent. Residential real estate is now a primary economic growth engine in the U.S.” Another tailwind is coming from the manufacturing
sector. “I’m tired of being told manufacturing in the U.S. is dead. It is not true. The U.S. is responsible for 19 percent of global economic manufacturing output.
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thecattlemanmagazine.com
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