CIO Vantage Point;
Economic Outlook
February 20, 2013 Posted by:
Joe Morgan, CFA
The views expressed in this column are solely those of the author and do not reflect the views of SVB Financial Group, or Silicon Valley Bank, or any of its affiliates.
For those of you who haven't been paying great attention, the sequester spending cuts are coming up.
These were spending cuts designed in Washington to be so egregious that their mere appearance on the calendar would get our leaders to agree on long-term solutions for our fiscal problems. The cuts were scheduled to go into effect on January first of this year. How did that work out?
Instead of presenting a looming deadline, Congress being Congress, simply passed a new law to delay the cuts two months. Now debate ensues on how to delay them once again and we are all of sudden talking about the ax rather than the chicken.
Instead of discussing our dire fiscal woes - so eloquently outlined in Barron's this past weekend - we are discussing how we can avoid such a ridiculous austerity measure...without addressing our real problems!
I'm often asked, "When will you feel more confident about the economy?" My answer: "When we see real collaboration in Washington." Until then, don't expect the private sector economy to take off.
The views expressed in this column are solely those of the author and do not reflect the views of SVB Financial Group, or SVB Asset Management, or any of its affiliates. This material, including without limitation the statistical information herein, is provided for informational purposes only. The material is based in part upon information from third-party sources that we believe to be reliable, but which has not been independently verified by us and, as such, we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice nor is it to be relied on in making an investment or other decisions. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.
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Sequester SemesterFebruary 20, 2013 Posted by: Joe Morgan, CFAThe views expressed in this column are solely those of the author and do not reflect the views of SVB Financial Group, or Silicon Valley Bank, or any of its affiliates.
For those of you who haven't been paying great attention, the sequester spending cuts are coming up.
These were spending cuts designed in Washington to be so egregious that their mere appearance on the calendar would get our leaders to agree on long-term solutions for our fiscal problems. The cuts were scheduled to go into effect on January first of this year. How did that work out?
Instead of presenting a looming deadline, Congress being Congress, simply passed a new law to delay the cuts two months. Now debate ensues on how to delay them once again and we are all of sudden talking about the ax rather than the chicken.
Instead of discussing our dire fiscal woes - so eloquently outlined in Barron's this past weekend - we are discussing how we can avoid such a ridiculous austerity measure...without addressing our real problems!
I'm often asked, "When will you feel more confident about the economy?" My answer: "When we see real collaboration in Washington." Until...
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