Trump’s First 100 Days: Key Observations

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I hope you had a wonderful weekend! It’s national “Have a Coconut Cream Pie Day!”

LRPC’s Monday Morning Minute for this week, “Trump’s First 100 Days: Key Observations” (presented below) comes to you courtesy of Charles Schwab & Co. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week.

So how is our new President doing? During the campaign, President Trump promised a lot of big changes quickly. The experts at Schwab analyze President Trump’s first 100 days in office and share their thoughts below.

Have a wonderful week!

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Trump’s First 100 Days: Key Observations

By Michael T. Townsend and Randy Frederick, Charles Schwab & Co.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

The 100-day mark has been a key — but artificial — bellwether of every presidency since Franklin Delano Roosevelt took office in 1933. Roosevelt, who came into office facing the Great Depression, a failing banking system and 25% unemployment, moved quickly to carry out sweeping policy changes. The 100-day checkpoint stuck and has become a measuring stick for all new presidents.

But it’s important to note that Roosevelt’s party had big majorities in both chambers of Congress, a markedly less polarized nation and a national crisis that galvanized action. Presidents since have tried (usually unsuccessfully) to distance themselves from this artificial time frame.

As President Donald Trump passes his 100th day in office, Charles Schwab’s Vice President of Legislative and Regulatory Affairs  Michael Townsend and Vice President of Trading and Derivatives Randy Frederick share their observations and some historical context:

Confirmations have been relatively slow

Trump’s agenda has been hampered by the slow pace of nominations and confirmations of individuals to key administration posts. According to the Partnership for Public Service, there are 556 “key” positions requiring Senate confirmation. As of April 25, 2017, only 23 of Trump’s nominees had been confirmed. Only 23 additional individuals have been formally nominated (a requirement for the Senate confirmation process to begin) and only 40 others had been announced but not yet formally nominated.

By comparison, President George W. Bush saw his entire cabinet confirmed by the end of January, just 10 days into his first term, and had made 275 nominations by the end of March 2001. President Barack Obama had nominated 130 people by the end of March 2009. As a result of the vacancies in the Trump administration, virtually every federal agency is missing senior leaders at the deputy secretary and assistant secretary levels — often, the people most responsible for development and implementation of specific policies.

Trump’s cabinet picks often have come from the business world

Trump’s nominations have tended to have more business experience than political experience. More than one-third of Trump’s cabinet secretaries have no previous political experience, the most since President William McKinley (1897-1901).

Perhaps Trump’s most important first 100-day accomplishment is a confirmation

The confirmation of Supreme Court Justice Neil Gorsuch may stand as the biggest accomplishment of Trump’s first months as president. Though it took a rule change by the Senate majority to prohibit a filibuster of Gorsuch’s nomination, Trump’s choice now sits on the highest court in the land and will have the ability to profoundly influence the policy and legal landscape for years to come.

Trump’s most significant policy accomplishments have come via executive orders

With a bitterly divided Congress finding it difficult to accomplish any legislative goals, Trump’s use of executive orders to focus on deregulation and other policy initiatives stands as his most significant policy accomplishment of the first 100 days.

Trump has signed more than 65 executive orders to, among other things, roll back Obama-era climate regulations; initiate a federal government-wide review of regulations; review the Dodd-Frank financial regulatory overhaul law; create a “2-for-1” directive that calls on agencies that want to promulgate a new regulation to pair that with two regulations that will be repealed; launch a review of the guest worker visa program; require federal agencies to buy goods and services from American companies and workers; form a commission to confront America’s opioid crisis; and reorganize and streamline the federal government.

Trump’s biggest failure in the first 100 days is partly the result of moving too fast

The collapse of the effort to repeal and replace the Affordable Care Act, one of the central campaign promises of the new president, was a significant setback. Its failure was due to a number of reasons, but there’s no question that a contributing factor was the rush to get something big done quickly. While there is no evidence that the 100-day deadline influenced the rush, clearly lawmakers could have spent more time developing a proposal that could win broader support in Congress.

Stock markets have been volatile

Uncertainty regarding how much Trump would accomplish, and how quickly, has caused the market to experience some unsettling swings in both directions. Periods of optimism have resulted in large single-day gains, such as a 1.4% move in the S&P 500 Index on March 1 following Trump’s address to Congress the previous evening. Likewise, there have also been some anxiety-inducing pullbacks, such as the 1.7% decline between March 16 and March 27, when it became clear that there were not enough votes to pass the health-care-reform bill. However, concern over the first round of the French elections and the success of another populist political figure, Marine Le Pen, caused the largest spike in volatility so far in 2017.

Trump’s patience with a slow-moving Congress is already wearing thin

Trump promised his supporters they would see big changes quickly: health care reform, tax reform, a border wall, and an infrastructure package, to name a few of the items on his list. But internal warfare within the Republican majority in Congress, combined with the deeply rooted and profoundly bitter partisan divide in Congress, has raised questions about whether lawmakers can get anything significant done on Capitol Hill. How Trump reacts to the glacial pace of Congress in the months ahead merits close watching.

The next big test will be tax reform

On April 26, the White House unveiled its principles for tax reform. The proposal would cut the corporate tax rate from 35% to 15%; three rates — 10%, 25% and 35% — would apply to individual income. The plan also calls for the repeal of all deductions for individuals aside from the mortgage interest and charitable contribution deductions and would repeal the alternative minimum tax and the estate tax. The top capital gains and dividends rate would remain at 20% and the 3.8% surtax on investment income for wealthier filers — enacted under the Affordable Care Act — would be repealed. Turning these principles into a legislative proposal that can pass both the House and Senate will be an enormous task that could dominate the next several months — and will severely test the ability of Trump and congressional Republicans to get a big win.

Market performance during Trump’s initial months has been relatively strong

Among the last seven presidents, the market performance during Trump’s first 100 days has been exceeded only once, by President George H.W. Bush. Looking farther back, the 104% rise in the S&P 500 during President Franklin Roosevelt’s first 100 days — partly a result of Roosevelt’s being first elected during the depths of the Great Depression — has not yet been surpassed. The S&P 500’s return during Roosevelt’s first full year in office, 1933, was more than 44%, also a record that still stands.

Bottom line: The first 100 days is an arbitrary yardstick for accomplishment, although it’s interesting to look back and compare the early days of various administrations. It’s too early to tell what the Trump administration ultimately will accomplish. In the meantime, we caution investors not to react to each and every political bump in the road — four (or eight) years is a long journey. Also, over time, it’s usually best to ignore the headlines and remain focused on your long-term investment plan.

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About LRPC’s Monday Morning Minute

Lawton Retirement Plan Consultants, LLC (LRPC) Monday Morning Minute is crafted to provide decision-makers with important information about the economy, investments and corporate retirement plans in a format that allows a reader to consume the information in less than 60 seconds. As an independent, objective investment adviser, LRPC has access to many sources of research and shares the best and most relevant information with its readers each week.

About Lawton Retirement Plan Consultants, LLC

Lawton Retirement Plan Consultants, LLC is a Milwaukee, Wisconsin-based independent, objective Registered Investment Adviser (RIA) providing investment advisory, fiduciary compliance, employee education, provider management and plan design services to retirement plan sponsors. The firm currently has contracts in place to provide consulting services on more than $400 million in plan assets. For more information, please contact Robert C. Lawton at (414) 828-4015 or bob@lawtonrpc.com or visit the firm’s website at http://www.lawtonrpc.com. Lawton Retirement Plan Consultants, LLC is a Wisconsin Registered Investment Adviser.

Important Disclosures

This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance, tax, legal or investment advice. Each plan has unique requirements and you should consult your attorney or tax adviser for guidance on your specific situation. In no way does Lawton Retirement Plan Consultants, LLC assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations. Investors should carefully consider investment objectives, risks, charges and expenses. The statements in this publication are the opinions and beliefs of the commentator expressed when the commentary was made and are not intended to represent that person’s opinions and beliefs at any other time. The commentary does not necessarily reflect the opinion of Lawton Retirement Plan Consultants, LLC and should not be construed as recommendations or investment advice. Lawton Retirement Plan Consultants, LLC offers no tax, legal or accounting advice and any advice contained herein is not specific to any individual, entity or retirement plan, but rather general in nature and, therefore, should not be relied upon for specific investment situations. Lawton Retirement Plan Consultants, LLC is a Wisconsin Registered Investment Adviser and accepts clients outside of Wisconsin based upon applicable state registration regulations and the “de minimus” exception.

Additional Important Disclosures
The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Please note that this content was created as of the specific date indicated and reflects the author’s views as of that date. It will be kept solely for historical purposes, and the author’s opinions may change, without notice, in reaction to shifting economic, business, and other conditions. Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. Diversification strategies do not ensure a profit and do not protect against losses in declining markets. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. S&P 500® Index is a market-capitalization weighted index that consists of 500 widely traded stocks chosen for market size, liquidity, and industry group representation.

Bob Doll’s Ten 2017 Predictions

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I hope you had a wonderful weekend and are finding a way to stay warm!

LRPC’s Monday Morning Minute for this week, “Bob Doll’s Ten 2017 Predictions” (presented below) comes to you courtesy of ThinkAdvisor. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week. If you are short on time, make sure you take a look at each of the ten headings.

Bob Doll, chief equity strategist at Nuveen, is famous for his annual top ten list of predictions. The list has gained notoriety because he has often been right. His top ten list of 2017 predictions may surprise you.

Have a wonderful week!

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Bob Doll’s Ten 2017 Predictions

By Bernice Napach, Senior Writer, ThinkAdvisor

This year will be a year of transition for the global economy and global markets, moving from concerns about “relentless stagnation in economic growth” to rising confidence among consumers and businesses, says Bob Doll, chief equity strategist at Nuveen.

It’s not “necessarily animal spirits,” but “we have turned the corner,” Doll explained at his annual New York City event announcing his top ten 2017 predictions.

Indeed, the S&P 500 index ended 2016 with a 9.5% gain while the Dow Jones industrial average finished the year 13.4% higher.  Doll had predicted a high single-digit gain in the S&P 500 this time last year — one of  8.5 correct predictions he says he made then (he missed when his most favored stock sectors underperformed his least favorite and when non-U.S. stocks did not outperform U.S. stocks).

Unlike most market strategists, however, Doll correctly predicted that Republicans would sweep the White House and Congress during the November election.

In his ten 2017 predictions, Doll says he feels like he’s going further out on a limb than normal because the global economy is shifting toward stronger growth, higher inflation and rising interest rates at a time of increasing uncertainty including possible significant changes in U.S. tax, trade, immigration and regulatory policies under the Donald Trump presidency.

“The 35-year disinflationary, falling interest rate world is ending, and that brings some challenges,” writes Doll. Among them, are a stronger dollar, which, along with rising rates, may offset the positives of an improving economy and tax reform that could help boost corporate earnings. “In their environment, investors may be in for a difficult ride,” writes Doll about one of his 2017 predictions.

Here are his top ten 2017 predictions: [Read more…]

Trump’s 100 Day Plan & The Economy

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MMM Newsletter and Website Header 10.2.15I hope you had a great weekend! Welcome to Thanksgiving week!

LRPC’s Monday Morning Minute for this week, “Trump’s 100 Day Plan & The Economy” (presented below) comes to you courtesy of ThinkAdvisor. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week. If you are short on time, please try and take a look at each heading below.

President-elect Trump has talked a lot about his 100 Day Plan to bring immediate change to America. The piece below explores how his busy first 100 days could impact the U.S. economy.

Have a wonderful week!

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Trump’s 100 Day Plan & The Economy

By Bernice Napach, Senior Writer, ThinkAdvisor

Donald Trump’s unexpected presidential win has rallied stocks and routed bonds, especially Treasuries, but how long those moves and sentiments last will depend on what Trump actually does once he takes office. Already stocks have retreated slightly from recent market highs and bonds have moved off recent lows.

“Markets are going through a big Trump rethink,” said Carl Weinberg, chief economist at High-Frequency Economics and co-host of a webinar on its implications for the U.S. and Global Economy. Markets are hoping Trump will be practical and market-friendly but don’t really know yet if that will be the case, according to Weinberg. “We have a lot of questions, not a lot of answers.”

Trump offered policy pledges during the campaign and recently released a plan for his first 100 days, but Weinberg advised, “Don’t take his campaign rhetoric and specific proposals too literally.”

He and Jim O’Sullivan, HFE’s chief U.S. economist, discussed several key items in Trump’s 100 Day Plan that investors should be watching now because of their potential impact on the U.S. economy and financial markets. [Read more…]

Trump Shocker: Five Likely Changes Coming Soon

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MMM Newsletter and Website Header 10.2.15I hope you had a great weekend! Welcome to the world of President Trump!

LRPC’s Monday Morning Minute for this week, “Trump Shocker: Five Likely Changes Coming Soon” (presented below) comes to you courtesy of American Funds. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week. If you are short on time, try to take a look at each of the five major headings below.

Did you wake up on Wednesday morning and expect to hear “President-Elect Trump?” At least half of the country didn’t! What might be on President Trump’s initial agenda? Read on below to see what the experts from American Funds believe President Trump will tackle first.

Have a wonderful week!

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Trump Shocker: Five Likely Changes Coming Soon

By: Matt Miller, American Funds

In this historic victory that shocked the political establishment and global financial markets alike, Donald J. Trump will become the 45th president of the United States.

In an uncanny echo of the Brexit outcome, millions of Americans frustrated with the country’s direction voted against the perceived status quo in the world’s wealthiest and most powerful democracy. Yet lack of clarity on how the president-elect actually will govern poses both risks and opportunities for investors.

Republican candidate Trump beat his Democratic opponent Hillary Clinton by a notable margin. Global stock markets were volatile, falling in Asia and then rallying in the U.S. on the view that Republican fiscal policies could provide meaningful stimulus to the economy. U.S. Treasuries slipped, the dollar was mixed against major currencies and gold rallied.

Now investors and international leaders must take his measure, and Americans will adjust to the style and tone of a self-proclaimed outsider in the White House. However, the Republican majority in both the House and the Senate means Trump stands a good chance of enacting much of his economic agenda. He could do that via the so-called budget reconciliation process, under which tax and spending changes can pass with a mere majority of the Senate, not 60 votes. Investors now spooked by Trump’s election may find themselves surprised next summer by the economic stimulus Trump’s Washington enacts.

While we expect market volatility to continue as investors adjust to the reality of a new balance of power in Washington, here are five key areas in which policy decisions could have an economic impact. [Read more…]

Harvard Study: Political Dysfunction Threatens U.S. Economy

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MMM Newsletter and Website Header 10.2.15I hope you had a great weekend! This week one of the most divisive and painful presidential campaigns ever finally comes to an end.

LRPC’s Monday Morning Minute for this week, “Harvard Study: Political Dysfunction Threatens U.S. Economy” (presented below) comes to you courtesy of Research Magazine. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week. This is a short piece I believe everyone can read in less than 60 seconds.

This article on political dysfunction and how it appears to damage the U.S. economy is alarming. Maybe tomorrow’s election will bring positive change to Washington. I hope that those of you who are thinking of not voting change your minds and exercise the franchise tomorrow.

Have a wonderful week!

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Harvard Study: Political Dysfunction Threatens U.S. Economy

By Janet Levaux, Editor in Chief, Research Magazine

The long U.S. election cycle and political infighting in Washington aren’t just taking a toll on voters. According to a recent Harvard survey, the divisiveness, gridlock and political dysfunction are hurting U.S. competitiveness.

“Overall, we believe that political dysfunction in America is the single most important challenge to U.S. economic progress,” three business school professors said in a report released recently. [Read more…]

Nine Key Things Next President Should Do To Fix The Economy: Brookings

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MMM Newsletter and Website Header 10.2.15I hope you had a great weekend! This painful presidential campaign is almost over!

LRPC’s Monday Morning Minute for this week, “Nine Key Things Next President Should Do To Fix The Economy: Brookings” (presented below) comes to you courtesy of ThinkAdvisor. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week. If you are short on time, make sure you review each of the nine points to see if any are of interest.

Our next President will face many challenges. This piece focuses on those related to the economy and references an important study from the Brookings Institution.

Have a wonderful week!

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Nine Key Things Next President Should Do To Fix The Economy: Brookings

By Bernice Napach, ThinkAdvisor

Although the economy hasn’t always been the focus of the current vicious and protracted presidential campaign, it will be among the most important challenges facing the next president.

With that in mind, the liberal-leaning Brookings Institution has issued a series of reports on issues related to the economy the next president will face, including recommended solutions. We’ve consolidated them into nine issues, ranging from fixing crumbling infrastructure to creating jobs for the poor and middle class, reforming health care and addressing the swelling levels of college debt. [Read more…]

Where The Presidential Candidates Stand On Key Investor Issues

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MMM Newsletter and Website Header 10.2.15I hope you had a great weekend! We are at just about peak color here in southeast Wisconsin.

LRPC’s Monday Morning Minute for this week, “Where The Presidential Candidates Stand On Key Investor Issues” (presented below) comes to you courtesy of Schwab. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week. This is a short piece I believe everyone can read in less than 60 seconds.

It’s getting to happen soon. The Presidential election will occur in three weeks. Time to start honing in on the issues that are important to you. This piece focuses on the economic and investment policies of the two presidential candidates.

Have a wonderful week!

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Where The Presidential Candidates Stand On Key Investor Issues

By Michael Townsend

As the presidential campaign has descended into an unprecedented exchange of personal attacks and scorched-earth tactics, it has begun to feel like the two presidential candidates rarely say much about what they would actually focus on if they were elected.

But amidst the mud-slinging and name-calling, the second debate between Hillary Clinton and Donald Trump did feature discussions of several issues important to investors, including two issues — health care and energy — that received almost no attention during the first debate.

While commentary on the scandals that have roiled the race is easy to find, at Schwab we are trying to keep our eye on the implications for investors. To that end, here’s a brief summary of where the presidential candidates stand, based on their comments on the campaign trail and in the debates, on several issues of importance to investors: [Read more…]

Three Trends To Watch For The Rest Of 2016

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MMM Newsletter and Website Header 10.2.15I hope you had a great weekend! It is almost time to start thinking about your Halloween costume!

LRPC’s Monday Morning Minute for this week, “Three Trends To Watch For The Rest Of 2016” (presented below) comes to you courtesy of Lord Abbett. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week. If you are short on time, make sure you take a look at each of the headings

What’s going to happen in the markets for the rest of this year? Take a look below at what economic trends the experts from Lord Abbett think we should focus on.

Have a wonderful week!

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Three Trends To Watch For The Rest Of 2016

By Zane E. Brown, Lord Abbett

In Brief

  • Summer 2016 has been anything but quiet for investors, with the “Brexit” vote, troubles in the Italian banking sector, expectations of U.S. economic improvement, and the prospect of a U.S. interest-rate hike dominating the headlines.
  • With investors focused on how the rest of 2016 could play out, we have identified three economic trends to keep an eye on in the coming months: 1. Both the U.S. economy and U.S. Federal Reserve policy seem headed higher, 2. Key economies outside the United States seem at greater risk, 3. Central bank policy responses could perpetuate “lower for longer” rate.
  • The key takeaway — U.S. economic resilience, the likelihood of slower growth elsewhere, and “lower for longer” monetary policy among developed countries could encourage investors to reposition their portfolios during the remainder of 2016.

With the U.S. Labor Day holiday over and the kids back in school, financial markets are taking stock of Summer 2016. If investors were expecting a quiet, uneventful season, they were disappointed. The global investment environment has changed meaningfully since June. The surprising decision by Britain’s voters to opt for “Brexit” in late June, continuing troubles in the Italian banking sector, expectations of better second half growth in the United States, and renewed likelihood of a rate hike by the U.S. Federal Reserve (Fed) suggest investors may want to perform a post-Labor Day check-up on their portfolios.

What are the important economic trends they should be watching as we head into the year’s home stretch? And how might they wish to position their portfolios? Here, we’ll attempt to answer those questions. [Read more…]

We’re In Danger Of Poisoning America’s Economic Secret Sauce

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MMM Newsletter and Website Header 10.2.15

I hope you had a great weekend! The leaves are starting to fall from the trees around my house.

LRPC’s Monday Morning Minute for this week, “We’re In Danger Of Poisoning America’s Economic Secret Sauce” (presented below) comes to you courtesy of John Manzella. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share informative and relevant information with you each week. This is a short piece I believe everyone can read in less than 60 seconds.

A number of economists feel that we may be at an economic inflection point. Are we at risk of destroying the economic goose that lays the golden eggs? The author thinks that we may be.

Have a wonderful week!

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We’re In Danger Of Poisoning America’s Economic Secret Sauce

By John Manzella

After dozens of speaking engagements in Mexico in the early 1990s, I found that many in the audience either had an American passport or badly wanted one.

After I crossed through Check Point Charlie from West Berlin to East Berlin in March 1990, I was told by countless East Germans of their wish to move to the United States to seek a better life.

And when in China, I’m often told by students, workers and business people alike of their desire to permanently move here.

What is it about the United States that draws the world’s brightest and least fortunate? And can it continue?

America’s economic secret sauce

[Read more…]

Four Reasons U.S. Doomsayers Are Wrong

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MMM Newsletter and Website Header 10.2.15I hope you had a great weekend! Are you staying cool?

LRPC’s Monday Morning Minute for this week, “Four Reasons U.S. Doomsayers Are Wrong” (presented below) comes to you courtesy of ThinkAdvisor. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share the most relevant information with you each week. If you are short on time, make sure you take a look at each heading.

Donald Trump talks a lot about making America great again and while our country has considerable room for improvement, we still lead the world in many areas. Those of you who are fortunate enough to be able to travel abroad know how favorably America compares to the rest of the world. The author of this week’s piece reminds us of some of America’s most important attributes.

Have a wonderful week!

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Four Reasons U.S. Doomsayers Are Wrong

By Gil Weinreich, appearing in ThinkAdvisor

Anxiety about U.S. decline is not merely the province of America’s chattering class; surveys of the population reflect a widespread pessimism. A recent Associated Press survey shows that a majority of respondents expect an erosion in the American way of life over the coming decades, while an extensive separate AP survey shows that less than a quarter of Americans expect improving conditions.

Count Joel Kurtzman among that diminutive remnant of optimists. A senior fellow at the Milken Institute, an economic think tank based in Santa Monica, Calif., and a board member of the SEI Center for Advanced Management at the Wharton School, Kurtzman blames today’s “raucous and wrongheaded political debate” for misjudging the enormous vitality America is about to unleash.

His new book entitled Unleashing the Second American Century: Four Forces for Economic Dominance, and its data-filled contents might induce declinists to reconsider their narrative of doom. Following is a look at the four forces. [Read more…]