As the presidential election season falls upon us there are many barbs being thrown from both sides of the isle. These barbs tend to be spun in the form of narratives that can affect voting outcomes and influence individual’s investment decisions. Brian Wesbury from First Trust Portfolios recently pointed out three narratives that we should be aware of. One of the narratives in particular deserves a little more attention.
“Narrative #2 argues that the US is not really in recovery. Anything good happening out there, a rising stock market or falling unemployment rate, is either a bubble or a lie.”
Wesbury states that this Narrative, “seems to ignore the role of Entrepreneurship. In the past seven years, fracking has made the US the most productive energy producer in the world. The cloud, smartphone, tablets, apps, 3-D printing, genetic mapping and testing, vertical farming, and Big Data are all boosting productivity and profits at company after company.” We would have to agree. There continues to be innovation that has caused growth to look different and come from other channels than the traditional industrial manufacturing and home building of the past recoveries. These modern innovations have changed the economic steam engine. Please keep an open mind on this recovery, we might be in the middle of the next “Great Industrial Revolution”
Remember that the United States is resilient. Hard times have come upon this country many times in the past and the Entrepreneurial spirt of the people have figured out a way to succeed over and over again. It might take longer for us to pull ourselves out this time but we will succeed.
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This represents a partial list of clients. They have not been compensated and were not selected based on duration, performance, account size.