What sort of recovery will the American economy have? With estimates of 3Q growth rising on Wall Street — along with the Dow — here is why the optimism may be overstated. First up is David Rosenberg of Gluskin Sheff (outline by me):
Here is some fun tax information: The top five percent of tax filers in terms of adjusted gross income earned $3.3 trillion and paid $676 billion in taxes in 2007. (That accounted for 61 percent of taxes, by the way.) So if we doubled their average tax rates, America would still be running a budget deficit for years to come. And that assumes no economic impact from the higher tax rates.
Strategist Andy Busch of BMO Capital Markets provides some interesting insights on the situation in North Korea: