James Pethokoukis

The long recession: 15 reasons why the U.S. economy faces a weak recovery

August 5, 2009

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):

Double taxes on the rich and you still wouldn’t balance the U.S. federal budget

August 5, 2009

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.

North Korea: Global markets are also potential prisoners — and Clinton can’t help them

August 5, 2009

Strategist Andy Busch of BMO Capital Markets provides some interesting insights on the situation in North Korea: