The Retired Investor: Economic Growth Versus Government EfficiencyBy Bill Schmick,
04:13PM / Thursday, January 16, 2025 | |
We grew up with tales of $500 toilet seats and bridges to nowhere when describing the abuses of government spending. In a few days, Americans will get our first taste of what it will mean to make our government efficient once again.
The Department of Government Efficiency (DOGE) is not an official government department. That would require an act of Congress. Since members of that august body have been the major contributors to decades of inefficient use of government funds, it probably was a good idea to bypass a vote on making DOGE "official."
Instead, it will operate as an advisory body, run by two of President-elect Trump's closest allies 0 Comments
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The Retired Investor: IRS Incentive Boosts for Savers Not Nearly EnoughBy Bill Schmick,
04:25PM / Thursday, January 02, 2025 | |
Saving for retirement will get a little more attractive next year. Given the dire state of savings in this country, anything that convinces workers they need to save more will be beneficial.
The Secure Act 2.0, enacted in 2022, ushered in several additional improvements in retirement savings, including even higher 401(k) plan catch-up contributions. The object was to make it easier for older American workers facing a retirement savings shortfall to set aside more money quickly.
The facts are that there is a widespread retirement savings shortfall in the U.S. that spans generations. Sixty-five percent of Baby Boomers (age 55-64) have less than $25,000 0 Comments
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The Retired Investor: The Billionaire Trump teamBy Bill Schmick,
04:15PM / Thursday, December 26, 2024 | |
Last week, billionaire Stephen Feinberg of the private equity firm Cerberus Capital Management was selected to fill the No. 2 spot at the Defense Department. That brings the number of billionaires who have agreed to join Donald Trump's second term to an even dozen. Should you be worried?
The wealth and business background of these individuals have sparked concerns that the next four years will favor business interests and those of the wealthy above all else. If we include Trump, Elon Musk, and Vivek Ramaswamy, the total thus far would be 15. At last count, U.S. News and World Report estimated that the total net worth of these billionaires as of Dec. 10 was more than 0 Comments
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The Retired Investor: Trump's 21st Century MercantilismBy Bill Schmick,
03:32PM / Friday, December 20, 2024 | |
Jan. 20 is just around the corner. It is Day One in the tariff wars that our next president is intent on launching. The corporate world is trying to dissuade him from that course of action, with no success.
It is an economic fact that the cost of tariffs is passed on to the consumer. If tariffs are high enough, some imported products simply cease to be available, which can cause supply chain interruptions. At some point, buyers balk at paying higher prices. When that happens, tariff costs hit business profit margins directly. Everyone loses.
In the last column, I explained why Donald Trump is adamant that tariffs are the only way to turn 0 Comments
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The Retired Investor: Is Mercantilism the Answer to Our Trade Imbalance?By Bill Schmick,
04:33PM / Thursday, December 12, 2024 | |
Mercantilism is often associated with Donald Trump's economic policies. Can reaching back into the past truly make America great again? That is up for debate.
For those few of us familiar with the term, mercantilism was the dominant economic system in Europe from the 16th to the 18th centuries. It was a world where it was believed that global wealth was fixed and finite. To become powerful, a nation needed to acquire as much wealth as possible. Back then, a nation's wealth was measured by how much gold and silver it accumulated.
If this period evokes visions of tall ships, the Spanish Main, and epic exchanges of cannon fire between Spanish galleys 0 Comments
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