Be Mindful The Winds Of Change
(continued from page 11)
famous people
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paid back. As such, either spending will have to come down (dramatically) or
taxes will have to go up (substantially). This is not politics; it’s math. TAX REFORM CHAMPIONS
The deficit has gone away as a public concern due to the success of the
sequester spending cuts. The tax cuts will end that positive trend, and the
continuing retirement of the baby boom generation will make it worse. The
existing trend has changed. Expect to see the deficit back as a big issue
sometime in the next five years. THE TAX CUTS AND JOBS ACT has been
a game-changer and members of the Rea
team have worked to keep clients and the
general public informed of the changes
that lie ahead.
3 Gl obalization
We have not seen the end of globalization, but we have seen the end of
its golden age. The U.S. is disengaging (and it is not just President Donald
Trump); Europe continues to face challenges in Britain, Catalonia, Germany
and other countries; and China is rising globally, with Japan responding.
Given all of this, the rise in trade that has tied the world together, cut costs
and created peace and prosperity looks likely to be hitting, at least, a pause.
Again, this is a change in trend that we can already see underway.
THE BIG PICTURE
The big picture is that three major tailwinds, which we have had for a decade
or more, are in the process of at least subsiding and, possibly, turning into
headwinds. Things are likely to stay good for a while —probably another year
or so is my best guess. At the same time, we can see the weather changing.
There are good trends, with the movement of the millennials into their peak
earning and spending years being one of the biggest. We need to focus on
those as well. For the moment, however, with things as good as they are,
the greater need is to keep an eye on the trends changing for the worse. So
says Eeyore, anyway.
Originally written by Brad McMillan and published on The Independent Market Observer blog
on Dec. 6, 2017. Brad McMillian, CFA, CAIA, MAI, is chief investment officer at Common-
wealth Financial Network ® , member FINRA/SIPC, the nation’s largest privately held Registered
Investment Adviser – independent broker/dealer. To read more of Brad’s expert insight and
commentary, visit blog.commonwealth.com/independent-market-observer.
The following team members have helped
produce a variety of key educational re-
sources, have spoken at local events and/
or have emerged as thought leaders on
the topic of tax reform by participating in
webinars and podcast episodes.
NORTHEAST OHIO REGION
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• Bruce Bechhold
• Dan Holben
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• Mark Fearon
• Ben Froese
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• Inez Bowie
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