Is the Future still Bright?

It was almost seven years ago when I wrote "The Future's so Bright …" I noted that I was the most optimistic since the '90s, and that things would only getting better. I pointed out that housing starts would increase significantly over the next several years, that state and local governments would start hiring again, that the budget deficit would decline sharply, and that household deleveraging was nearing and an end. As I noted in January 2013: "There are several tailwinds for the economy, and the headwinds (like household deleveraging) are mostly subsiding." Now the tailwinds are subsiding. ......(read more)

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