The Watchdog on Wallstreet Weekly Recap for 12/19/22
12/19/2022 Why stop the impeachment of Alejandro Mayorkas?
I’m seeing a variety of elephants out there. They want their image in the newspaper. They want to be on TV, so they send a fax or an email saying they want to impeach Alejandro Mayorkas due to the border. But what good will impeaching Mayorkas do? I’m going to sound disrespectful here, but Mayorkas can’t go to the bathroom unless Biden approves it.
Biden will simply replace him with another man who truly listens to him. It’s terrible that there aren’t more people in government who follow their conscience rather than what their boss says. Go back to Paul O’Neill. Do you remember him?
12/20/2022 Why does Dollar-cost average your way to wealth
A lot of questions about the recession are coming in via email from other places. Questions like, “When is a recession going to happen?” Again, people, I don’t know. I’ve never been able to call it. And you should not take comfort from anyone who claims to be able to do so. They may say there will be a recession in 2023. Yeah, well, alright. Maybe there were signs, but maybe not. Again, the National Bureau of Economic Research (NBER) in Cambridge, Massachusetts, took exactly one year to predict the Great Recession.
What are you going to do? What does this mean for your portfolio? If you’ve done your financial planning correctly, you’ll need patience and a little bit of courage in the face of the chattering classes. During a recession, dollar-cost average your way to wealth.
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12/22/2022 What’s the real U.S. National Debt
$31 trillion in debt. No, it is wrong. Actually, it’s not even close. There is a little wrinkle because of two Supreme Court cases from a long time ago that essentially stated that Social Security and Medicare are not true liabilities since Congress can cut them at any time. This means that Medicare and Social Security obligations are not included in the $13 trillion figure.
Now, take what is promised to be paid out on Social Security and Medicare, what they have on hand, and what they expect to receive from payroll taxes over time. Guess what? It’s $75 trillion in the hole. So, all in all, it’s not difficult math; our country is in $100 trillion in debt.