What is unique in this cycle is the difficult relationship between business and government, the worst I have ever seen. Technology, productivity and globalization have been the driving forces during my business career. In business, if you don’t lead these changes, you get fired; in politics, if you don’t fight them, you can’t get elected. As a result, most government policy is anti-growth.In the U.S., we want exports but seem to hate trade and exporters; globally, governments love small businesses but then regulate them to death.
And so, we perpetuate a cycle: slow growth, poor job creation, populism, low productivity, higher regulation, poor policy and more slow growth.
We now live in a world where the most promising growth policy is “negative interest rates.”
In the U.S., 2015 was the 10th consecutive year when GDP growth failed to reach 3%, a rate that used to be considered our entitlement.
He could have added, we want increased manufacturing opportunities but NIMBY.
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Social Security Update
Grandfathered In
For many baby boomers, what's
especially confusing is determining whether you're grandfathered into
the old benefits system. Those who will not be affected by the rule changes generally fall into one of three groups:
- Anyone who has already claimed benefits before April 30. If you submit your request by that date, and your spouse or children become entitled to benefits either before or after that date, they will not be cut off by the new rules and will continue to receive payments.
- Anyone who will reach full retirement age (66 right now) on or before April 29 will continue to be able to use the file-and-suspend strategy
- Anyone who was age 62 or older as January 1, 2016 will be able to continue to file a restricted application at FRA for just their spousal benefit, while deferring their own retirement benefit. They will not be subject to the agency’s new deeming rules.
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