It was a rare instance of bipartisan agreement… even if that wasn’t the goal.
Despite the volatility roiling the markets… both President Joe Biden and Iowa Gov. Kim Reynolds agree: The State of our Union is indeed strong.
Democratic President Biden made his comments during the State of the Union address Tuesday. Republican Reynolds followed up with her remarks in the GOP response.
Of course, the two disagreed about pretty much everything else. That’s typical in this age of political polarization.
Admittedly, it appears “tone deaf” when our political leaders claim the union is “strong” amid so much fear and uncertainty.
But if you take off your political blinders, you’ll see the numbers give them credence…
For instance…
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According to the Bureau of Labor Statistics, the unemployment rate in 12 of the 50 states dropped to its lowest levels ever in December 2021.
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The U.S. economy added the most jobs since July 2021. Meanwhile, the unemployment rate is down to 3.8% amid declining omicron variant cases.
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And as Daily editor Teeka Tiwari pointed out earlier this week, it’s important to remember markets always recover after crises.
At PBRG, we’re eternal optimists. That’s because we’ve developed strategies to help protect and grow your wealth… regardless of market conditions.
Now, we don’t wear rose-colored glasses. We know things may get worse before they get better.
Fed rate hikes are likely to cause more volatility in the markets. The Russian invasion of Ukraine will continue to rattle the global economy for weeks – if not months. And inflation is hitting ordinary Americans in their wallets.
None of us know what the future holds. But we can prepare. So take time now to review your portfolio… And make sure to check your asset allocation.
Are you overweight in equities? Do you need to invest in more hard assets like real estate or commodities? Should you take advantage of the bitcoin pullback to buy more? And do you have enough cash on hand if things really get bad?
If you plan accordingly, not only will you protect your wealth in the short term… you’ll also position yourself to make windfall gains when the crises abate.
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Regards,
Chaka Ferguson
Editorial Director, Palm Beach Daily