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  • The Worst Decade for America’s Middle Class

    We begin today by looking at a new demographic study from the Pew Research Center which contains some stark findings about the American middle class. The study concludes that the last 10 years have been the “worst decade in modern history” for the middle class. A lot of the findings will surprise you.

    From there we look at some new projections from the Congressional Budget Office which warn what will happen if we fall off the “fiscal cliff.” The CBO predicts that the US will fall back into recession early next year if the automatic tax increases and mandatory spending cuts occur at the end of this year.

    Next, the minutes from the Fed’s July 31/August 1 policy meeting (just released last week) revealed that the FOMC is indeed considering QE3, and an announcement may be forthcoming at the next meeting on September 12-13.

    Finally, I will share my thoughts with you on the new documentary movie, “2016: Obama’s America.” I saw Dinesh D’Souza’s film over the weekend and am very glad I did – I learned some things I did not know. More comments appear at the end of today’s letter.