What does it really mean?

The new President will likely be greeted early on by these two milestones.

The US debt, 20 Trillion dollars and the Dow reaching 20,000.

Some experts are making the case that even 20,000 is underperformance for the Dow.  Questions about return on investments compared to new highs shouldn’t be ignored.  This new high may prove to be little more than a psychological milestone.

All the talk about higher growth in the economy, and presumably more revenue for the government is only part of the story.  The addiction to spending isn’t going away any time soon.  While tax cuts have proven to increase government revenue in the past, the spending proposals from the President-elect could easily outweigh revenue increases.  Rebuilding America’s infrastructure and military won’t be cheap.  And then there’s the cost of “replacement” after the (promised) repeal of ObamaCare.

During the campaign and transition there hasn’t been much talk about reducing spending and eliminating debt.  Without a significant commitment to both of those issues, our problems will only get bigger.

I’m willing to wait and watch.  I don’t mind giving Trump an opportunity to “Make America Great again”.  But we can’t just grow our way out of our fiscal problems without discipline on debt and spending.

To be successful, he has to deal with debt and spending.

***Gordon Howie is an author and CEO of Life and Liberty Media***

“It’s not about right or left, it’s about Right or Wrong.”

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