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Financial and Economic Brief - December 1, 2021

The Projected Growth for the US Economy in 2022

Many economic pundits provide annual projections for the coming year. And, a few even represent themselves as the Kris Kringle of the modern world, especially in December! However, the U.S. Bureau of Labor Statistics (BLS) has numbers that you may want to evaluate. Many remember the famous quote by former President Ronald Reagan, “Trust but verify”; excellent advice, especially when it comes to statistics. You also might be interested in what the BLS is saying about our country’s “New Normal” economy in 2022, and to some extent beyond.
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Are the Oil Companies Making Huge Profits While Americans Feel the Pain at the Pump?

Ask your friends, family and neighbors about how much more it is costing them to fill-up that SUV at the nearest petrol station. Many will say “plenty”. It is not always easy to learn what the major oil companies are doing and what their global energy strategy is. Many perceive the conversion from gasoline to electric vehicles as a major threat to oil companies. However, they may in fact be lining up to make major investments in the electric vehicle industry. Historians frequently site the example of the railroads. If they invested in the airline industry, rather than fighting a Don Quixote battle, they would have survived and made huge profits.
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The Economic Outlook for the Chinese Economy – America’s Largest Competitor

The IRS has recently released the new IRA contribution rates and limits for individuals, joint filers and those that are married and filing separately. There are many notable increases over 2021 contribution rates and limits based on inflation for both Traditional and Roth IRAs. Although we cannot really know what inflation rate was used by the IRS. Review the attached tables and notice that they provide side by side comparisons between ’21 and ’22.
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by © Liberty Publishing, Inc.

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