THE CRISIS IS COMING, BUT WHO KNOWS WHEN?
The struggle between the productive and the destructive never ends. The productive are those who add more value and wealth than they consume, and the destructive are those who destroy more value and wealth than they create. Will 2014 be a year of production or destruction?
Those private individuals, firms or institutions such as the Federal Reserve and the International Monetary Fund (IMF) that make economic forecasts for the United States or the global economy are actually making judgments about the outcomes of the struggles between the productive and the destructive.
The good news is that most people will work hard and honestly to create more wealth for their families in 2014 -- whether they are creating a new business or product, or just doing a really good job. The bad news is that in the United States, individuals and businesses now face $54 billion more in new federal taxes and a torrent of new regulations and rules that, for the most part, make life harder.