Start with trade. The current account deficit fell to 2.5 per cent of gross domestic product in 2009 but then got stuck. Mr Obama's 2010 goal of doubling exports in five years looks like a pipe dream. As the US recovers and emerging economies slow down, the current account deficit looks likely to widen.
The personal savings rate tells a similar story. In the wake of the crisis it jumped from 3 per cent of incomes to 6 per cent, but has since drifted down again nearer to 4 per cent. Corporate saving - all that cash on corporate balance sheets - remains high even as the public sector battles to reduce its deficit.
Median household incomes are lower than before the recession as inequality rises. Worst of all, private investment remains below even its long-run share of national output, while public investment peaked with the stimulus in 2010 and has been falling ever since.
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And there's the Fed egging them on!
Could stocks rise this autumn? Yes, of course. No one knows what the future holds. But this is not a 'stocks for the long run' kind of market. It's not a safe place for ordinary investors. It's not a good place for your money.
On another subject completely, dear readers have asked about the wedding.
It was a small, family affair. But the families aren't small. So, it quickly spun out of control...with one mize-well after another.
But the most interesting feature of it was the heroic effort that went into seating the two families at dinner.
At church, seating is no problem. It is done like a balance sheet. Bride's family on the left. Groom's on the right. They take their places. They present no problems.
But seating for dinner is a much more delicate matter. We recall Elizabeth's explanation:
"You can't just seat people willy-nilly. There is a protocol that must be respected. Then, when Aunt Sally asks why she was seated next to loud-mouthed cousin Larry, we have a ready and soothing reply: that's the way it is supposed to be done."
"Well, there's a protocol for putting the wedding party at the head table..." we began our question, "but you put everyone else where you want, n'est-ce pas?"
"You always seat the most senior woman on the host's right. In South America you always seat husbands and wives next to each other. But you never do that in a proper wedding in Europe. Here in North America, we follow the European rules, of course.
"Those are just the basics, but at a wedding you get into much more complicated matters. Tables should be mixed, with the two families interspersed. The idea is that the two families must get to know each other. But you do not want anyone to have a really awful time. And you don't want people to feel embarrassed or slighted."
"Why not just allow them to sit where they want?"
"Don't be silly. Some people put all the young people at one table and the old at another. Some try to put all the witty and charming people with each other so they can entertain each other. Others organize people by profession, on the theory that they will have something to talk about. Still others try to put people who know each other together, so they will be able to talk easily.
"All of these approaches have serious flaws. First, you have to understand that the goal of a wedding is not to give people a good time. It's designed to bring the families together in the hopes that they will unite in a common cause - to keep the married couple on the rails. Whether they have a good time or not is incidental, not essential.
"But what you definitely don't want is for people to find the other people at their table annoying or excruciatingly boring. And you don't want to offend people by putting people at the 'wrong' table."
"Why not organize the tables by IQ," we proposed. "Put the smart people at one table and the dumb people at another. Then, at least they'd all be talking at the same level."
"I don't think that would work. Even if you knew the IQ levels of the people involved. You'd be taking serious risks. First, because smart people tend to be competitively intelligent. They want to win arguments and one-up each other with facts, opinions and ideas. Smart people can be very combative with their intellectual peers. Second, because you are likely to get it wrong. Suppose we put one of the groom's distinguished relatives with your half-wit relatives, for example. It could be a serious problem...and result in a family feud that might last for decades."
"Wait a minute. There are no half-wits in my family."
"What about your cousin Albert?"
"Oh...yes...well...he's a little slow..."
"And your nephew Julian?"
"He just drinks too much..."
"And what about Oscar?"
"He's not a half-wit. He's just crazy."
"Well, I certainly have to be careful about where to put him. He's always pinching ladies and making inappropriate remarks."
"Maybe you could put him with Aunt Louise. She's a widow and I think she'd like to be pinched."
"Exactly. That's what makes organizing these tables such a challenge. You have to find out enough about everyone who is coming so you can put him in the proper place. And by the way, the only proper organizing principle is by rank. You organize the tables by social rank...making individual exceptions for the social misfits among your friends and family."
"I wish you would lay off my family. And friends. But what do you mean by 'rank'? How do you know what anyone's 'rank' is?"
"A good hostess knows these things. And if she doesn't, she checks the Social Register."
"I don't think you'll find many of my relatives in there."
Bill Bonner is the President & Founder of Agora Inc, an international publisher of financial and special interest books and newsletters.