As we head into the 4Q of 2023, it is helpful to look back at the forecasts and predictions I’ve made this year and make an assessment. In doing so, I realize that my best prediction for 2023 was not to jump on the bearish bandwagon.

If you recall, we came into 2023 with the vast majority of forecasters predicting a recession this year as the most likely scenario. As regular readers know, I never agreed a recession was the most likely case for the economy this year. In fact, I argued that a recession was NOT the most likely scenario. I expected the economy to expand this year, albeit at a slower rate of growth.

And that is exactly what we’ve seen. The US economy as measured by Gross Domestic Product grew at an annual rate of just over 2% in the first half of this year – not great but still a solid performance. As I pointed out often, there were few signs that a recession would unfold in the last half of the year.

Today, we start with the latest Fed data on the economy which may surprise you. The economy as measured by GDP is on fire in the 3Q.

Following that, I’ll offer a few comments on this week’s Fed policy committee meeting. In short, no surprises are expected.

Next, I’ll delve into the fact that huge numbers of Americans want younger leaders in Washington. But this is not happening; our leadership in Washington is actually getting older; and I’ll explain why below. It’s a very interesting topic.

Finally, I’ll bring you the latest report on US household income. Despite a relatively strong US economy, household incomes have declined for the last three consecutive years. Obviously, this is not a good development.

According to researchers in the government, the Federal Reserve and other sources, Baby Boomers (my generation) are set to pass down the largest inheritance in history to their children and grandchildren over the next 20 years. In fact, it has already begun.

The researchers have identified at least $84 trillion in tangible assets that Boomers will be passing down to their heirs and charities over the next 20 years – by far the largest in any previous two decades.

If we add in other assets they will be handing down which don’t include tangible assets such as cash, real estate, stocks, bonds, etc., the total could approach $100 trillion.

Americans actually agree on something in this time of widespread political discord: President Joe Biden is too old to be an effective president for a second term.

This is according to a new poll from The Associated Press-NORC Center for Public Affairs Research which found much of the public united in sizing up the one trait Biden cannot change: his age (currently 80 years old).

The president has taken to raising the age issue himself, and joking about it, as if trying to relax his audiences about his 80 trips around the sun.

Age discrimination may be banned in the workplace, but the president's employers – the American people – aren't shy about their bias.

In the poll, 77% said Biden is too old to be effective for four more years. Not only do 89% of Republicans say that, so did 69% of Democrats. This view is held across age groups, not just by young people.

In contrast, about half of US adults say former President Donald Trump, 77, is too old for the office, with Democrats far more likely to disqualify Trump by age than are Republicans.

What's clear from the poll is that Americans are saying “out with the old and in with the young,” or at least younger.