2020: A Year of Deepening Economic, Fiscal and Financial-Market Turmoil,
Despite a Currently Booming, Headline Economy and Stock Market

The Fed Continues to Prop the Banks and the Financial Markets,
But Not the Consumer, Who Ultimately Drives Sustainable Economic Activity

A Financially Healthy U.S. Consumer Remains Key to Stable Domestic Growth

Despite a 50-Year Low in Headline Unemployment, the
FOMC-Impaired Economy Thwarts Consumer Liquidity Growth;
December Median Real Household Income Declined for a Second Straight Month

Coincident With the January 2020 Payroll Reporting,
2019 Payroll Benchmark Revisions Still Should Be Negative

Negative December Real Trade-Deficit Revisions
Promise Some Downside GDP Adjustments

Annualized Initial Real Fourth-Quarter GDP Growth of 2.08%
Appears Overly Optimistic Against Underlying Hard Numbers

2019 Annual GDP Growth at a Three-Year Low of 2.33%,
Faces Downside Revisions from Various Benchmarkings in Coming Months