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Productivity is an important yardstick for measuring the value of goods and services workers. A recent study by McKinsey demonstrates that wages and demand are key to raising it.

The potential for a state and municipal fiscal and public pension crisis is a defining issue for the next downturn. Underfunding guarantees problems. The question is whether the next downturn crystallizes a crisis.

Personal interest income will rise as the Federal Reserve raises interest rates. Banks will be slow to raise rates on deposits and on CDs. Nevertheless, as the Fed raises rates, this is a problem.

James Montier reveals data showing everyone knows stocks are overvalued. But they act as if they believe they can get out before the bottom falls out. This will end badly when the market stalls out.

Rotating into emerging market equities as the US market soars is Jeremy Grantham's recommendation. That's a daunting prospect for most US retail investors. Here's why.

Albert Edwards says the Fed will tighten more aggressively. The increase in interest rates will be a stimulant at first. But eventually, the higher rates will catch up with debtors.

Rising inflation expectations are pushing interest rates higher. But Fed moves matter more. If the data continue to show growth in the economy, markets will move toward the Fed and interest rates will rise.

Fear political populism and the loss of democracy but embrace economic populism as necessary.

Sometimes governments choose to mimic the private sector and amplify the trend in the economy. This is called pro-cyclicality - and in worst case scenarios, it can be quite destabilizing.

The state of the nation is as good as it is going to get during this business cycle — at least from an economic perspective. On that, we should be a lot more interested in what Janet Yellen has to say in her last FOMC press conference.