The current market portends a promising future for growth of Phoenix. We have survived one of the worst real estate recessions of all times, and now we are moving into time of expansion for housing. In a state that sees sunlight 85 percent of the year, the future of Metro Phoenix's housing market is just as bright!
The Virginia race exemplifies the state of politics around the country. Facing a tough economy and difficult political issues, our leaders consistently refuse to cooperate with one another. Ordinary citizens are turning on each other over petty disagreements. Meanwhile, our nation's biggest challenges go unresolved.
The Treasury today released the data for the fiscal year 2013 budget deficit, which amounted to $680 billion, or 4.1 percent of GDP, down about $400 billion from last year's deficit, which was 6.8 percent of GDP. The 2.7 percentage point drop came from 1.5 ppts higher tax receipts and 1.2 ppts lower outlays (both relative to GDP). That's the largest one year decline in the budget deficit since 1969. The deficit is down 6 percentage points of GDP since 2009 -- the largest four-year decline since 1950. We're engaged in a level of budget austerity that would make a European policy maker proud.