On the Economy

* The average net worth of American families topped $1 million for the first time last year, according to the Federal Reserve. That average is skewed to a degree by a small number of billionaires and multimillionaires. But, as Josh Zumbrun points out here, the upper-middle class has also seen big wealth gains thanks to educational attainment, saving, bull markets, and good timing.

* Workers are doing less work for the same pay. To attract and retain good people, employers are offering more benefits than ever before, including more paid “time off” days (including family leave, sick leave, and vacation). And employees are using it, which is causing a fast-rising gap between employee compensation and employee output. In this essay, Jeffrey Sparshott explains why it is NOT a good thing.

* October was a bleak month for stock traders.  According to at least one analyst, this could mean a big upside for at least four stocks in the Dow. Click here.

* If elected, Trump said he will cut government spending “back to the bone.” That sounds like BS, especially coming from a former president under whose leadership US debt reached all-time highs. But there is reason to believe he might do it. Click here.

* No, Pumpkin, there are no free lunches. Common economic sense from Milton Freedman. Click here.