Morning Journal-The entitlement time bomb

Economics

This Week’s Data

The June budget deficit was $59.7 billion versus expectations of $69 billion and $43 billion recorded last June.
http://www.zerohedge.com/news/us-june-deficit-60-billion-17-billion-worse-prior-year

The June producer price index rose 0.1% versus estimates of a 0.4% decline; core PPI increased 0.2% in line with forecasts,

Other

China reports a fractional miss in GDP (+7.6% versus +7.7%) and a beat in retail sales (+13.7% versus +13.4%).

And as an aside (short):
http://www.zerohedge.com/news/fbi-get-involved-us-china-trade-wars

Politics

Domestic

The entitlement time bomb (medium):
http://advisorperspectives.com/dshort/guest/Shedlock-120712-Demographic-Time-Bomb.php

Steve Cook received his education in investments from Harvard, where he earned an MBA, New York University, where he did post graduate work in economics and financial analysis and the CFA Institute, where he earned the Chartered Financial Analysts designation in 1973. His 40 years of investment experience includes institutional portfolio management at Scudder, Stevens and Clark and Bear Stearns. Steve's goal at Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.