Tags: BlackRock | bob | Doll | Bullish | US | Economy

BlackRock's Doll is Bullish on US Economy

Tuesday, 07 Jun 2011 09:13 AM

BlackRock Chief Equity Strategist Bob Doll is bullish on the U.S. economy. "Over the next 20 years, the U.S. work force is going to grow by 11 percent, Europe's going to fall by five, and Japan's going to fall by 17," Doll tells The Wall Street Journal.

"This alone tells me the U.S. has a huge advantage over Europe and a bigger one over Japan for growth."

"And the reason for this is pretty simple. We have higher immigration than both of these, and we make more babies. We have a higher fertility rate. And they are the long-term determinants of population growth and therefore work force growth."

"The long-term growth rate of any economy is the product of the change in the size of the work force multiplied by the productivity of the work force," Doll observes.

In addition to this population growth edge, Doll believes that U.S. credit markets are sound and money growth is good. "You could say we're the best house in a bad neighborhood," he says.

The down side? Obamacare, the 2010 Dodd-Frank financial reform law, and the current administration’s continuing advocacy of tax increases. "All three of them are retardants to growth," says Doll.

Some members of the Obama administration and Congress, and a bipartisan commission, want to limit tax breaks for home mortgage interest, charitable contributions, municipal bonds and retirement contributions.

“The deficit is an issue,” said Bill Fleming, managing director at PricewaterhouseCoopers told Investment News, adding that many wealthy taxpayers “have already decided in their minds that something is going to happen and they're going to pay higher taxes.”

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BlackRock Chief Equity Strategist Bob Doll is bullish on the U.S. economy. Over the next 20 years, the U.S. work force is going to grow by 11 percent, Europe's going to fall by five, and Japan's going to fall by 17, Doll tells The Wall Street Journal. This alone tells...
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2011-13-07
Tuesday, 07 Jun 2011 09:13 AM
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