Merryn Somerset Webb

We are poised for liftoff.

There is plenty of fuel in the tank, plenty of ammunition there to be fired.

Balance sheets are poised to be put to work.

Investment, spending and the like.

So, you know, this is one source of optimism.

If the private balance sheet was broken, as well as the public balance sheet, that would be a council of despair.

As it is, private balance sheets are in pretty good shape.

Not everywhere and for every company or household, but in general, they are.

Well, that's nice.

But you have to then look at that and say, fine, there might be a reason why people aren't spending and investing.

And something has to change to incentivize them to do so.

And a very high tax, very high regulation, very politically uncertain environment makes that difficult.

It does.

It does.

So what's getting in the way?

Why are they saving rather than spending their balance sheet?

Why are they not putting it to work?

I mean, part of it's the way of the world, let's be honest.

The world is a noisy, uncertain place.

And I totally get the desire to squirrel away some money for a rainy day.