Tomorrow evening our President will be giving his first State of The Union address of his new term. The expectation is that he will be talking about the economy and ways to create jobs. Our expectation is there will be more political jawboning and no real offering to improve the economy. While the President has been in charge for the last four years, there has been more regulations and costs added to every corporation and entrepreneur. The major contributor to the mild economic recovery is the continuous pumping of liquidity by the Federal Reserve. When that stops, the headwinds in our economy will come home to roost if the economy has not picked up on its own. As Nancy Pelosi said this weekend “So, it is almost a false argument to say we have a spending problem. We have a budget deficit problem that we have to address.” Denial is not a river in Egypt.