Expectations for Operating Earnings are continuing to fall. Margin contraction fears are creeping into Pro-forma Income Statements after hovering comfortably deep into double-digit territory as recently as 3Q2018. One has to wonder how much of tomorrow’s earnings have already been stolen by yesterday’s “bring growth forward” economic policies. Over-reliance on short-term fiscal and monetary measures eventually sucks the wind out of longer-term growth potential as unsustainable debt levels reach saturation.

19.02.10 sp500 earnings exp q1 negative.