We're trapped in an economic 'Groundhog Day'

Alan Zafran, managing director, First Republic Investment Management and member of the CNBC-YPO Chief Executive Network
Alan Zafran

What do politicians, the Federal Reserve and CEOs have in common? Apparently they have all fallen prey to the illusory feeling of déjà vu.

Congressmen have struggled with the debt ceiling issue over and over again. The Federal Reserve hasn't exited from its quantitative easing—QE—strategy, even when it has indicated a desire to wind it down. And U.S. CEOs would really love to spend the hoard of cash on their balance sheets by expanding their operations and hiring new employees, but they just can't find enough confidence in the political and economic environment to do so.

Just like the Bill Murray flick "Groundhog Day," we find ourselves day after day starting at the same economic place.

Consider the latest Young Presidents' Organization quarterly survey—the YPO Global Pulse Index.

The index reading of 60.5—a reading above 50.0 is positive—basically matches the July 2012 reading of 60.0, and the index has barely fluctuated over the past 15 months.