News
CNN Money | Gas spike feeds inflation pain
High gas prices caused inflation to rise at the fastest pace in more than a year in March.
CNN Money | China's economy slows, as inflation remains feverish
China's economy grew at a slightly slower rate in the first quarter, as food prices continued to surge and limit the purchasing power of consumers.
Fox | Obama's $5 Billion Weatherizing Program Wastes Stimulus Funds, Auditors Find
President Obama's $5 billion stimulus injection into a decades-old program to help lower energy bills for millions of low-income families by retrofitting their homes to improve efficiency has been plagued by cases of mismanagement, waste and fraud in several states.
USA Today | Food and gas costs push consumer prices higher
Americans are paying more for food and gas, a trend that could slow economic growth in the months ahead.
Bloomberg | Losing 84 Cents on Dollar Reveals Runaway U.S. Public Pensions
The buyer was a statewide pension plan for municipal law officers. The fund assembled golf and real estate holdings that lost 84 cents on each dollar the police spent on them over 10 years. The losses are emblematic of a decade in which the $1.2 billion program went from fully funded to $836.3 million short of meeting future retirement obligations.
Bloomberg | Consumer Sentiment in U.S. Rose More Than Forecast in April
Confidence among U.S. consumers climbed in April from a 16-month low, indicating job gains are helping Americans cope with rising fuel costs.
Blogs
NRO: The Corner | End Subsidies for the Rich
The president must know that that the top 1 percent of taxpayers already pay 38 percent of federal income taxes (before payroll taxes) and the top 10 percent pay 70 percent.
Heritage Foundation: The Foundry | America Outmatches China Economically (For Now)
China announced its economic results for the first quarter this morning. GDP was said to grow a strong 9.7 percent, while consumer inflation reached a worrisome 5 percent.
NRO: The Corner | re: Two Visions
Unfortunately, as much as I like the Ryan plan, I fear that as long as we continue arguing that everyone deserves to be taken care of by the government simply for being American and over 65, we are unlikely to find a solution that will address our long-term budget problems.
AEI: The American | Are Too-Big Firms Becoming Tools of Big Gov?
In the past, there was nothing strange about the idea that financial specialists might be enlisted to help guide congressional policy, but in the era of the Dodd-Frank Act, it is necessary to consider whether these Wall Street executives are doing this voluntarily or because they fear government retaliation if they refuse.
Reports
Heritage Foundation | Ryan Budget Plan Promotes Housing Recovery by Ending Fannie Mae and Freddie Mac
While much of the press attention has focused on other parts of the budget plan put forth by Representative Paul Ryan (R–WI), a key provision is its call for an end to Fannie Mae and Freddie Mac, the two housing giants that essentially failed and were taken over by their regulator in 2008.
RCM: Wells Fargo | Wholesale Prices Jump Again in March
Led by another large gain in energy, the headline Producer Price Index rose 0.7 percent in March. Excluding food and energy, finished goods prices increased a stronger-than-expected 0.3 percent.
Heritage Foundation | The United States vs. China—Which Economy Is Bigger, Which Is Better
China’s leap from poverty due to the marvelously successful market reforms introduced in 1978 has obscured serious weaknesses in its economy—especially compared to the American economy. These weaknesses have been exacerbated by renewed Chinese state intervention that began around 2003. Many seem convinced that China is at the cusp of surpassing the U.S. economically. But Americans should not lose track of their huge advantages over the Chinese—in income, in natural resources, and in surprising areas such as labor.
