News
Market Watch | U.S. durable-goods orders rise 1.9% for May
Stronger orders for airplanes translated into a better-than-expected 1.9% increase in durable-goods orders in May, the Commerce Department estimated Friday.
Bloomberg | U.S. Economy Expanded at 1.9% Pace in First Quarter, Above Prior Estimate
The U.S. economy grew at a 1.9 percent pace in the first quarter, marking the start of what Federal Reserve policy makers project is a temporary slowdown in growth.
WSJ | Euro-Zone Growth at 20-Month Low, According to Survey
Economic growth in the euro zone slowed in June to its weakest pace in 20 months, according to a closely watched business survey, raising doubts about the strength of the currency bloc's recovery at a time when robust growth is needed to lift some of the euro's struggling members out of a debt crisis.
Bloomberg | Americans See Debt Threat, Reject Tax ‘Scare’
Americans say that the $14.3 trillion U.S. debt threatens the economy and that entitlement programs may go broke even as they dismiss as “scare tactics” the arguments offered by Republicans and Democrats who are debating a solution.
CNN: Money | New economic stimulus: lower oil prices
They say that if the move by the Obama administration -- part of a 60 million barrel release announced by the International Energy Agency -- helps to further drive down the price of oil, that could act as a stimulus for the economy.
Politico | President Obama struggles with economic message
A growing number of Democratic strategists including Obama senior compaign adviser David Axelrod said the party needs to let go of George W. Bush and the past once and for all. Democrats now "own" the economy, says party chief Debbie Wasserman Schultz.
Econ Comments
Washington Times | EDITORIAL: Obama’s failed state
White House says it’s time for ‘nation-building’ in America.
Financial Times | How China plans to reinforce the global recovery
China has moved swiftly to fight the financial crisis, adjusting macroeconomic policty to expand domestic demand, and introducing a stimulus package to maintain growth, advance reform and improve people's lives.
Bloomberg | Fed’s Fisher Sees Growth Accelerating in Second Half While Remaining Slow
“It’s going to take quite some time to achieve a glide path that brings unemployment down significantly,” Fisher said today in an interview with Bloomberg Television in Dallas. “It’s a slow recovery and it’s going to continue to be slow.”
WSJ | Of Wealth and Incomes
Why Americans are so unhappy with this economic recovery.
RCM | The Half-Life of the Welfare State
What do all of these things have in common? They are manifestations of the modern welfare state--and that is what is unsustainable.
Blogs
Heritage Foundation | Please Don’t Expect Too Much from Bill Bringing Earnings to USA
The bill cuts taxes, and tax cuts generally are good things, but the American people should not expect too much from enactment of the legislation. In particular, they should not expect the creation of lots of jobs as a result of the legislation.
Forbes | Why The Recession Recovery Remains Anemic
Amidst lingering unemployment and moribund consumer confidence, fears of a double dip recession grow increasingly frightening. The recovery is now two years old, yet job markets sputter, home prices continue plunging and our leaders appear impotent.
Econlog | Obama's Criminalization of Business
I'm visiting a friend who does due diligence for his private equity fund's investments in various U.S. companies. For many months now, he has found businessmen complaining about the Obama administration's criminalization of various failures, many of them small, to comply with detailed regulations.
Reports
RCM: Wells Fargo | New Home Sales Slip in May
Following back-to-back monthly gains, new home sales fell 2.1 percent in May to an annualized 319,000-unit pace. Inventories slipped to another record low, while prices rose on the month.
Mercatus | Taking Institutions Seriously
Despite the current fashion for issues such as institutional transparency or corruption, the modern policy development literature does too little to integrate the core ideas of modern political economy with standard economic theory.
