News
Politico | A tale of 2 depressions
Despite the president’s call for additional stimulus, the government has, in recent months, finally achieved a bipartisan agreement to focus on — austerity!
CNN: Money | Bankruptcy among college grads grows
"The Great Recession has had a dramatic impact on the bankruptcy filings of American consumers across the economic spectrum -- including college-educated, high-income earners," said Leslie Linfield, executive director and founder of the Institute for Financial Literacy, which conducted the study.
Market Watch | Economy on thin ice, top forecaster says
The U.S. economy is skating on very thin ice. It’s still growing slowly, but it’s also vulnerable to a shock that could send us right through the ice and into deep water, according to Nigel Gault, chief U.S. economist for IHS Global Insight and the leader of the team that has won the MarketWatch Forecaster of the Month contest for the second month in a row.
Bloomberg | Business Economists Cut U.S. Growth Outlook Through ’12 as Confidence Dims
The U.S. economy will grow less than previously estimated through 2012, reflecting a slump in confidence, limited consumer spending and a struggling housing market, a survey showed.
Market Watch | No tax increase to pay for jobs plan: Cantor
Cantor, the No. 2 House Republican, listed tax relief to small businesses, passing trade bills, and cutting regulations as items of common ground with Obama and Democrats.
Fox News | Regulation Nation: Drowning in Rules, Businesses Brace for Cost and Time for Compliance
From financial services to farming, plumbing to computer repair, business owners say new regulations have them so bogged down in compliance that it is hindering their ability to plan and expand for the coming years.
Econ Comments
Washington Times | BRENBERG: We don’t need an Obama recovery
The less the president ‘helps,’ the faster we’ll improve.
Daily Caller | Higher demand and a weaker economy. What gives?
If the president and his economic advisors are right in claiming that the problem with the economy is too little consumer demand, why was consumer spending in the second quarter of this year higher than in mid-2007, before the recession began?
Washington Times | BROWN: Bad news for savers
New Obama rule would prohibit financial advice from IRA brokers.
WSJ | Republican Overregulation
Republicans have rightly criticized the Obama Administration for overregulation, but they're not above doing economic harm as well. Witness immigration policy, which suddenly has House Republicans scrambling to counter the costs of their own restrictionist policies.
Washington Times | BACON: Good intentions bring terrible results
What’s holding back black Americans? Government, not discrimination.
Forbes | Obama Is Repeating JFK's Mistakes
A temporary tax cut, credits for home buyers, shovel-ready government spending, targeted measures for the chronically jobless, extended unemployment compensation. This is President Obama’s latest plan to nudge unemployment below its high new normal – and also precisely that of John F. Kennedy as he confronted recession on taking office in early 1961.
Washington Times | RAHN: Devoid of reality
Obama policies often accomplish the opposite of their intended effects.
Blogs
WSJ: Real Time Economics | Economic Forecasters Become More Pessimistic
Professional forecasters are increasingly worried that the U.S. economy faces a prolonged period of malaise.
Café Hayek | Further Thoughts on Whether or Not Social Security is Ponzi Scheme
Is Social Security a Ponzi scheme? Celebrated scholars – left and right – have called it such, or at least alleged that it bears sufficient similarity to Ponzi schemes that the appellation is justly applied to Social Security.
WSJ: Real Time Economics | Secondary Sources: Postrecession Jobs, 1937-38 Recession, Investment
A roundup of economic news from around the Web.
Reports
AEI | Improving the Regulatory Process and Financial Cost-Benefit Analysis
The SEC now is seeking public comment on how to improve its process for retrospective reviews of existing rules. One of the central economic challenges confronting all regulators, in an environment in which a flood of new rules are being issued, is to ensure that the regulations meet the challenge of improving the operation of our economy, while meeting the standards of judicial review.
