News
Bloomberg | Manufacturing in New York Region Contracted at a Faster Pace in September
The Federal Reserve Bank of New York’s general economic index dropped to minus 8.8, the weakest reading since November, from minus 7.7 in August.
WSJ | Obama Plan Won't Include Changes to Social Security
President Barack Obama's new deficit-reduction proposal will leave out changes to Social Security, and may exclude any increase in the Medicare eligibility age, people familiar with the discussions said Wednesday.
Bloomberg | EU Lowers Euro-Area Growth Forecasts on Worsening Outlook From Debt Crisis
The European Union cut its growth forecasts for the second half to reflect a worsening outlook on the sovereign-debt crisis and warned the euro-area economy may come “close to standstill at year-end.”
Market Watch | Data says it all about economy: flat, flat, flat
So it’s official: In August there was no jobs growth, no sales growth and no price growth.
WSJ | SAT Reading, Writing Scores Hit Low
The results from the college-entrance exam, taken by about 1.6 million students, also revealed that only 43% of students posted a score high enough to indicate they were ready to succeed in college, according to the College Board, the nonprofit that administers the exam.
Market Watch | Foreclosure filings jump 7% in August from July
The number of default notices mailed to homeowners who were late on their mortgages soared in August to a nine-month high — the largest month-to-month increase in four years — and that helped push the rate of overall foreclosure filings higher last month, according to data released by RealtyTrac Inc.
CNN: Money | When will home prices spring back?
In a few of the hardest-hit areas, such as Detroit, homes have become so cheap that it no longer makes sense to rent.
Econ Comments
WSJ | My Plan to Revive Economic Growth
It is inherently American to work, to risk and to dream. Our government's policies should encourage that.
Washington Times | EDITORIAL: Obama’s poverty problem
Reckless fiscal policies swell the ranks of the poor.
WSJ | Obama's Two Economies
For Barack Obama, the private economy is an intellectual abstraction.
Washington Post | How China can help Europe get out of debt
The time has come for China to adopt a broader concept of its interests and become a “responsible stakeholder” in the global system.
RCM | Rick Perry: Right Idea, Wrong Social Security Message
The Texas governor questions the constitutionality of Social Security. He's right to do so considering our founding document nowhere enumerated to the federal government power over how we as individuals plan for our retirement.
Investors.com | Best Way To Aid Economy Now? Just Do Nothing
Some people are hoping that President Obama's plan will get the economy out of the doldrums and start providing jobs for the unemployed. Others are hoping that the Republicans' plan will do the trick.
AEI | Deficit Panel Could Change Economic World
The bottom line for the United States: A European banking crisis means a truly serious blow to our already weak economy.
Blogs
Heritage Foundation | Tale of the Red Tape #19: A More Perfect Union Advantage
Let’s take a closer look at how the Obama Administration demonstrates “efficiency” and “economy” in actual practice. Fair warning: It ain’t pretty.
EconLog | Universal Social Programs vs. Cost-Benefit Analysis
If cost-effective means-tested programs are politically unsustainable, isn't it possible that the least bad solution is no programs at all?
Heritage Foundation | Is Social Security a Ponzi Scheme?
Although Social Security does bear a resemblance to a Ponzi scheme in that it has promised much more in benefits to younger Americans than it can possibly pay, these shortcomings can be fairly easily fixed if political leaders are willing to face up to the challenge. Ponzi schemes cannot be fixed, since they are criminal enterprises designed to fleece participants.
Reports
RCM: Wells Fargo | Retail Sales Stall in August
Not only were retail sales unchanged in August, the 0.5 percent gain initially reported for July was revised to a smaller gain of only 0.3 percent. Core sales slowed as well. Consumer spending growth is slowing further.
