News
National Journal | Uncertainty Overshadows Week of Solid Economic Data
The economic data this week was pretty solid. Initial jobless claims dropped, durable-goods orders improved, and second-quarter gross domestic product was revised upward. Despite some bad news — personal incomes declined in August for the first time in nearly two years — the United States appears to be warding off a double-dip recession, for now.
Market Watch | Incomes fall for first time in almost two years
Americans dipped into their savings to spend in August as their incomes fell for the first time in almost two years, the Commerce Department estimated Friday.
NYT | Cash-Short, U.S. Weighs Asset Sales
Like Americans trying to raise quick cash by unloading their unwanted goods, the federal government is considering a novel way to reduce the deficit: holding the equivalent of a garage sale.
CNN: Money | 90% of Americans say economy stinks
The number, reported Friday in a new CNN/ORC International Poll, is the highest of Barack Obama's presidency and a significant increase from the 81% who said conditions were poor in June.
National Journal | Mortgage Delinquencies Climb During Second Quarter
Early-stage delinquencies, which count mortgages that are between 30 and 59 days delinquent, increased 0.4 percent in the second quarter, the report said.
Econ Comments
WSJ | Washington's Quietest Disaster
Student loan defaults are growing, and the worst is still to come.
Washington Post | Why Europe’s crisis matters to U.S.
An American economic recovery now faces only two obstacles. Unfortunately, they are considerable: the broken politics of the United States and the broken politics of Europe.
WSJ | Buy American' Redux
How to raise costs on U.S. construction.
Washington Times | VERSACE: Ending the September quarter deep in the red
As we come to the end of the third quarter of 2011, people will use various words to describe the overall market, But one word that I think we can all agree aptly describes what we have seen over the past 90 days is volatile.
WSJ | The Lessons of the Shale Gas Revolution
North American oil production can double by 2035.
Washington Times | MURRAY & BIER: Stimulus slows our economy
What Washington wastes costs more jobs.
Blogs
Heritage Foundation | No Drilling, No Jobs, No Money
Our country faces a severe fiscal crisis as well as significant economic challenges related to private industry job creation. Revenue cannot be generated from lease sales that do not occur, and jobs cannot be created on leases that private industry cannot acquire.
AEI: American | Why Business Uncertainty Really Is Killing Growth
Maybe EPI should run its own survey and ask entrepreneurs whether they would like to operate in an economy where government spending was running at 28 percent of GDP, revenues 24 percent, and big budget deficits extended as far as the eye could see.
Heritage Foundation | Maine Conservatives Leading the Way on Welfare Reform
Proving they are serious about mitigating their citizens’ dependence on government welfare programs, conservative members of Maine’s state legislature continue to push the state towards meaningful welfare reform.
Reports
NBER | Financial Literacy, Retirement Planning, and Household Wealth
There is ample empirical evidence documenting widespread financial illiteracy and limited pension knowledge. At the same time, the distribution of wealth is widely dispersed and many workers arrive on the verge of retirement with few or no personal assets.
RCM: Wells Fargo | Housing Chartbook: September 2011
Given the severity of the recent financial market volatility in Europe and in the United States, home sales have held up better than what many would have been expected.
