News
Bloomberg | Economy in U.S. Surpasses Pre-Recession Level
The value of goods and services produced in the U.S. surpassed its pre-recession level after 15 quarters, taking three times longer than the average for 10 previous recoveries since World War II.
Source | Consumers spend more, save less in September
Consumers increased their spending in September much faster than their wages rose, dipping into their savings to pay for their purchases.
CNN: Money | Washington spars over government regulations
If new regulations were a significant drag, the consequences would show up in data that measure business profits, workforce trends and investment levels, the government contends.
WSJ | Consumer Spending Gains Outpace Income
Americans dug deeper into their savings last month to propel consumer spending amid weak wage gains.
Washington Times | Obama seeks authority to make Pacific trading pacts
Buoyed by success of recent free-trade deals.
WSJ | Recession Fears Recede as Economy Grows 2.5%
The economy grew 2.5% in the third quarter, a quick-enough pace to blunt fears that the U.S. is about to plunge into recession again but not fast enough to signal that the halting recovery is about to get on a roll.
Econ Comments
AEI | The Four Players Driving Innovation
Policymakers at both ends of Pennsylvania Avenue want to get the American economy growing again. Growth can lower unemployment, and it can yield the revenues needed to fill federal coffers. The key to robust economic growth is innovation. So how do we get it?
Washington Post | MILLER: Unraveling red tape
Regulatory reform is key to unleashing economic growth.
Market Watch | TARP housing programs still need fix: watchdog
The housing support programs funded by the Troubled Asset Relief Program still are in need of improvements with just a year left for new mortgage modifications.
WSJ | The Resilient Economy
Left on its own to grow and innovate, the U.S. private economy is a remarkable engine of prosperity.
National Journal | Obama Calls for Global Cooperation to Fix Economy in Op-Ed
Obama touted the G20’s efforts two years ago to rescue the world economy but said progress hadn’t come fast enough. He called for action in three areas to spur economic growth: accelerating the U.S. economy's growth to lead the global recovery, resolving the crisis in Europe, and encouraging individual countries to confront their fiscal challenges to help keep global growth balanced.
AEI | Three Narratives About the Financial Crisis
The most important lesson we can learn from the financial crisis is what caused it.
WSJ | Everyone Bails Out Everyone
European deal has something for everyone, except the real problem.
RCM | Marx, Keynes and the Last Economic Mile
There is a mathematical problem running through the mainstream of economic thought, one that has been expressed in various forms since the time of Adam Smith. There is apparently a shortcoming to capitalism that springs forth from the very basic, elemental idea of profits.
Blogs
Café Hayek | My challenge to Paul Krugman
The evidence for the Keynesian worldview is very mixed. Most economists come down in favor or against it because of their prior ideological beliefs. Krugman is a Keynesian because he wants bigger government.
WSJ: Real Time Economcis | The Red Flag in Today’s GDP Report
Economists are already wondering whether a plunge in consumer confidence will eventually translate into lower consumer spending.
Mercatus Center: Neighborhood Effects | Trapped by Government Privilege
The right to operate two New York City taxi cabs has just been sold for $1 million apiece.
WSJ: Real Time Economcis | Vital Signs: Capital Spending Hits Record
Companies’ capital-spending orders hit a record last month. Nondefense capital-goods orders excluding aircraft, which is a proxy for business spending on equipment and software, rose to $68.9 billion from $67.2 billion in August.
AEI: American | Tracking the same households over time shows significant income mobility
In the discussions on income inequality and wage stagnation, we frequently hear about the “top 1%” or the “top 10%” or the “bottom 99%” and the public has started to believe that those groups operate like closed private clubs that contain the exact same people or households every year.
Reports
Heritage Foundation | Heritage Foundation How Should Americans Think About International Organizations?
The Founders believed that nations should seek to work amicably toward common goals and in defense of mutual interests.
