News
WSJ | Economy Poised for Growth Spurt, but Risks Abound
The U.S. economy is on track to grow faster in the current quarter than any time since the second quarter of last year, though several risks—including a possible meltdown in Europe—are clouding the outlook.
NY Times | Top Earners Not So Lofty in the Days of Recession
The share of income received by the top 1 percent — that potent symbol of inequality — dropped to 17 percent in 2009 from 23 percent in 2007, according to federal tax data. Within the group, average income fell to $957,000 in 2009 from $1.4 million in 2007.
IBD | The Richest 1% Get $10 Billion A Year From Uncle Sam
Using IRS data, IBD found that the top 1% of income earners claimed approximately $7 billion in Social Security benefits in 2009. That year, the program paid super-rich seniors — those with adjusted gross incomes exceeding $10 million — an average of $33,000 each.
Econ Comments
RCM | What Is Rich and Poor In America?
The "poor" in America are far richer in real economic terms than the rich in many places around the globe. Defining poverty and affluence is difficult when the bottom 20% in America has a higher standard of living than the top 20% in many other countries.
Market Watch | Europe’s bank meltdown will hit home here
Commentary: Without more capital, banking dominoes wobble.
Forbes | Occupy Wall Street And The Myth Of The 99%
The ‘Occupy’ movement will never succeed against its “one percent” adversaries until it begins to understand that there is not a single one percent, but rather many.
Market Watch | American privilege rots an empire from within
A rising empire rewards people who contribute to its growth and invest in its future. The empire’s decline begins when certain members of society are over-rewarded by means of privileges, and the empire’s money is wasted on outdated endeavors.
WSJ | The Euro Zone's German Crisis
Blame Teutonic efficiency for what ails Europe. The other countries just can't compete.
Blogs
Café Hayek | Obama’s Math Works Only in BizzaroEcon World
Obama’s math works only in a bizzaro economic world – a world where changes in prices have no, or never more than a de minimis, effect on people’s behavior.
EconLog | Inside the New Poverty Measure
"...the SPM threshold is a relative concept. It equals what a family with two children at the 33rd percentile of spending devote to food, clothing, housing, and utilities plus another 20% of this amount. This threshold is then adjusted for family size and local housing costs."
Political Calculations | U.S.-China Trade: Reaching an Inflection Point
In October 2011, China set a new record for its exports to the United States, with the value of its goods and services being imported into the U.S. reaching an all-time high of $37.807 billion.
WSJ: Real Time Economics | Realtors to Revise 2007-2011 Sales Data Lower
A real-estate trade group said Monday it plans to lower its estimates of how many homes were sold in the U.S. since 2007, after analysts came up with evidence that the group was overestimating sales.
Daily Capitalist | Latest OECD Leading Indicators: Negative
The latest OECD leading indicators for October 2011 are still pointing south which has been reflected in other data they produce (especially manufacturing and exports). There is not one country of the 33 OECD nations whose economy is not indicating a slowdown...
