News
CNN Money | South Carolina gas falls below $3 a gallon
Gas prices continued their nationwide decline on Tuesday, as South Carolina became the first state in nearly a year and a half to hit an average of less than $3 per gallon.
Washington Times | U.S. gasoline prices cheapest since January
The price of gasoline has dropped to a five-month low, giving drivers some relief ahead of the July 4 holiday.
Market Watch | Orders for U.S. durable goods rise 1.1% in May
Orders for long-lasting U.S. goods rose 1.1% in May after falling in the prior two months, the Commerce Department said Wednesday.
CNN Money | Home prices rise for first time in 7 months
Average home prices increased 1.3% in April in 20 major markets, according to the S&P/Case-Shiller home price index. This comes after prices hit new post-bubble lows in March.
WSJ | U.S. Urged To Bolster Economy
The U.S. economy is likely to grow moderately this year, but is limited by stagnant wages, relatively high income inequality and an education system that provides few resources to those likely to need help, the Organization for Economic Cooperation and Development said.
CNN Money | Obama to allow more Arctic drilling
The Obama administration will go ahead with more drilling in Arctic waters, though at a pace that allows for more research before additional permits are granted.
Econ Comments & Analysis
Washington Times | Get ready for another surge in imports
The deteriorating world economy rightly has produced lower American growth forecasts in anticipation of falling U.S. exports.
CRS | An Economic Analysis of Large-Scale Mortgage Refinancing Proposals: A Brief Overview
The bursting of the housing bubble in 2006 precipitated the December 2007-June 2009 recession and a financial panic in September 2008. With the housing market seen as a locus for many of the economic problems that emerged, some Members of Congress propose intervening in the housing market as a means of improving not only the housing market itself but also the financial sector and the broader economy.
American | Dodd-Frank: The Economic Case for Repeal
As the second anniversary of the act approaches, its role in slowing our economic recovery is coming into focus. GDP growth shrunk immediately after the law passed and has never recovered, while key terms in the law remain undefined.
CRS | Hydropower: Federal and Nonfederal Investment
Congress is examining numerous energy sources to determine their contribution to the nation's energy portfolio and the federal role in supporting these sources.
Washington Times | Europe’s master plan
The world was able to breathe a sigh of relief after last week’s elections in Greece, as it looks as if Athens will try to keep the country’s membership in the eurozone. But it won’t be easy.
AEI | A big deal: Canada and Mexico join the Pacific Trade Pact
The most significant development during the G-20 summit in Mexico occurred on the sidelines and was largely buried in media reports: The decision to invite Canada and Mexico to join negotiations for the Trans-Pacific Partnership agreement (TPP).
Blogs
National Review | European Roundup: ‘Why They Aren’t Getting Better’ Edition
I must be honest. I don’t understand what he means by the growth agenda. Does it mean an end to austerity? If so, why not say so? And if so, how do you ensure fiscal discipline moving forward?
CATO | Census Bureau Confirms: DC Spends $29,409 / pupil
Oh, and, BTW, this spending figure is about triple what the DC voucher program spends per pupil—and the voucher students have a much higher graduation rate and perform as well or better academically.
Marginal Revolution | My 28-minute talk on black swans
What would we do if it turned out there were more black swans than we had thought? What should we do?
Library of Economics | Changing World Trade Patterns
Whereas high-income economies accounted for four-fifths of global trade in 1985, they will account for less than half by the middle of this decade.
Political Calculations | The Quality of Government-Produced Economic Data
That's very old news to readers of Political Calculations, a little-read blog that somehow managed to scoop a number of financial institutions and even the New York Times in reporting on the poor health of China's economy back in February 2012.
Café Hayek | Two different stories
Robert Samuelson has an interesting narrative in the Washington Post. He argues that the prosperity of the last 30 years was driven by consumer spending, consumer spending that came from a false sense of wealth as housing prices rose artificially high due to an expansion of credit
