News
WSJ | Japan Revises Down GDP Growth Figures
Japan's economy is still struggling against headwinds from a slowdown in key export markets, government data released Monday showed, casting doubt over the viability of the nation's economic recovery going forward.
Bloomberg | Stagnant Incomes Signal Restraint in Spending by U.S. Consumers
Wages are stagnating as the job market cools, restraining the consumer spending that is needed to sustain the U.S. economic recovery.
CNBC | Returning US Congress Faces a Crush of Big Tasks
One of the most unpopular and unproductive U.S. Congresses in modern history returns on Monday from a five-week recess, facing a crush of big tasks, few of which will likely get done.
WSJ | China Economy Shows More Frailty
China reported falling imports and lackluster growth in exports for August, the latest set of worrying data to come out of the world's second-largest economy.
Econ Comments & Analysis
WSJ | Corporate Cronyism Harms America
So reads a sign outside a small roadside craft store in Utah. The message is clearly tongue-in-cheek. But if it hung next to the corporate offices of some of our nation's big financial institutions or auto makers, there would be no irony in the message at all.
Fortune | Forget four years ago: We're worse off than in 2011
There's a lot of debate about whether or not we are better off than we were four years ago. But here's one thing that we can say for sure after this month's weak jobs report: Compared to a year ago, we are most certainly worse off.
WSJ | Wait, Who Saved the Financial System?
From Bill Clinton to Joe Biden to Michelle Obama, Democrats tried to get mileage from jobs not lost because the economy did not succumb to a total meltdown, thanks to President Obama's timely rescue of the banking system.
Project Syndicate | Ending the Financial Arms Race
People often ask if regulators and legislators have fixed the flaws in the financial system that took the world to the brink of a second Great Depression. The short answer is no.
Market Watch | Economy ‘highly mediocre,’ top forecaster says
The most important number to remember about the U.S. economy is 2%, says Avery Shenfeld, chief economist for CIBC in Toronto and the winner of the August Forecaster of the Month contest sponsored by MarketWatch.
Washington Times | Obama’s broken record
President Obama says he needs four more years to finish the job he started. That’s his way of admitting he’d rather Americans not look too closely at his poor job performance so far. The Obama campaign slogan “Forward” is apt because Barack doesn’t want voters to look backward at the wreckage in his wake.
Blogs
Economist | Was that it?
Earlier this week, the American Bureau of Labor Statistics said that labour productivity (output divided by hours worked) grew faster in the second quarter than previously believed. However, despite the seeming good news, the overall trend has been deeply underwhelming.
Library of Economics | Garett Jones on Krugman
I want to highlight his recent review of Paul Krugman's book, End This Depression Now! It's strong evidence for Bryan's statement about "[h]is rare blend of courage and courtesy."
Heritage Foundation | The Culture of Over-Regulation Must Stop
Retired General Arnold Punaro, Chairman of the Department of Defense’s (DoD) Defense Business Board task force was recently quoted saying that he would “put a match” to the entire set of regulations governing the acquisition of weapons and military equipment and start over. This is a colorful comment by such a senior advisor to the Department, but it is also prescient.
Calculated Risk | Schedule for Week of Sept 9th
The key event this week is the two day FOMC meeting on Wednesday and Thursday. There is a very strong possibility that the Fed will provide additional accommodation.
Library of Economics | Blahous on Social Security
Social Security's future, at least in the form it has existed dating back to FDR, is now greatly imperiled. The last few years of legislative neglect -- due to a failure of national policy leadership coming just as the baby boomers have begun to retire -- have drastically harmed the program's future financial prospects.
The Volokh Conspiracy | Baby Boomers and Strategic Defaults
Interesting survey here. 88% of respondents self-classify themselves as “strategic defaulters” and 68% say the walked away because the property fell in value (in contrast to hardship and being unable to make their payments, at least as I read the survey). 97% say they would recommend the same course of action to others.
