News
Politico | Wind industry awaits tax guidance on PTC rule
The sector is eagerly waiting for federal tax experts to give detailed guidance that interprets a language change to the PTC, the crucial industry support that was extended by one year in the final fiscal cliff package.
Bloomberg | Trade Deficit in U.S. Jumps on Pre-Holiday Surge in Imports
The trade deficit unexpectedly widened in November as American retailers stocked up on imported goods for the holidays and demand for foreign automobiles rebounded following superstorm Sandy.
Politico | Pew poll: Rich-poor tension eases
Despite the polarizing presidential campaign, Americans see less tension between groups like the rich versus the poor than they did before the election, but they do see a major partisan divide, a Pew survey finds.
CNN Money | Postal Service's fiscal cliff coming this spring
The U.S. Postal Service is facing its own fiscal cliff this spring.
Econ Comments & Analysis
Fortune | Wells Fargo earnings: Good but not great
The bank beat estimates, but sales slowed. Wells' numbers showed signs the mortgage refi boom may be coming to an end.
WSJ | 'Cliff' Deal Seen Hitting Growth
Washington's last-minute deal on the fiscal cliff left many questions unanswered and will trim about 0.7 percentage point from growth in 2013, according to economists in the latest Wall Street Journal forecasting survey.
24/7 Wall St. | The Undercovered Story of 2013: A European Recovery
If you watch and read financial news avidly, you will almost certainly admit that with all of the stories on Washington D.C., the fiscal cliff, Obama administration officials leaving in droves, gun control and other American issues, the media has lightened up drastically on the coverage of what is happening in Europe. We might even argue that the media has taken its eye off the ball on coverage “across the pond.”
Washington Times | Governor Tax Hike
November’s election results shook Republican resolve. Seeing Barack Obama retain his grip on the White House inspired a number of GOP statehouse leaders to wave the white flag on taxes during the “fiscal cliff” debate. On Wednesday, Virginia Gov. Bob McDonnell went a step further by proposing to raise taxes by $3.1 billion as part of his transportation agenda.
NBER | Macroeconomic Performance During Commodity Price Booms and Busts
Fluctuations in commodity prices are often associated with macroeconomic volatility. But not all nations are created equal in this regard. The macro response to commodity booms and busts depends both on the structural characteristics of the economy and on the policy framework that is in place.
Blogs
Calculated Risk | Question #2 for 2013: Will the U.S. economy grow in 2013?
Economic growth: Heading into 2013 there are still significant downside risks from the European financial crisis and from U.S. fiscal policy. Will the U.S. economy grow in 2013? Or will there be another recession?
WSJ | Secondary Sources: Visualizing Labor Market, Middle Income Trap, 1800s Banking
A roundup of economic news from around the Web.
