News
Bloomberg | World Bank Cuts Growth Forecasts as Developed Nations Lose Steam
The World Bank cut its global growth forecast for this year as austerity measures, high unemployment and low business confidence weigh on economies in developed nations.
Market Watch | Two big banks in $557 mln foreclosure settlement
The Federal Reserve announced Wednesday it reached a $557 million settlement with Goldman Sachs Group Inc. and Morgan Stanley over foreclosure abuses stemming from the so-called robo-signing scandal.
Politico | AARP's Barry Rand: Mend, don't end entitlements
The head of the AARP on Tuesday acknowledged changes must be made to programs like Medicare and Social Security, but said cuts to those entitlements aren’t a solution to the nation’s fiscal woes.
Bloomberg | Foreign Demand for U.S. Assets Rises on Global Slowdown
International purchases of U.S. stocks, bonds and other financial assets were more than twice as much as forecast in November as investors sought shelter from a global economic slowdown.
Market Watch | Builder confidence clings to six-year peak
A gauge of confidence among home builders held at a more-than-six-year peak in January as fiscal uncertainty helped offset optimism about the housing market’s recovery, a trade group said Wednesday.
Bloomberg | U.S. Industrial Production Rises 0.3% on Equipment Demand
Industrial production in the U.S. climbed for a second month in December as demand picked up for capital equipment, showing factories strengthened entering 2013.
Econ Comments & Analysis
Real Clear Markets | Income Redistribution Makes Our Children Poorer
Democrats love to claim that their income redistribution policies are economic stimulus programs. They believe that since poorer people spend all or almost all of their money while the rich save some of their money, the economy will be boosted by taking money from the rich and giving it to the poor. This is not only a fundamental misunderstanding of economics, but it will make our country poorer in the long run.
AEI | End the Amtrak experiment
Amtrak triumphantly proclaimed 2012 to be a success. The reason? It posted a loss of only $361 million for the year. That's its smallest operating loss since 1975, amid growing ridership along the Northeast Corridor between Washington and Boston.
Politico | Energy exports: The untapped U.S. option
Historically, we have lived in a nation of energy dependence. Dependence on others for our heating and electricity, and for our fuel for transportation. Yet today, for the first time in generations, we no longer need to view ourselves as living in a country of energy scarcity. The U.S. will soon overtake Saudi Arabia in hydrocarbon production.
Forbes | Can We Spend Ourselves From Recession To Prosperity?
Why is the recovery from the Great Recession so slow? Mounting evidence suggests there are two reasons: (1) We are discouraging employers from hiring and (2) we are discouraging the unemployed from seeking work.
Blogs
CATO | New Trade Negotiations on Services
Of all the international trade negotiations being talked about these days, the one I’m most enthusiastic about is on trade in services. Today, the U.S. Trade Representative’s Office notified Congress of the Obama Administration’s intent to enter into negotiations for a new trade agreement on international trade in services, with a group of 20 trading partners.
Heritage Foundation | Economic Freedom in Europe: Changing of the Guard
According to the 2013 Index of Economic Freedom, just released by The Heritage Foundation and The Wall Street Journal, a significant realignment of European countries is underway. Eight countries recorded their highest economic freedom scores ever in the 2013 Index, while five others have scores equal to or below their scores from nearly two decades ago.
Economist | Mario Draghi's premature canonisation
One additional point related to the previous post: I find it shocking how readily we all seem to be accepting the European Central Bank's inaction on euro-zone economic weakness. Some perspective is in order.
Neighborhood Effects | Economic Freedom and Economic Privilege
Last week, the Wall Street Journal and the Heritage Foundation released their annual Index of Economic Freedom by Terry Miller, Kim Holmes, and Edwin Feulner.
