News
Bloomberg | Leading Economic Indicators Index in U.S. Unexpectedly Falls
The index of U.S. leading indicators unexpectedly declined in March for the first time in seven months, a sign the world’s largest economy will cool.
National Journal | Manufacturers Focus on Reforming Tax Code and Reducing Barriers to Trade
Manufacturers are, naturally, the biggest stakeholders in the committee’s discussion of improving the manufacturing sector.
Bloomberg | Philadelphia Fed Manufacturing Index Fell to 1.3 in April
Manufacturing in the Philadelphia region expanded in April at a slower pace than projected as fewer orders prompted managers cut back on hiring and inventories.
Market Watch | 30-year mortgage rate declines to 3.41%
The average rate on the 30-year fixed-rate mortgage declined to 3.41% in the week ending April 18 from 3.43% in the prior week, remaining close to a record low, Freddie Mac said Thursday in its weekly report.
Bloomberg | Consumer Comfort in U.S. Reaches Five-Year High as Finances Heal
Consumer sentiment jumped last week to the highest level in more than five years as record stock prices and the rebound in housing made more Americans feel the expansion will be maintained.
Econ Comments & Analysis
CNN Money | Who's to blame for the middle class struggle?
The middle class is feeling squeezed, and they have plenty of blame to throw around. Some are very quick to point the finger at the poor. In fact, they were more resentful of the poor than the rich, big business and government.
Forbes | That Reinhart and Rogoff Committed a Spreadsheet Error Completely Misses the Point
The financial and economics media is abuzz over the revelation of an error in the recent work of economics professors Carmen Reinhart (University of Maryland) and Kenneth Rogoff (Harvard University). Their 2010 paper in the American Economic Review, “Growth in a Time of Debt,” is perhaps the most quoted but least read economic publication of recent years.
WashingtonTimes | Double standards for regulators
Americans must no longer ignore false realities and double standards that threaten our health and prosperity.
NBER | A Dynamic Model of Subprime Mortgage Default: Estimation and Policy Implications
The increase in defaults in the subprime mortgage market is widely held to be one of the causes behind the recent financial turmoil.
CBO | Testimony on Using the Chained CPI to Index Social Security, Other Federal Programs, and the Tax Code for Inflation
Testimony by Jeffrey Kling, Associate Director for Economic Analysis, before the Subcommittee on Social Security, Committee on Ways and Means, U.S. House of Representatives
AEI | Don’t raise or eliminate the cap
Under Roosevelt's original design for Social Security, high earners wouldn't even have participated. The eventual legislation included the rich, but with a contribution cap to distinguish Social Security from "the dole."
Blogs
Economist | The ivory fortress
One of the more interesting responses to this week's Reinhart-Rogoff debate was this, from the economics blog Cheap Talk. "I Move That The AEA Stop Publishing Papers and Proceedings", the post title reads.
Heritage Foundation | Congress Wants to Tell Americans How to Be More Efficient? Really?
In the interest of trying to make better choices for consumers, Congress has been determined to legislate efficiency mandates for American homes and businesses since the late 1970s.
