News
Politico | House GOP takes another cut at food stamp bill
House Republicans are proposing to double their food stamp savings to nearly $40 billion by rolling back waivers for able-bodied adults and targeting funds to states that are willing to impose greater work requirements on the parents of young children.
CNN Money | U.S. oil reserves post record gain
U.S. oil reserves posted their biggest gain ever in 2011, largely thanks to the controversial hydraulic fracturing production technique, according to a new report.
Bloomberg | Consumer Spending in U.S. Rose in Line With Forecast in June
Consumer spending in the U.S. rose in line with forecasts in June as Americans’ incomes (PITLCHNG) grew, a sign the biggest part of the economy is withstanding fiscal headwinds.
WSJ | U.S. Factory Orders Rise 1.5%
Demand for U.S. factory goods rose in June, boosted by higher demand for aircraft, as businesses stepped up investments but at a slower pace than earlier in the spring.
Econ Comments & Analysis
Fortune | Investors still aren't betting on a better economy
Earlier this week, the Federal Reserve said in its monthly statement that while growth was still "modest," it expects the economy will pick up from its current pace. Indeed, on average, economists are expecting the GDP to grow at 2.8% next year, and 3% beyond that. That would be a welcome change from the 1.7% the government just reported that GDP grew in the second quarter of the year.
Washington Times | Too regulated to succeed
The United States’ financial sector has historically been extremely competitive globally, as is evident from the dominance of Wall Street in world financial markets. This competitive edge, however, can be lost all too easily if destructive regulatory and tax regimes are put into place. Decreasing transparency, increasing probability of bailouts and a higher regulatory burden can all work to erode competitiveness.
Forbes | Is Poverty In The World's Richest Country Simply Bad Luck?
There is a new study out with the finding that urban sprawl contributes to inequality, making it more difficult for the poor to climb the income ladder.
Blogs
WSJ | Vital Signs Chart: Manufacturing Production Soars
Factories ramped up production last month. An index from the Institute for Supply Management that tracks production leapt to 65 from June’s 53.4 — the highest level since May 2004. A broader index of overall activity hit the highest level in two years. With orders coming in faster than some factories can fill them, manufacturers are picking up the pace, a healthy sign for the economy.
