News
CNN Money | Goldman Sachs posts big revenue drop
Investors didn't care that Goldman Sachs boosted its dividend and reported a better-than-expected profit. They simply looked at the bank's rapidly falling revenues in the third quarter and got nervous.
Econ Comments & Analysis
Bloomberg | Restarting U.S. Government Seen as Harder Than Shutdown
The legislation passed by Congress last night to raise the debt ceiling and fund the government into 2014 will bring hundreds of thousands of federal workers back to their jobs and reopen national parks and museums. Yet it may be weeks or even months before the government resumes issuing loans, payments and contracts at a normal pace.
The Nation | Even When the GOP Loses, It Wins
Just hours before a default on our national debt and sixteen days into a wrenching federal government shutdown, it now appears that the barest measure of sanity has prevailed in Washington. The Senate has reached a deal to reopen the government at current funding levels through January 15 and to pass a debt ceiling hike though February 7. The measure is expected to clear the House tonight with scant but necessary Republican support.
WSJ | AARP's Fuzzy Math on Social Security
AARP—formerly known as the American Association of Retired Persons—recently released a report proclaiming that "Social Security Generates Nearly $1.4 Trillion in Economic Activity and Supports More Than Nine Million Jobs." As great as that sounds, AARP's study is fundamentally flawed.
Real Clear Markets | 'Regime Uncertainty' And Its Impact On Economic Growth
Since the financial collapse of 2008, economic policymakers have struggled to revive the economy. In the United States, the centerpiece of the Obama administration's fiscal policy was a massive stimulus program that pumped $787 billion into the American economy.
Mercatus | A Shutdown Silver Lining: Fewer Regulations
The government shutdown may choke the flow of federal regulations, but looking at some of the rules on the books, this might not be a bad thing. While there are regulations that provide great benefits to people, more than a few do not. To the contrary, they waste resources by duplicating market efforts or needlessly restricting market activity in order to deliver targeted benefits to special interests.
CATO | SNAP Failure: The Food Stamp Program Needs Reform
The Supplemental Nutrition Assistance Program (SNAP), the food assistance program formerly known as food stamps, has become America’s fastest growing social welfare program. As recently as 2000, just 17 million Americans participated in the program at a cost of less than $18 billion.
Blogs
WSJ | Tallying the Economic Toll of the Shutdown and Default Threat
The worst-case scenario in the latest budget brawl — a catastrophic debt default — was averted. But nobody should be celebrating. The economic toll of the past three weeks will likely take months or years to assess completely. Here’s what we know right now.
