News
Bloomberg | French Industrial Output Tumbles as Recession Looms
French industrial production fell more than expected in January as Europe’s second-largest economy teetered on the brink of its third recession in four years.
Bloomberg | China’s Economic Data Show Weakest Start Since 2009
China’s industrial output had the weakest start to a year since 2009 and lending and retail sales growth slowed, underscoring challenges for a new leadership that wants to narrow the gap between rich and poor.
Econ Comments & Analysis
Bloomberg | Gross Raises U.S. Economic Growth Forecast to 3% in 2013
Bill Gross, whose Pacific Investment Management Co. coined the phrase “new normal” in 2009 to describe an era of subpar growth and a diminishing role for developed economies, sees the U.S. outlook brightening -- at least for 2013.
Real Clear Markets | Main Street Hasn't Abandoned Wall Street
We now know the promise and peril of paper wealth. In the past 15 years, the stock market's convulsions ought to have rattled even hardy investors. Twice - after the popping of the "tech bubble" in 2000 and after the financial crisis in 2008 - the market lost half its value. It then struggled for years to regain its previous peaks; this happened again last week when the Dow Jones Industrial Average exceeded its 2007 high.
Politico | Self-funding of regulators would help fiscal mess
Washington has been abuzz with the automatic, across-the-board spending cuts taking effect, known as the sequester. While many have been focused on the impact on education, law enforcement and transportation safety, another important area that deserves attention is the impact on our financial market regulators: the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Bloomberg | Why Democrats Must Get Smart on Entitlements
In a season of depressing budget news, the worst may have been that a majority of U.S. House Democrats signed a letter urging President Barack Obama to oppose any benefit cuts to Social Security, Medicare, Medicaid and other entitlements. That’s the last thing we need.
Barrons | It's Not Just the Fed
Like Mae West, the stock market seems to believe that too much of a good thing can be wonderful. Extraordinary central-bank support has delivered us in four short years from the brink of depression to new stock-market highs. Yet there are those who hope our Federal Reserve will keep printing money with crisis-era urgency, preferably indefinitely.
Blogs
Economist | Measuring consumer surplus online
Computing the consumer surplus of the modern online economy is challenging. No researcher has yet worked out the consumer surplus for major online applications, such as Facebook and Google Search, at least not with actual data. Let’s review the challenges.
Monday, March 11, 2013
Health Care
News
Politico | States wrestle with new Obamacare exchanges
More than half the states have declared they want nothing to do with setting up or running those health insurance marketplaces opening in their states later this year. But a closer look shows that at least a few of these states, like Ohio and Virginia, may have a larger role than they’re letting on.
Econ Comments & Analysis
Washington Post | Ryan calls for both Obamacare repeal and finding ‘common ground’ in budget fight
Rep. Paul Ryan (R-Wis.) said Sunday that the budget blueprint he plans to unveil this week will promote repealing President Obama’s signature health-care law.
Blogs
CATO | Medicaid Expansion Too Good to Be True
If a deal sounds too good to be true, it usually is. That’s a maxim Gov. Rick Snyder seems to have forgotten with his decision to expand Michigan’s Medicaid program in conjunction with the Patient Protection and Affordable Care Act, or Obamacare.
Politico | States wrestle with new Obamacare exchanges
More than half the states have declared they want nothing to do with setting up or running those health insurance marketplaces opening in their states later this year. But a closer look shows that at least a few of these states, like Ohio and Virginia, may have a larger role than they’re letting on.
Econ Comments & Analysis
Washington Post | Ryan calls for both Obamacare repeal and finding ‘common ground’ in budget fight
Rep. Paul Ryan (R-Wis.) said Sunday that the budget blueprint he plans to unveil this week will promote repealing President Obama’s signature health-care law.
Blogs
CATO | Medicaid Expansion Too Good to Be True
If a deal sounds too good to be true, it usually is. That’s a maxim Gov. Rick Snyder seems to have forgotten with his decision to expand Michigan’s Medicaid program in conjunction with the Patient Protection and Affordable Care Act, or Obamacare.
Monetary
News
Bloomberg | Bernanke Provokes Mystery Over Fed Stimulus Exit
When Ben S. Bernanke asserted last month that the Federal Reserve doesn’t ever have to sell assets, he raised questions about how the central bank can withdraw its record monetary stimulus without stoking inflation.
CNBC | US Concern on China Currency Fades as Yuan Grinds Higher
After years of grabbing the spotlight in U.S.-China economic relations, U.S. concerns over the value of Beijing's currency appear to be fading, giving ground to newer issues like cyber-security and trade secret theft.
Econ Comments & Analysis
WSJ | How to Shrink the 'Too-Big-to-Fail' Banks
A dozen megabanks today control almost 70% of the assets in the U.S. banking industry. The concentration of assets has been in progress for years, but it intensified during the 2008–09 financial crisis, when several failing giants were absorbed by larger, presumably healthier ones. The result is a lopsided financial system.
Forbes | The Comical, Central Planning Fantasy That Is 'Market' Monetarism
From 1979 to 1982, then Federal Reserve Chairman Paul Volcker foisted the now discredited policy of monetarism on the U.S., and the world more broadly.
Bloomberg | Bernanke Provokes Mystery Over Fed Stimulus Exit
When Ben S. Bernanke asserted last month that the Federal Reserve doesn’t ever have to sell assets, he raised questions about how the central bank can withdraw its record monetary stimulus without stoking inflation.
CNBC | US Concern on China Currency Fades as Yuan Grinds Higher
After years of grabbing the spotlight in U.S.-China economic relations, U.S. concerns over the value of Beijing's currency appear to be fading, giving ground to newer issues like cyber-security and trade secret theft.
Econ Comments & Analysis
WSJ | How to Shrink the 'Too-Big-to-Fail' Banks
A dozen megabanks today control almost 70% of the assets in the U.S. banking industry. The concentration of assets has been in progress for years, but it intensified during the 2008–09 financial crisis, when several failing giants were absorbed by larger, presumably healthier ones. The result is a lopsided financial system.
Forbes | The Comical, Central Planning Fantasy That Is 'Market' Monetarism
From 1979 to 1982, then Federal Reserve Chairman Paul Volcker foisted the now discredited policy of monetarism on the U.S., and the world more broadly.
Taxes
News
Bloomberg | Overseas Tax Savings for U.S. Drugmakers Under Threat
The six biggest U.S. drugmakers avoided paying $7.05 billion in U.S. taxes last year by shifting their profits overseas. That’s almost double the amount they saved using the same strategy 10 years earlier, according to data compiled by Bloomberg.
Econ Comments & Analysis
Washington Times | Medicaid as a tax on the ‘estates’ of the poor
Most people think they’re exempt from the estate tax (often called the “death tax”) because they don’t have $2 million. A lot of people with low incomes do have some assets, however, and if they have used any Medicaid benefits, their heirs may be in for a shock.
Blogs
Market Watch | Even government workers owe back taxes
The number of federal workers and retirees who were delinquent on their income taxes jumped 11.5% in 2011 from the year before, according to data released by the Internal Revenue Service on Friday.
Bloomberg | Overseas Tax Savings for U.S. Drugmakers Under Threat
The six biggest U.S. drugmakers avoided paying $7.05 billion in U.S. taxes last year by shifting their profits overseas. That’s almost double the amount they saved using the same strategy 10 years earlier, according to data compiled by Bloomberg.
Econ Comments & Analysis
Washington Times | Medicaid as a tax on the ‘estates’ of the poor
Most people think they’re exempt from the estate tax (often called the “death tax”) because they don’t have $2 million. A lot of people with low incomes do have some assets, however, and if they have used any Medicaid benefits, their heirs may be in for a shock.
Blogs
Market Watch | Even government workers owe back taxes
The number of federal workers and retirees who were delinquent on their income taxes jumped 11.5% in 2011 from the year before, according to data released by the Internal Revenue Service on Friday.
Employment
News
CNN Money | No recovery for U.S. government workers
Federal government jobs fell by 4,200 in February, the fifth month in a row those jobs have been zapped from the economy. And, thanks to the automatic budget cuts, it's going to get worse.
Market Watch | Consumers hold key to higher job growth
Don’t get too excited about the burst of hiring in February just yet. If consumers pull back on spending, the economy could suffer yet another hiccup in the coming months.
CNN Money | Construction jobs soar on housing recovery
The recovery in the housing market is driving a turnaround in the labor market as well.
Econ Comments & Analysis
Washington Times | The devil in the details
There was good news on the jobs front Friday. The Bureau of Labor Statistics said the unemployment rate dipped to 7.7 percent in February. That’s the lowest figure since President Obama was sworn in in 2009, but it’s not quite time to break out the champagne.
Fortune | 3 reasons why the jobs report is really good
The housing recovery and an increase in hours worked are among the factors lifting jobs numbers, but it's unclear if this growth can continue.
Real Clear Markets | February's Jobless Report Is Not Cause For Celebration
Forget the cheery 0.2 percentage point decline in the "headline" unemployment rate during February. Here is what Friday's "Employment Situation" report from the Bureau of Labor Statistics (BLS) actually said.
AEI | Why we shouldn't raise the minimum wage
In announcing his wrongheaded proposal to increase the minimum wage to $9 an hour, President Obama spoke in lofty terms: "In the wealthiest nation on Earth," he said in his State of the Union address last month, "no one who works full time should have to live in poverty."
CNN Money | No recovery for U.S. government workers
Federal government jobs fell by 4,200 in February, the fifth month in a row those jobs have been zapped from the economy. And, thanks to the automatic budget cuts, it's going to get worse.
Market Watch | Consumers hold key to higher job growth
Don’t get too excited about the burst of hiring in February just yet. If consumers pull back on spending, the economy could suffer yet another hiccup in the coming months.
CNN Money | Construction jobs soar on housing recovery
The recovery in the housing market is driving a turnaround in the labor market as well.
Econ Comments & Analysis
Washington Times | The devil in the details
There was good news on the jobs front Friday. The Bureau of Labor Statistics said the unemployment rate dipped to 7.7 percent in February. That’s the lowest figure since President Obama was sworn in in 2009, but it’s not quite time to break out the champagne.
Fortune | 3 reasons why the jobs report is really good
The housing recovery and an increase in hours worked are among the factors lifting jobs numbers, but it's unclear if this growth can continue.
Real Clear Markets | February's Jobless Report Is Not Cause For Celebration
Forget the cheery 0.2 percentage point decline in the "headline" unemployment rate during February. Here is what Friday's "Employment Situation" report from the Bureau of Labor Statistics (BLS) actually said.
AEI | Why we shouldn't raise the minimum wage
In announcing his wrongheaded proposal to increase the minimum wage to $9 an hour, President Obama spoke in lofty terms: "In the wealthiest nation on Earth," he said in his State of the Union address last month, "no one who works full time should have to live in poverty."
Budget
News
Roll Call | First Budget in Four Years for Senate Democrats
Democrats and Republicans on the Senate Budget Committee say they hope to keep the focus during this week’s expected marathon markup on setting a sound course for the country’s fiscal future.
NY Times | In Search of Debt Deal, Obama Walks a Narrow Path
President Obama will go to Capitol Hill this week to try to salvage a big deficit-reduction deal, battling not only Republican resistance but also complaints from Democrats that he mishandled his last attempt.
Econ Comments & Analysis
CBO | The Effects of Automatic Stabilizers on the Federal Budget as of 2013
During recessions, federal tax liabilities and, therefore, revenues decline automatically with the reduction in output and income. In addition, some federal outlays—to pay unemployment insurance benefits, for example—automatically increase.
Heritage Foundation | What the FY 2014 Budget Should Do
With the government’s spending and debt crisis drawing nearer, the congressional budget for fiscal year (FY) 2014 marks a critical moment for the country.
Blogs
Heritage Foundation | Obama Budget to Be Submitted Even Later
The Obama Administration is on track to beat former President Bill Clinton for second-longest delay in submitting a presidential budget on time.
Roll Call | First Budget in Four Years for Senate Democrats
Democrats and Republicans on the Senate Budget Committee say they hope to keep the focus during this week’s expected marathon markup on setting a sound course for the country’s fiscal future.
NY Times | In Search of Debt Deal, Obama Walks a Narrow Path
President Obama will go to Capitol Hill this week to try to salvage a big deficit-reduction deal, battling not only Republican resistance but also complaints from Democrats that he mishandled his last attempt.
Econ Comments & Analysis
CBO | The Effects of Automatic Stabilizers on the Federal Budget as of 2013
During recessions, federal tax liabilities and, therefore, revenues decline automatically with the reduction in output and income. In addition, some federal outlays—to pay unemployment insurance benefits, for example—automatically increase.
Heritage Foundation | What the FY 2014 Budget Should Do
With the government’s spending and debt crisis drawing nearer, the congressional budget for fiscal year (FY) 2014 marks a critical moment for the country.
Blogs
Heritage Foundation | Obama Budget to Be Submitted Even Later
The Obama Administration is on track to beat former President Bill Clinton for second-longest delay in submitting a presidential budget on time.
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