News
CNN Money | Home sales hit highest rate in 3 years
Sales of previously-owned homes reached an annual rate of nearly 5 million in February, the strongest pace in more than three years.
Bloomberg | Euro-Area Manufacturing, Services Declined in March
Euro-area services and manufacturing output contracted more than economists estimated in March, adding to signs the currency bloc’s economy is struggling to emerge from a recession.
National Journal | The GOP Disconnect on Economic Policy
The Republican National Committee may want to send a few extra copies of the election postmortem it released this week over to Capitol Hill. Judging by the budget blueprints put forth by congressional Republicans, they didn’t get the memo.
FOX Business | Philly Fed Factory Activity Expands in March
Factory activity in the U.S. mid-Atlantic region grew in March after contracting for two months in a row as new orders and employment improved, a survey showed on Thursday.
Bloomberg | Americans’ View on Economic Outlook Climbs to Three-Month High
Americans’ views of the economic outlook improved in March to the highest level this year as stock prices rallied to a record high.
Econ Comments & Analysis
WSJ | Cuomo's Job-Depletion Plan
President Obama had such fabulous success running for re-election with a lousy jobs record that New York Governor Andrew Cuomo has apparently decided to copy the strategy. If the state's economy continues to fizzle, the Democrat may even have a shot at the White House.
Washington Times | Austerity on rails
Washington is gripped by sequestration fever. Or sequestration chills, depending on the point of view. The White House complains that it’s suffering severe spending withdrawal, and Congress, or at least half of Congress, says it’s suffering the pangs of hunger for more and deeper spending cuts.
WSJ | Biggest Drag on Economy? Washington
Housing is on its way back. Consumers are spending more readily. Nearly two-thirds of U.S. private industries are hiring. The stock market is up. The U.S. economy is healing, albeit slowly.
Washington Times | Reduced regulations a ‘silver lining’ from sequester slashing
Many businesses and conservatives have made no secret that they like the $85 billion of across-the-board federal spending cuts this year because of their long-standing agenda to “starve the beast” of government.
NBER | Does Federal Financial Aid Affect College Enrollment? Evidence from Drug Offenders and the Higher Education Act of 1998
In 2001, amendments to the Higher Education Act made people convicted of drug offenses ineligible for federal financial aid for up to two years after their conviction. Using rich data on educational outcomes and drug charges in the NLSY 1997, we show that this law change had a large negative impact on the college attendance of students with drug convictions.
Thursday, March 21, 2013
Health Care
News
Politico | Obamacare to hit home on Hill
During debate over the law in 2009, Republicans insisted that if members of Congress were going to put their fellow Americans into health care exchanges, they and their staffs should be in there, too.
National Journal | Public Opinion Stays Static on Affordable Care Act
The Kaiser Health Tracking Poll, which has asked the question nearly every month since 2009, has found that the public’s views of the law, overall, have remained nearly static. About 40 percent of people don’t like the law. About 40 percent do. The remainder are unsure. Other polls show the same trend.
Econ Comments & Analysis
CATO | 50 Vetoes: How States Can Stop the Obama Health Care Law
Despite surviving a number of threats, President Obama’s health care law remains harmful, unstable, and unpopular. It also remains vulnerable to repeal, largely because Congress and the Supreme Court have granted each state the power to veto major provisions of the law before they take effect in 2014.
Politico | Obamacare to hit home on Hill
During debate over the law in 2009, Republicans insisted that if members of Congress were going to put their fellow Americans into health care exchanges, they and their staffs should be in there, too.
National Journal | Public Opinion Stays Static on Affordable Care Act
The Kaiser Health Tracking Poll, which has asked the question nearly every month since 2009, has found that the public’s views of the law, overall, have remained nearly static. About 40 percent of people don’t like the law. About 40 percent do. The remainder are unsure. Other polls show the same trend.
Econ Comments & Analysis
CATO | 50 Vetoes: How States Can Stop the Obama Health Care Law
Despite surviving a number of threats, President Obama’s health care law remains harmful, unstable, and unpopular. It also remains vulnerable to repeal, largely because Congress and the Supreme Court have granted each state the power to veto major provisions of the law before they take effect in 2014.
Monetary
News
CNN Money | Federal Reserve sees slow recovery for years to come
The Federal Reserve trimmed its forecast for economic growth in 2013, but said Wednesday that it's a bit more optimistic that the unemployment rate will decline.
National Journal | What You Need to Know about Ben Bernanke's Evolving Views on Asset Bubbles
The Dow Jones industrial average hit a record earlier this month, causing some to cheer and others to worry the market is artificially high, given the still-sluggish economic recovery. The Federal Reserve Board chairman told reporters at a news conference Wednesday that the central bank doesn’t “see at this point anything that’s out of line with historical patterns.”
Econ Comments & Analysis
Bloomberg | Why Global Economies Face an Age of Deflation
In recent years, monetary and fiscal stimulus across the world have led to the assumption that serious inflation, if not hyperinflation, is on its way. I believe chronic deflation is more likely.
Blogs
Economist | Unconventional policy forever
The Federal Open Market Committee concluded its two-day meeting today with a nothing-burger of a statement. Very little changed in its wording on the state of the economy, and both asset purchases and interest-rate guidance remain as they were before.
CNN Money | Federal Reserve sees slow recovery for years to come
The Federal Reserve trimmed its forecast for economic growth in 2013, but said Wednesday that it's a bit more optimistic that the unemployment rate will decline.
National Journal | What You Need to Know about Ben Bernanke's Evolving Views on Asset Bubbles
The Dow Jones industrial average hit a record earlier this month, causing some to cheer and others to worry the market is artificially high, given the still-sluggish economic recovery. The Federal Reserve Board chairman told reporters at a news conference Wednesday that the central bank doesn’t “see at this point anything that’s out of line with historical patterns.”
Econ Comments & Analysis
Bloomberg | Why Global Economies Face an Age of Deflation
In recent years, monetary and fiscal stimulus across the world have led to the assumption that serious inflation, if not hyperinflation, is on its way. I believe chronic deflation is more likely.
Blogs
Economist | Unconventional policy forever
The Federal Open Market Committee concluded its two-day meeting today with a nothing-burger of a statement. Very little changed in its wording on the state of the economy, and both asset purchases and interest-rate guidance remain as they were before.
Taxes
News
Bloomberg | Camp Floats Biggest Tax Shift to Partnerships in 60 Years
Congress is debating the biggest rewrite of U.S. partnership rules in 60 years, which may lead to higher taxes for real estate and finance businesses or prompt them to restructure operations to avoid new costs.
Blogs
Heritage Foundation | Carbon Tax: Australia’s Experience Is a Chance for the U.S. to Get It Right
“This is the most effective and efficient way to drive innovation to find better, less-polluting ways of producing power, goods and services,” Australian Treasurer Wayne Swan said at the passage of Australia’s carbon tax in July 2012. One wonders if he would say the same today—or, perhaps more importantly, if those proposing a similar scheme in the U.S. have any clue about the extra burden the tax is putting on Australia’s businesses.
Heritage Foundation | Obamacare Pre-Existing Conditions Coverage: Low Enrollment, High Costs
One of Obamacare’s main selling points during the health care reform debate was the need to provide insurance coverage to those with pre-existing conditions—but like other aspects of the law, the plan is failing those it was intended to help.
Bloomberg | Camp Floats Biggest Tax Shift to Partnerships in 60 Years
Congress is debating the biggest rewrite of U.S. partnership rules in 60 years, which may lead to higher taxes for real estate and finance businesses or prompt them to restructure operations to avoid new costs.
Blogs
Heritage Foundation | Carbon Tax: Australia’s Experience Is a Chance for the U.S. to Get It Right
“This is the most effective and efficient way to drive innovation to find better, less-polluting ways of producing power, goods and services,” Australian Treasurer Wayne Swan said at the passage of Australia’s carbon tax in July 2012. One wonders if he would say the same today—or, perhaps more importantly, if those proposing a similar scheme in the U.S. have any clue about the extra burden the tax is putting on Australia’s businesses.
Heritage Foundation | Obamacare Pre-Existing Conditions Coverage: Low Enrollment, High Costs
One of Obamacare’s main selling points during the health care reform debate was the need to provide insurance coverage to those with pre-existing conditions—but like other aspects of the law, the plan is failing those it was intended to help.
Employment
News
CNN Money | Coke cutting 750 U.S. jobs
Coca-Cola is cutting 750 U.S. jobs, a little more than 1% of its U.S. workforce, according to a company spokesman.
Bloomberg | Initial Jobless Claims in U.S. Rise Less Than Forecast
Fewer Americans than forecast filed first-time claims for unemployment insurance last week, a signal the U.S. labor market is maintaining its recent progress.
USA Today | Job hunt is never far from the mind
That's a lot of idle time to think and second guess. It's also an opportunity to work toward something.
CNN Money | Coke cutting 750 U.S. jobs
Coca-Cola is cutting 750 U.S. jobs, a little more than 1% of its U.S. workforce, according to a company spokesman.
Bloomberg | Initial Jobless Claims in U.S. Rise Less Than Forecast
Fewer Americans than forecast filed first-time claims for unemployment insurance last week, a signal the U.S. labor market is maintaining its recent progress.
USA Today | Job hunt is never far from the mind
That's a lot of idle time to think and second guess. It's also an opportunity to work toward something.
Budget
News
Politico | Conservative House budget fails
House Republican leaders beat back conservatives’ effort to substitute more drastic spending cuts than those contained in Budget Chairman Paul Ryan’s fiscal blueprint, as Democrats forced the issue by voting present on the floor.
Econ Comments & Analysis
WSJ | The Sequester Is an Overhaul Opportunity
With the advent of the trillion-dollar budget sequester two weeks ago, many Americans assumed that the government's motley collection of furloughs, freezes and poorly planned cuts would result in even worse performance by the federal bureaucracy than they've come to expect.
Washington Post | Lessons from the budget bake-off
While philosophers have debated the question in broad terms for centuries, I’m happy to report that we can now definitively quantify the difference between a pinko communist dystopia in which the leviathan state crushes the very soul of freedom, and a neanderthal right-wing hellscape in which the poor, frail or otherwise unlucky fight for whatever crumbs John Galt cares to spill.
Politico | Conservative House budget fails
House Republican leaders beat back conservatives’ effort to substitute more drastic spending cuts than those contained in Budget Chairman Paul Ryan’s fiscal blueprint, as Democrats forced the issue by voting present on the floor.
Econ Comments & Analysis
WSJ | The Sequester Is an Overhaul Opportunity
With the advent of the trillion-dollar budget sequester two weeks ago, many Americans assumed that the government's motley collection of furloughs, freezes and poorly planned cuts would result in even worse performance by the federal bureaucracy than they've come to expect.
Washington Post | Lessons from the budget bake-off
While philosophers have debated the question in broad terms for centuries, I’m happy to report that we can now definitively quantify the difference between a pinko communist dystopia in which the leviathan state crushes the very soul of freedom, and a neanderthal right-wing hellscape in which the poor, frail or otherwise unlucky fight for whatever crumbs John Galt cares to spill.
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