News
Bloomberg | Euro-Area March Inflation Slows Less Than Estimated
Euro-area inflation slowed less than economists forecast in March as steeper price increases for services offset an easing in energy costs.
Bloomberg | Americans Seize Second Chance Mortgages Post-Foreclosure
Jason Schmitt lost his $90,000-a- year job at an oil rig in 2009. The bank repossessed his Tulsa, Oklahoma home and the former Army combat engineer went bankrupt. Last month, after moving with his family to his Missouri hometown, he got a Veterans Administration mortgage that lets borrowers buy property just two years after a foreclosure.
Market Watch | Annual home-price growth fastest since 2006
U.S. home prices rose 10.2% in February from the same period in the prior year, reaching the fastest year-over-year pace since bubble-era growth in 2006, according to a Wednesday report from analysis firm CoreLogic
Econ Comments & Analysis
National Journal | Is Chained CPI the Wrong Solution to the Right Problem?
When President Obama releases his budget next week, it may include what some tout as an elegant solution to the nation's fiscal problems, a way of measuring price changes known as “chained CPI.”
Real Clear Markets | Two California Economies Head In Different Directions
On Monday a judge ruled that Stockton, Ca. could enter bankruptcy. The city of 291,000 counts among its woes hundreds of millions of dollars in retirement promises it hasn't funded and hasn't been able to afford since a steep economic decline began several years ago. Today, unemployment in the Stockton metro area is a daunting 15.5 percent, which doesn't do much for the local tax base.
Blogs
WSJ | World-Wide Factory Activity, by Country
Manufacturing expanded at a slightly faster pace across much of the globe in March, but European woes weighed on the world-wide numbers.
Calculated Risk | ISM Non-Manufacturing Index indicates slower expansion in March
The March ISM Non-manufacturing index was at 54.4%, down from 56.0% in February. The employment index decreased in March to 53.3%, down from 57.2% in February. Note: Above 50 indicates expansion, below 50 contraction.
Wednesday, April 3, 2013
Health Care
News
Politico | CMS reverses course on cuts
The insurance industry chalked up one of its greatest political victories in recent memory on Monday as the Obama administration reversed course on a proposal to cut Medicare Advantage rates.
CNN Money | Most individual health insurance isn't good enough for Obamacare
If you buy your own health insurance now, you'll be in for a big change when you sign up for coverage in 2014.
Econ Comments & Analysis
WSJ | Comparative Dis-Advantage
The political options under ObamaCare usually come down to change for the worse or change for the much worse, so be thankful for small mercies. On Monday the Health and Human Services Department reversed some of the cuts it planned to impose on Medicare Advantage, even if HHS's vendetta against the program endures.
Politico | CMS reverses course on cuts
The insurance industry chalked up one of its greatest political victories in recent memory on Monday as the Obama administration reversed course on a proposal to cut Medicare Advantage rates.
CNN Money | Most individual health insurance isn't good enough for Obamacare
If you buy your own health insurance now, you'll be in for a big change when you sign up for coverage in 2014.
Econ Comments & Analysis
WSJ | Comparative Dis-Advantage
The political options under ObamaCare usually come down to change for the worse or change for the much worse, so be thankful for small mercies. On Monday the Health and Human Services Department reversed some of the cuts it planned to impose on Medicare Advantage, even if HHS's vendetta against the program endures.
Monetary
News
Bloomberg | IMF to Contribute 1 Billion Euros to Cyprus Rescue
The International Monetary Fund will contribute about 1 billion euros ($1.3 billion) as part of a rescue program for Cyprus that aims to stabilize the nation’s banks and reduce public spending, IMF Managing Director Christine Lagarde said.
CNN Money | Bank of Japan set to launch war on deflation
Dramatic policy changes at the Bank of Japan are likely to start moving from rhetoric to reality Thursday, as the country makes an ambitious bid to reverse persistent deflation.
FOX Business | Fed Hawk Lacker and Dove Evans Face Off Over Inflation
One of the Federal Reserve's most hawkish officials confronted one of the institution's most dovish policymakers on Tuesday in a rare joint public debate over the risks posed to inflation by the U.S. central bank's bold steps to spur growth.
Bloomberg | Fed’s Lockhart Says QE May Be Needed Into Next Year
Atlanta Federal Reserve Bank President Dennis Lockhart said the Fed will probably need to strengthen the U.S. labor market by pressing on with asset purchases later into this year or into 2014.
Econ Comments & Analysis
Market Watch | Fed official eyes delayed Volcker Rule approval
A top Federal Reserve official on Wednesday said he is "hopeful" that the Volcker Rule, which is supposed to limit speculative trading by big banks, will be finished in 2013.
Forbes | An Overleveraged Fed Punishes Better-Capitalized Banks
The Fed recently told some top U.S. banks that they were inadequately capitalized, hence ineligible to pay the dividends that they had planned on paying. It’s certainly a troubling state of affairs in a supposedly-free America when bank executives lack the full liberty to operate their enterprises as they see fit without first obtaining permission from the officials of a fiscally-profligate government.
Mercatus | Evaluating the Centralized-Layers Approach to U.S. Federal Financial Regulation
Passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 formalized a centralized-layers approach to financial regulation—an approach that the Economist (2012) noted has led to a gradual shift from one federal regulator for every three US banks in 1935 to three federal regulators for every one bank today.
Blogs
Economist | One expensive euro
Most of the time, American economic trends closely track those in Europe and vice-versa. When growth in one slows so does growth in the other. When one's economy tanks so does the other's, as in late 2008. And when recovery begins in one, so too does a rebound begin in the other, as in mid-2009. Sort of.
Bloomberg | IMF to Contribute 1 Billion Euros to Cyprus Rescue
The International Monetary Fund will contribute about 1 billion euros ($1.3 billion) as part of a rescue program for Cyprus that aims to stabilize the nation’s banks and reduce public spending, IMF Managing Director Christine Lagarde said.
CNN Money | Bank of Japan set to launch war on deflation
Dramatic policy changes at the Bank of Japan are likely to start moving from rhetoric to reality Thursday, as the country makes an ambitious bid to reverse persistent deflation.
FOX Business | Fed Hawk Lacker and Dove Evans Face Off Over Inflation
One of the Federal Reserve's most hawkish officials confronted one of the institution's most dovish policymakers on Tuesday in a rare joint public debate over the risks posed to inflation by the U.S. central bank's bold steps to spur growth.
Bloomberg | Fed’s Lockhart Says QE May Be Needed Into Next Year
Atlanta Federal Reserve Bank President Dennis Lockhart said the Fed will probably need to strengthen the U.S. labor market by pressing on with asset purchases later into this year or into 2014.
Econ Comments & Analysis
Market Watch | Fed official eyes delayed Volcker Rule approval
A top Federal Reserve official on Wednesday said he is "hopeful" that the Volcker Rule, which is supposed to limit speculative trading by big banks, will be finished in 2013.
Forbes | An Overleveraged Fed Punishes Better-Capitalized Banks
The Fed recently told some top U.S. banks that they were inadequately capitalized, hence ineligible to pay the dividends that they had planned on paying. It’s certainly a troubling state of affairs in a supposedly-free America when bank executives lack the full liberty to operate their enterprises as they see fit without first obtaining permission from the officials of a fiscally-profligate government.
Mercatus | Evaluating the Centralized-Layers Approach to U.S. Federal Financial Regulation
Passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 formalized a centralized-layers approach to financial regulation—an approach that the Economist (2012) noted has led to a gradual shift from one federal regulator for every three US banks in 1935 to three federal regulators for every one bank today.
Blogs
Economist | One expensive euro
Most of the time, American economic trends closely track those in Europe and vice-versa. When growth in one slows so does growth in the other. When one's economy tanks so does the other's, as in late 2008. And when recovery begins in one, so too does a rebound begin in the other, as in mid-2009. Sort of.
Taxes
News
Politico | Corporations getting cold feet on tax reform
At first, it seemed like an idea the White House, Congress and corporate America could all agree on. Every company would play by the same tax rules: They would give up their special tax breaks in exchange for lowering the basic tax rate from 35 percent to as little as 25 percent.
Econ Comments & Analysis
WSJ | 'Carried Interest' Is Not a Capital Gain
The question of how to fairly and equitably tax capital gains has been a political problem since the modern personal-income tax was adopted in 1913. Actually, this question has been one of the drivers transforming the tax code from its original 14 pages to its current Bibles-long mess. One of the complications, a cause of much recent controversy, is known as "carried interest."
Washington Times | A day to rue our foolish corporate tax rate
April Fools’ Day marked the one-year anniversary of the United States having the highest corporate-tax rate in the industrialized world. Unfortunately, the economic damage this policy causes is no joke.
WSJ | About Those Tax Breaks for Big Oil . . .
President Obama has been telling America for months that special tax breaks for the oil and gas industry must come to an end. The presidential demand always prompts puzzled gazes among tax and energy-industry experts, who ask: What special tax breaks?
Real Clear Markets | Tax Progressivity: It's Not Just the Burden of the Rich
The recent public debate over taxes has tended to focus on the tax rates faced by the highest earners. But it might come as a surprise to many that the highest effective marginal tax rates are found not at the top of the income distribution, but at the bottom.
Heritage Foundation | Tax Day 2013: No More Tax Increases Shall Pass
Right now, Americans are enduring the pain of filling out confusing tax forms before the April 15 deadline for completing their 2012 income taxes. The frustration they feel today will be even worse next year, however.
Politico | Corporations getting cold feet on tax reform
At first, it seemed like an idea the White House, Congress and corporate America could all agree on. Every company would play by the same tax rules: They would give up their special tax breaks in exchange for lowering the basic tax rate from 35 percent to as little as 25 percent.
Econ Comments & Analysis
WSJ | 'Carried Interest' Is Not a Capital Gain
The question of how to fairly and equitably tax capital gains has been a political problem since the modern personal-income tax was adopted in 1913. Actually, this question has been one of the drivers transforming the tax code from its original 14 pages to its current Bibles-long mess. One of the complications, a cause of much recent controversy, is known as "carried interest."
Washington Times | A day to rue our foolish corporate tax rate
April Fools’ Day marked the one-year anniversary of the United States having the highest corporate-tax rate in the industrialized world. Unfortunately, the economic damage this policy causes is no joke.
WSJ | About Those Tax Breaks for Big Oil . . .
President Obama has been telling America for months that special tax breaks for the oil and gas industry must come to an end. The presidential demand always prompts puzzled gazes among tax and energy-industry experts, who ask: What special tax breaks?
Real Clear Markets | Tax Progressivity: It's Not Just the Burden of the Rich
The recent public debate over taxes has tended to focus on the tax rates faced by the highest earners. But it might come as a surprise to many that the highest effective marginal tax rates are found not at the top of the income distribution, but at the bottom.
Heritage Foundation | Tax Day 2013: No More Tax Increases Shall Pass
Right now, Americans are enduring the pain of filling out confusing tax forms before the April 15 deadline for completing their 2012 income taxes. The frustration they feel today will be even worse next year, however.
Employment
News
CNN Money | ADP: Private sector job growth slowed in March
The pace of hiring by private employers slowed last month. Only 158,000 jobs were added, according to a report issued Wednesday by payroll-processing firm ADP.
CNN Money | ADP: Private sector job growth slowed in March
The pace of hiring by private employers slowed last month. Only 158,000 jobs were added, according to a report issued Wednesday by payroll-processing firm ADP.
Budget
Econ Comments & Analysis
Heritage Foundation | 'Sequester' Needed to Rein in Spending: Another View
Let's get real on the "sequester." One month in, not much has changed. Nor is it likely to. Rather than devastating the federal government, the sequester is necessary to rein in the unbridled growth of federal spending.
Heritage Foundation | 'Sequester' Needed to Rein in Spending: Another View
Let's get real on the "sequester." One month in, not much has changed. Nor is it likely to. Rather than devastating the federal government, the sequester is necessary to rein in the unbridled growth of federal spending.
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