News
WSJ | U.S. Land Gets More Expensive
A year ago, Nate Nathan, an Arizona land broker, struggled in vain to sell several hundred home sites in Vistancia, a new-home community about 15 miles from downtown Phoenix. He listed the lots for $54,000 apiece, but no buyers would offer more than $45,000.
FOX Business | OECD: Growth Picking Up in Most Major Economies
Growth is picking up in most industrialised countries, including in the euro zone, the OECD said on Wednesday, with the United States leading the way.
Bloomberg | Home Prices Seen Falling in Some Areas as Rates Increase
Home prices are climbing too fast relative to buyer incomes, signaling that property values may fall in some U.S. cities once mortgage rates rise and reduce affordability, according to a study by Zillow Inc. (Z)
WSJ | Lenders Used Aid to Repay TARP
A number of small banks used $2.1 billion in government cash intended to boost small-business lending to repay bailout funds from the financial crisis, a government watchdog said Tuesday in a report that also concluded the banks lent less money than firms that didn't take bailout aid.
Washington Post | IMF’s LaGarde worries about economic recovery ‘fatigue’ in Eurozone, mandatory US budget cuts
The head of the International Monetary Fund says the greatest threat to a lasting economic recovery in Europe is “the fatigue of both governments and populations” over painful steps already taken to boost growth and combat national debt.
Econ Comments & Analysis
WSJ | The Pension Rate-of-Return Fantasy
It has been said that an actuary is someone who really wanted to be an accountant but didn't have the personality for it. See who's laughing now. Things are starting to get very interesting, actuarially-speaking.
Washington Times | Reinflating the housing bubble
There is evidently no idea bad enough and no failure severe enough to stop the government from trying it once again. In myopia remarkable even by abysmal government standards, the White House is pushing for policies that fueled the housing bubble, which burst a mere five years ago.
Real Clear Markets | President Obama Trumpets 'Financial Capability' While Undermining It
The President proclaimed April to be National Financial Capability Month, a new twist on what used to be called financial literacy month. Who can argue with wanting to make sure that people have "access to the information and tools that empower them to operate safely and smartly in the marketplace"?
AEI | The cost of capital
Last week, President Obama called on banks to increase lending. Banks don’t need that call — the president’s regulators do. That’s because tighter lending is the unintentional but direct result of the Dodd-Frank Act and the Obama administration’s own priorities.
Blogs
Economist | How Mrs Thatcher smashed the Keynesian consensus
In March 1981, 364 eminent British economists published a letter to Margaret Thatcher in The Times condemning her plans to hike taxes even as her monetarist attack on inflation plunged the economy ever deeper into recession.
Wednesday, April 10, 2013
Health Care
News
Politico | Obama budget splits Medicare cuts between patients and providers
The Obama administration budget would squeeze $370 billion in Medicare savings by cutting payments to drug companies and providers but also by making some seniors pay more.
Washington Times | Insurers can’t charge more for smokers in health exchanges
The board charged with implementing federal health care reforms in the District has voted to prohibit insurance companies from charging higher premiums to cigarette smokers, adding the city to a handful of states rejecting such surcharges because of the effect they have on poor families who are more likely to smoke.
Blogs
CATO | Ohio, Missouri Introduce the Health Care Freedom Act 2.0
Ohio Reps. Ron Young (R-Leroy Twp.) and Andy Thompson (R-Marietta), and Missouri Sen. John Lamping (R-St. Louis County), have introduced legislation—we call it the Health Care Freedom Act 2.0—that would suspend the licenses of insurance carriers who accept federal subsidies through one of the Patient Protection and Affordable Care Act’s (PPACA) health insurance Exchanges.
Market Watch | Texas officials confirm Medicaid rate-hike request, but details unclear
It’s official: Texas health officials are seeking a reimbursement rate hike for Medicaid programs in the state. But which insurers will benefit the most from it remains to be seen.
Politico | Obama budget splits Medicare cuts between patients and providers
The Obama administration budget would squeeze $370 billion in Medicare savings by cutting payments to drug companies and providers but also by making some seniors pay more.
Washington Times | Insurers can’t charge more for smokers in health exchanges
The board charged with implementing federal health care reforms in the District has voted to prohibit insurance companies from charging higher premiums to cigarette smokers, adding the city to a handful of states rejecting such surcharges because of the effect they have on poor families who are more likely to smoke.
Blogs
CATO | Ohio, Missouri Introduce the Health Care Freedom Act 2.0
Ohio Reps. Ron Young (R-Leroy Twp.) and Andy Thompson (R-Marietta), and Missouri Sen. John Lamping (R-St. Louis County), have introduced legislation—we call it the Health Care Freedom Act 2.0—that would suspend the licenses of insurance carriers who accept federal subsidies through one of the Patient Protection and Affordable Care Act’s (PPACA) health insurance Exchanges.
Market Watch | Texas officials confirm Medicaid rate-hike request, but details unclear
It’s official: Texas health officials are seeking a reimbursement rate hike for Medicaid programs in the state. But which insurers will benefit the most from it remains to be seen.
Monetary
News
Market Watch | Fed minutes show clear divisions over QE duration
Federal Reserve officials remained divided over how long they should keep buying bonds, according to the minutes of the March 19-20 meeting released Wednesday.
Econ Comments & Analysis
Fortune | 3 bond bubble theories that don't hold up
Top strategist at Blackrock says the economy is stronger than it looks, which will lead to rising interest rates and pain for debt investors. But the evidence otherwise is too strong.
Market Watch | Fed minutes show clear divisions over QE duration
Federal Reserve officials remained divided over how long they should keep buying bonds, according to the minutes of the March 19-20 meeting released Wednesday.
Econ Comments & Analysis
Fortune | 3 bond bubble theories that don't hold up
Top strategist at Blackrock says the economy is stronger than it looks, which will lead to rising interest rates and pain for debt investors. But the evidence otherwise is too strong.
Taxes
News
Politico | President Obama's tax proposal could anger left
President Barack Obama is expected to use his budget proposal to call on Congress to overhaul the corporate tax system in a way that doesn’t generate additional revenue, a move that is sure to anger liberal Democrats in the Senate.
Econ Comments & Analysis
Washington Times | Collecting taxes, dispensing fear
Do you think you receive fair value for the money you spend on taxes? The fact is you don’t, because there is excessive corruption in both the way your tax money is collected and in the way it is spent. Many countries are notorious for the tax collectors being “on the take.” At the federal level, it is rare for an Internal Revenue Service agent to put his hand out, but that does not rule out considerable corruption.
CNN Money | The real reason corporate tax reform is going nowhere fast
Imagine being a brain surgeon given the job of fixing a tumor without being able to see its true size or shape. That wouldn't work too well, would it? It would be even worse if you thought you knew the tumor's size and shape but you had it wrong. Sure, that sounds ridiculous. But that's the situation in which we find ourselves when it comes to fixing the federal corporate income tax, which has a 35% stated rate but more holes than Swiss cheese.
Washington Times | Digging up the gold standard of tax reform
No single labor statistic speaks more loudly, or more painfully, than the announcement that the Obama economy created a puny 88,000 jobs last month.
Slate | Scrap the Corporate Income Tax
No cause is dearer to Washington than corporate income tax reform. The president is for it. The Republican House leadership is for it. Max Baucus, Democratic chairman of the relevant Senate committee is for it. (And boy, oh boy, is he for it. A New York Times article over the weekend revealed that no fewer than 28 former Baucus staffers are currently lobbying on tax issues.)
Heritage Foundation | The Dos and Don’ts of Tax Reform
Congress continues to work toward badly needed fundamental tax reform, and Ways and Means Committee Chairman Dave Camp (R–MI) and Senate Finance Committee Chairman Max Baucus (D–MT) are leading the way. Chairman Camp in particular is carefully and methodically laying the necessary groundwork.
Politico | President Obama's tax proposal could anger left
President Barack Obama is expected to use his budget proposal to call on Congress to overhaul the corporate tax system in a way that doesn’t generate additional revenue, a move that is sure to anger liberal Democrats in the Senate.
Econ Comments & Analysis
Washington Times | Collecting taxes, dispensing fear
Do you think you receive fair value for the money you spend on taxes? The fact is you don’t, because there is excessive corruption in both the way your tax money is collected and in the way it is spent. Many countries are notorious for the tax collectors being “on the take.” At the federal level, it is rare for an Internal Revenue Service agent to put his hand out, but that does not rule out considerable corruption.
CNN Money | The real reason corporate tax reform is going nowhere fast
Imagine being a brain surgeon given the job of fixing a tumor without being able to see its true size or shape. That wouldn't work too well, would it? It would be even worse if you thought you knew the tumor's size and shape but you had it wrong. Sure, that sounds ridiculous. But that's the situation in which we find ourselves when it comes to fixing the federal corporate income tax, which has a 35% stated rate but more holes than Swiss cheese.
Washington Times | Digging up the gold standard of tax reform
No single labor statistic speaks more loudly, or more painfully, than the announcement that the Obama economy created a puny 88,000 jobs last month.
Slate | Scrap the Corporate Income Tax
No cause is dearer to Washington than corporate income tax reform. The president is for it. The Republican House leadership is for it. Max Baucus, Democratic chairman of the relevant Senate committee is for it. (And boy, oh boy, is he for it. A New York Times article over the weekend revealed that no fewer than 28 former Baucus staffers are currently lobbying on tax issues.)
Heritage Foundation | The Dos and Don’ts of Tax Reform
Congress continues to work toward badly needed fundamental tax reform, and Ways and Means Committee Chairman Dave Camp (R–MI) and Senate Finance Committee Chairman Max Baucus (D–MT) are leading the way. Chairman Camp in particular is carefully and methodically laying the necessary groundwork.
Employment
News
CNN Money | Firms are firing less, but not hiring enough
Far fewer Americans are getting fired or laid off these days than they were in 2009. In fact, layoffs are back at their pre-recession lows.
Bloomberg | Job Openings at Five-Year High Signal U.S. Rebound: Economy
Job openings climbed in February to the highest level in almost five years, signaling U.S. employers were preparing to expand before federal government budget cuts took effect last month.
Econ Comments & Analysis
Forbes | Unemployment Is Really 14.3%--Not 7.6%
The current job-creation numbers are meaningfully below the level we might expect during a period of record corporate earnings and the reaching of new peaks in the major stock market indices.
Blogs
WSJ | Vital Signs Chart: Still 3 Job Seekers for Every Opening
Job openings reached a postrecession high in February. Employers had 3.9 million positions open, up 11% from a year earlier and the most since May 2008. With 12 million Americans unemployed in February, there were 3.1 job seekers for every opening.
CNN Money | Firms are firing less, but not hiring enough
Far fewer Americans are getting fired or laid off these days than they were in 2009. In fact, layoffs are back at their pre-recession lows.
Bloomberg | Job Openings at Five-Year High Signal U.S. Rebound: Economy
Job openings climbed in February to the highest level in almost five years, signaling U.S. employers were preparing to expand before federal government budget cuts took effect last month.
Econ Comments & Analysis
Forbes | Unemployment Is Really 14.3%--Not 7.6%
The current job-creation numbers are meaningfully below the level we might expect during a period of record corporate earnings and the reaching of new peaks in the major stock market indices.
Blogs
WSJ | Vital Signs Chart: Still 3 Job Seekers for Every Opening
Job openings reached a postrecession high in February. Employers had 3.9 million positions open, up 11% from a year earlier and the most since May 2008. With 12 million Americans unemployed in February, there were 3.1 job seekers for every opening.
Budget
News
National Journal | It's Debt-Ceiling Madness Again. Why You Should Stay Calm (Sort Of)
The nation’s borrowing limit will be reached once again on May 19. Even though the Treasury Department can take so-called extraordinary measures to push the real deadline for default out to sometime this summer, it sounds an awful lot like 2011 when the country stood ready to default. But a feeling is growing among some economists and political experts that the markets won't be as jittery this time.
CNN Money | What's in Obama's budget
President Obama on Wednesday will propose a $3.77 trillion budget for 2014 that would cut deficits by $1.8 trillion over the next decade, according to senior administration officials.
National Journal | Obama's Budget Has Something for Everyone to Hate
By offering to raise taxes and cut entitlement spending at the same time, the new formal budget proposal from the Obama administration should sufficiently upset just about everyone who will have to vote on it.
CNN Money | Fitch warns on China debt
Fitch Ratings has issued a warning over excessive debt levels in China, arguing that a surge in credit and a reliance on murky lending practices have increased the chance of financial instability.
Econ Comments & Analysis
Politico | Obama budget likely to play same old song
Exciting as watching paint dry — that’s the usual assessment of a budget document. And Wednesday’s release of President Barack Obama’s budget promises to be as underwhelming as it is overdue. Will there be anything of interest at all?
Blogs
Heritage Foundation | Budgets in Comparison: Will President Obama’s Budget Save the American Dream?
When the President’s budget comes out Wednesday, it will complete the last piece of the budget puzzle, as the House and Senate have each duly passed a budget according to law. Never mind that the President’s budget is supposed to lead Washington budget discussions, rather than follow.
National Journal | It's Debt-Ceiling Madness Again. Why You Should Stay Calm (Sort Of)
The nation’s borrowing limit will be reached once again on May 19. Even though the Treasury Department can take so-called extraordinary measures to push the real deadline for default out to sometime this summer, it sounds an awful lot like 2011 when the country stood ready to default. But a feeling is growing among some economists and political experts that the markets won't be as jittery this time.
CNN Money | What's in Obama's budget
President Obama on Wednesday will propose a $3.77 trillion budget for 2014 that would cut deficits by $1.8 trillion over the next decade, according to senior administration officials.
National Journal | Obama's Budget Has Something for Everyone to Hate
By offering to raise taxes and cut entitlement spending at the same time, the new formal budget proposal from the Obama administration should sufficiently upset just about everyone who will have to vote on it.
CNN Money | Fitch warns on China debt
Fitch Ratings has issued a warning over excessive debt levels in China, arguing that a surge in credit and a reliance on murky lending practices have increased the chance of financial instability.
Econ Comments & Analysis
Politico | Obama budget likely to play same old song
Exciting as watching paint dry — that’s the usual assessment of a budget document. And Wednesday’s release of President Barack Obama’s budget promises to be as underwhelming as it is overdue. Will there be anything of interest at all?
Blogs
Heritage Foundation | Budgets in Comparison: Will President Obama’s Budget Save the American Dream?
When the President’s budget comes out Wednesday, it will complete the last piece of the budget puzzle, as the House and Senate have each duly passed a budget according to law. Never mind that the President’s budget is supposed to lead Washington budget discussions, rather than follow.
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