News
Bloomberg | Leading Economic Indicators Index in U.S. Unexpectedly Falls
The index of U.S. leading indicators unexpectedly declined in March for the first time in seven months, a sign the world’s largest economy will cool.
National Journal | Manufacturers Focus on Reforming Tax Code and Reducing Barriers to Trade
Manufacturers are, naturally, the biggest stakeholders in the committee’s discussion of improving the manufacturing sector.
Bloomberg | Philadelphia Fed Manufacturing Index Fell to 1.3 in April
Manufacturing in the Philadelphia region expanded in April at a slower pace than projected as fewer orders prompted managers cut back on hiring and inventories.
Market Watch | 30-year mortgage rate declines to 3.41%
The average rate on the 30-year fixed-rate mortgage declined to 3.41% in the week ending April 18 from 3.43% in the prior week, remaining close to a record low, Freddie Mac said Thursday in its weekly report.
Bloomberg | Consumer Comfort in U.S. Reaches Five-Year High as Finances Heal
Consumer sentiment jumped last week to the highest level in more than five years as record stock prices and the rebound in housing made more Americans feel the expansion will be maintained.
Econ Comments & Analysis
CNN Money | Who's to blame for the middle class struggle?
The middle class is feeling squeezed, and they have plenty of blame to throw around. Some are very quick to point the finger at the poor. In fact, they were more resentful of the poor than the rich, big business and government.
Forbes | That Reinhart and Rogoff Committed a Spreadsheet Error Completely Misses the Point
The financial and economics media is abuzz over the revelation of an error in the recent work of economics professors Carmen Reinhart (University of Maryland) and Kenneth Rogoff (Harvard University). Their 2010 paper in the American Economic Review, “Growth in a Time of Debt,” is perhaps the most quoted but least read economic publication of recent years.
WashingtonTimes | Double standards for regulators
Americans must no longer ignore false realities and double standards that threaten our health and prosperity.
NBER | A Dynamic Model of Subprime Mortgage Default: Estimation and Policy Implications
The increase in defaults in the subprime mortgage market is widely held to be one of the causes behind the recent financial turmoil.
CBO | Testimony on Using the Chained CPI to Index Social Security, Other Federal Programs, and the Tax Code for Inflation
Testimony by Jeffrey Kling, Associate Director for Economic Analysis, before the Subcommittee on Social Security, Committee on Ways and Means, U.S. House of Representatives
AEI | Don’t raise or eliminate the cap
Under Roosevelt's original design for Social Security, high earners wouldn't even have participated. The eventual legislation included the rich, but with a contribution cap to distinguish Social Security from "the dole."
Blogs
Economist | The ivory fortress
One of the more interesting responses to this week's Reinhart-Rogoff debate was this, from the economics blog Cheap Talk. "I Move That The AEA Stop Publishing Papers and Proceedings", the post title reads.
Heritage Foundation | Congress Wants to Tell Americans How to Be More Efficient? Really?
In the interest of trying to make better choices for consumers, Congress has been determined to legislate efficiency mandates for American homes and businesses since the late 1970s.
Thursday, April 18, 2013
Health Care
News
National Journal | Health Care Interests Have Much to Monitor
Because entitlement reform could touch nearly every medical lobby, all will keep eyes and ears on the Energy and Commerce Committee’s doings.
Econ Comments & Analysis
Real Clear Markets | Medicare Savings the Obama Budget Plan Overlooks
Sometimes patients forget to take their meds or choose to skip doses to save a little money. If this sounds like only a casual oversight, a small inconvenience, or an unfortunate personal cost-cutting measure, think again.
Blogs
CATO | Max Baucus, ObamaCare’s Lead Author, Sees ‘Huge Train Wreck Coming Down’
Sen. Max Baucus (D-Mont.) said Wednesday he fears a “train wreck” as the Obama administration implements its signature healthcare law.
National Journal | Health Care Interests Have Much to Monitor
Because entitlement reform could touch nearly every medical lobby, all will keep eyes and ears on the Energy and Commerce Committee’s doings.
Econ Comments & Analysis
Real Clear Markets | Medicare Savings the Obama Budget Plan Overlooks
Sometimes patients forget to take their meds or choose to skip doses to save a little money. If this sounds like only a casual oversight, a small inconvenience, or an unfortunate personal cost-cutting measure, think again.
Blogs
CATO | Max Baucus, ObamaCare’s Lead Author, Sees ‘Huge Train Wreck Coming Down’
Sen. Max Baucus (D-Mont.) said Wednesday he fears a “train wreck” as the Obama administration implements its signature healthcare law.
Monetary
News
Bloomberg | G-20 Draft Affirms Vow to Avoid Competitive Devaluations
Group of 20 nations will affirm a commitment to avoid weakening their currencies to gain a trade advantage, according to a draft statement prepared for a meeting this week in Washington, Bloomberg BNA reported.
CNN Money | The Fed's Bullard thinks inflation is dangerously low
Cue the flashback to summer 2010. Ben Bernanke and other officials at the Federal Reserve were warning that inflation was approaching dangerous lows, perhaps even flirting with the dreaded "D" word -- deflation. Bernanke gave a key speech in Jackson Hole that August hinting that more Fed stimulus might be in the pipeline. Sure enough, it was. The Fed launched QE2 about two months later.
Econ Comments & Analysis
Market Watch | IMF’s Lagarde says ECB has more room to ease
International Monetary Fund Managing Director Christine Lagarde on Thursday called for a “full speed” global economy as she pressed Europe in particular to bolster growth.
Money News | Steve Forbes: Fed Policy Continues to Plague Asset Markets, Economy
The Federal Reserve’s massive easing program is still wreaking havoc on asset markets and the economy, says Steve Forbes, chairman of Forbes Media.
Bloomberg | G-20 Draft Affirms Vow to Avoid Competitive Devaluations
Group of 20 nations will affirm a commitment to avoid weakening their currencies to gain a trade advantage, according to a draft statement prepared for a meeting this week in Washington, Bloomberg BNA reported.
CNN Money | The Fed's Bullard thinks inflation is dangerously low
Cue the flashback to summer 2010. Ben Bernanke and other officials at the Federal Reserve were warning that inflation was approaching dangerous lows, perhaps even flirting with the dreaded "D" word -- deflation. Bernanke gave a key speech in Jackson Hole that August hinting that more Fed stimulus might be in the pipeline. Sure enough, it was. The Fed launched QE2 about two months later.
Econ Comments & Analysis
Market Watch | IMF’s Lagarde says ECB has more room to ease
International Monetary Fund Managing Director Christine Lagarde on Thursday called for a “full speed” global economy as she pressed Europe in particular to bolster growth.
Money News | Steve Forbes: Fed Policy Continues to Plague Asset Markets, Economy
The Federal Reserve’s massive easing program is still wreaking havoc on asset markets and the economy, says Steve Forbes, chairman of Forbes Media.
Taxes
News
Politico | Harry Reid wants online sales tax on Senate floor
Majority Leader Harry Reid began the process late Tuesday that would allow the bill, known as the Marketplace Fairness Act, to come before the full chamber without first going through the Senate Finance Committee — whose leaders largely dislike the proposal.
Econ Comments & Analysis
WSJ | Tax Internet Sales, Stimulate Growth
Reinvigorating the economy should be priority No. 1 for federal and state leaders. After enjoying an average growth rate above 3.5% per year between 1960 and 1999, Americans have had to make do with less than one-half that pace since 2000.
Washington Post | Seeking simplicity in the tax code
At this time of year, when most Americans have just filed their returns, exasperation with the income tax system reaches a peak. Hardly anyone denies that it is a complex mess.
Politico | Harry Reid wants online sales tax on Senate floor
Majority Leader Harry Reid began the process late Tuesday that would allow the bill, known as the Marketplace Fairness Act, to come before the full chamber without first going through the Senate Finance Committee — whose leaders largely dislike the proposal.
Econ Comments & Analysis
WSJ | Tax Internet Sales, Stimulate Growth
Reinvigorating the economy should be priority No. 1 for federal and state leaders. After enjoying an average growth rate above 3.5% per year between 1960 and 1999, Americans have had to make do with less than one-half that pace since 2000.
Washington Post | Seeking simplicity in the tax code
At this time of year, when most Americans have just filed their returns, exasperation with the income tax system reaches a peak. Hardly anyone denies that it is a complex mess.
Employment
News
CNN Money | America's jobs are moving to the suburbs
Despite a short reprieve during the recession, the number of jobs moving to the nation's suburbs grew over the last decade, potentially clogging roadways and reducing job access for the poor.
Bloomberg | Jobless Claims Little Changed as U.S. Job Market Stabilizes
The number of Americans filing claims for unemployment benefits was little changed last week, signaling the labor market is stabilizing.
CNN Money | America's jobs are moving to the suburbs
Despite a short reprieve during the recession, the number of jobs moving to the nation's suburbs grew over the last decade, potentially clogging roadways and reducing job access for the poor.
Bloomberg | Jobless Claims Little Changed as U.S. Job Market Stabilizes
The number of Americans filing claims for unemployment benefits was little changed last week, signaling the labor market is stabilizing.
Budget
Econ Comments & Analysis
Heritage Foundation | Impact of Obama's Budget Proposal on Defense
President Obama’s overall budget request for fiscal year (FY) 2014 and beyond is all but certain to result in the continued application of sequestration to the defense account, which will lead to defense spending levels that are too low to permit the military to protect U.S. vital national interests.
Heritage Foundation | Impact of Obama's Budget Proposal on Defense
President Obama’s overall budget request for fiscal year (FY) 2014 and beyond is all but certain to result in the continued application of sequestration to the defense account, which will lead to defense spending levels that are too low to permit the military to protect U.S. vital national interests.
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