News
Bloomberg | Americans Spend Less on Finance as Doubt Lingers: EcoPulse
Americans are allocating a smaller share of their spending to investment-related fees since the recession, a sign they are still wary of returning to financial markets even as stocks trade near record highs.
Bloomberg | Growth in U.S. Trails Forecasts as Defense Spending Falls
The U.S. economy grew less than forecast in the first quarter as a drop in defense outlays undercut the biggest increase in consumer spending in two years.
Econ Comments & Analysis
National Journal | Two Completely Different Ways to Deal With the Upward-Mobility Crisis
Top economists from the Clinton and Bush administrations debate how to revive the economy to keep people from getting stuck.
Real Clear Markets | The Great Recession? Crisis? How About Relearning?
Despite a high level of drama in nearly every corner of the economic globe, we have yet to settle on a catchy description for this particular period in history. We have had the Great Financial Crisis, or the Great Recession, following closely behind, and directly related to, the Great Moderation (itself only a slight change from the Great Inflation). While the Great Financial Crisis continues to roll on, particularly in Europe, there are stains and elements still evident elsewhere. Looking at the bigger picture, however, all of these "Greats" could easily fall within the Great Relearning.
Washington Times | Defending U.S. intellectual property
There are few things U.S. workers value more than protecting the fruits of their labor and creativity. On Friday — World Intellectual Property Day — businesses across sectors and throughout the country celebrate American innovation, the millions of high-paying jobs it creates and the invaluable role it plays in rebuilding our economy.
National Journal | The American Dream, Downsized
The Grain Exchange Room in Milwaukee’s old Chamber of Commerce building is a dazzling display of Gilded Age opulence. Its ornate faux-marble columns soar three stories high, and an intricately carved balcony overlooks what is believed to have been the world’s first commodities-exchange trading pit.
Fortune | New home sales: Poised to double?
The trend in new home sales as a share of total is encouraging, rising steadily since year-end 2010. If new home sales return to their 1999-2005 average of 16% of total sales, this would imply ~800k new home sales, or roughly double the current 417,000 run rate.
AEI | 10 lessons from Cyprus
By destroying Cyprus's bank-centric business model and by imposing severe austerity on the country within a euro straitjacket, the International Monetary Fund-European Union bailout package for Cyprus is likely to lead to the literal collapse of the Cypriot economy over the next year and to Cyprus's exit from the euro.
Blogs
Neighborhood Effects | Freedom in the 50 States and Migration
In last month’s publication of Freedom in the 50 States, Will Ruger and Jason Sorens point to net domestic migration as an indicator that Americans demonstrate their preferences for more libertarian states by where they choose to live.
Friday, April 26, 2013
Health Care
News
Roll Call | Health Insurance Anxiety on Capitol Hill
Lawmakers and congressional staff members are concerned about whether the federal government will continue to pay part of their premiums as they move to buying insurance through the exchanges next year.
CNN Money | Millions can't afford to go to the doctor
Some 80 million people, around 43% of America's working-age adults, didn't go to the doctor or access other medical services last year because of the cost, according to the Commonwealth Fund's Biennial Health Insurance Survey, released Friday. That's up from 75 million people two years ago and 63 million in 2003.
Econ Comments & Analysis
Washington Times | Retreat on Obamacare
One of the Republican promises in the 1994 congressional campaign, included in the “Contract With America,” was to force Congress to live under the laws it imposes on everyone else. The Congressional Accountability Act followed, eliminating a number of major exemptions in the hope that lawmakers would be less likely to enact burdensome laws if they were personally affronted by them.
Roll Call | Health Insurance Anxiety on Capitol Hill
Lawmakers and congressional staff members are concerned about whether the federal government will continue to pay part of their premiums as they move to buying insurance through the exchanges next year.
CNN Money | Millions can't afford to go to the doctor
Some 80 million people, around 43% of America's working-age adults, didn't go to the doctor or access other medical services last year because of the cost, according to the Commonwealth Fund's Biennial Health Insurance Survey, released Friday. That's up from 75 million people two years ago and 63 million in 2003.
Econ Comments & Analysis
Washington Times | Retreat on Obamacare
One of the Republican promises in the 1994 congressional campaign, included in the “Contract With America,” was to force Congress to live under the laws it imposes on everyone else. The Congressional Accountability Act followed, eliminating a number of major exemptions in the hope that lawmakers would be less likely to enact burdensome laws if they were personally affronted by them.
Monetary
News
Bloomberg | Bank of Japan Sees Inflation Nearing Target in 2015: Economy
The Bank of Japan maintained its unprecedented plan to boost money supply at a policy meeting today, and predicted inflation will almost match its target in two years even after a report highlighted deflation’s grip.
CNBC | More Money Printing? Here's How It Could Happen
While talk around Federal Reserve policy has focused on tapering off its easing measures, a weakening economy likely will keep the central bank in the game and could even lead to more aggressive measures.
Blogs
Library of Economics | In the Land of Interest on Reserves the Interest Rate is an Instrument
Since 2008 U.S. banks have been able to earn interest on their reserves: This pins down a minimum interest rate that banks can earn: They never lend for less than that amount. For decades longer, U.S. banks have been able to borrow funds from the Federal Reserve's discount window: This pins down a maximum interest rate at which banks will borrow (plus or minus some details).
Bloomberg | Bank of Japan Sees Inflation Nearing Target in 2015: Economy
The Bank of Japan maintained its unprecedented plan to boost money supply at a policy meeting today, and predicted inflation will almost match its target in two years even after a report highlighted deflation’s grip.
CNBC | More Money Printing? Here's How It Could Happen
While talk around Federal Reserve policy has focused on tapering off its easing measures, a weakening economy likely will keep the central bank in the game and could even lead to more aggressive measures.
Blogs
Library of Economics | In the Land of Interest on Reserves the Interest Rate is an Instrument
Since 2008 U.S. banks have been able to earn interest on their reserves: This pins down a minimum interest rate that banks can earn: They never lend for less than that amount. For decades longer, U.S. banks have been able to borrow funds from the Federal Reserve's discount window: This pins down a maximum interest rate at which banks will borrow (plus or minus some details).
Taxes
News
Bloomberg | Online Sales-Tax Measure Advances in U.S. Senate
The U.S. Senate delayed until May 6 a final vote on a bill that would let states collect taxes on Internet and catalog sales.
Econ Comments & Analysis
Daily Beast | The Real Problem With the Internet Sales Tax
This will be your second post today on the problem of collecting sales taxes on Internet transactions, because after I wrote the first post, it became clear to me that most people who are writing about it do not understand why this is onerous for small business. I mean, sure, hey, there's all these different rates, but that's what software is for!
Forbes | America's Economy Cannot Afford Its Nosebleed Corporate Income Tax
For years, economists have been debating the question, “Who pays the corporate income tax?” Their assumption is that, if the federal government collects a dollar of corporate income tax, then that dollar is “paid” via some combination of lower returns to capital and reduced wages for workers, adding up to a dollar.
Bloomberg | Online Sales-Tax Measure Advances in U.S. Senate
The U.S. Senate delayed until May 6 a final vote on a bill that would let states collect taxes on Internet and catalog sales.
Econ Comments & Analysis
Daily Beast | The Real Problem With the Internet Sales Tax
This will be your second post today on the problem of collecting sales taxes on Internet transactions, because after I wrote the first post, it became clear to me that most people who are writing about it do not understand why this is onerous for small business. I mean, sure, hey, there's all these different rates, but that's what software is for!
Forbes | America's Economy Cannot Afford Its Nosebleed Corporate Income Tax
For years, economists have been debating the question, “Who pays the corporate income tax?” Their assumption is that, if the federal government collects a dollar of corporate income tax, then that dollar is “paid” via some combination of lower returns to capital and reduced wages for workers, adding up to a dollar.
Employment
Econ Comments & Analysis
Washington Times | Rebounding job market showing steady improvement
The number of Americans filing for unemployment benefits fell by 16,000 workers to the second lowest level in more than five years during the week that ended April 20, according to the U.S. Department of Labor.
Blogs
WSJ | Vital Signs Chart: Low Level of Jobless Claims
Jobless claims are at their second-lowest level in five years. The number of Americans filing new claims for unemployment benefits fell 16,000 last week to a seasonally adjusted 339,000.
Washington Times | Rebounding job market showing steady improvement
The number of Americans filing for unemployment benefits fell by 16,000 workers to the second lowest level in more than five years during the week that ended April 20, according to the U.S. Department of Labor.
Blogs
WSJ | Vital Signs Chart: Low Level of Jobless Claims
Jobless claims are at their second-lowest level in five years. The number of Americans filing new claims for unemployment benefits fell 16,000 last week to a seasonally adjusted 339,000.
Budget
News
Bloomberg | Spain Says Deficit Target Must Wait 2 More Years Amid Slump
Spanish Prime Minister Mariano Rajoy sought a two-year extension to meet European Union deficit rules, as he lowered his growth forecast and predicted little relief from a record 27 percent unemployment rate.
Econ Comments & Analysis
NY Times | Debt, Growth and the Austerity Debate
In May 2010, we published an academic paper, “Growth in a Time of Debt.” Its main finding, drawing on data from 44 countries over 200 years, was that in both rich and developing countries, high levels of government debt — specifically, gross public debt equaling 90 percent or more of the nation’s annual economic output — was associated with notably lower rates of growth.
Bloomberg | Spain Says Deficit Target Must Wait 2 More Years Amid Slump
Spanish Prime Minister Mariano Rajoy sought a two-year extension to meet European Union deficit rules, as he lowered his growth forecast and predicted little relief from a record 27 percent unemployment rate.
Econ Comments & Analysis
NY Times | Debt, Growth and the Austerity Debate
In May 2010, we published an academic paper, “Growth in a Time of Debt.” Its main finding, drawing on data from 44 countries over 200 years, was that in both rich and developing countries, high levels of government debt — specifically, gross public debt equaling 90 percent or more of the nation’s annual economic output — was associated with notably lower rates of growth.
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