News
CNN Money | Home price rise continues to pick up speed
The pace of home price increases continued to accelerate in February, according to a reading Tuesday that showed the biggest gain since near the height of the housing bubble.
Econ Comments & Analysis
Market Watch | Roubini: Money supplies holding back economy, but run could last two years
Economic guru Noriel Roubini and a panel of experts told the Milken Global Conference Monday that there is a disconnect between the continually surging equities markets and the actual performance of the U.S. economy, but that the current market run could last another two years.
NY Times | The Warnings Behind the Numbers
On its face, Friday’s announcement that the nation’s gross domestic product expanded at a 2.5 percent annual rate in the first quarter was good news, following as it did an only marginally positive result for the previous three-month period.
Real Clear Markets | How Much Do Americans Care About Income Inequality?
Since the financial crisis, income inequality has been a topic of obsession in many journalistic and advocacy quarters. There is some irony in this, because the crash brought about the first reversal of inequality between "the 99 percent" and richer Americans in years, and there was much less concern about the subject during the period in which inequality was rising steadily.
Washington Times | Misplaced criticism of multinationals
Governments of all sizes and shapes have been chronically short of cash since the global financial meltdown five years ago. The result: From the United Kingdom to Zambia, lawmakers have been under constant pressure to reduce their budget shortfalls.
Real Clear Markets | Without Excusing Obamanomics, Bushonomics Was a Dismal Failure
Having studiously avoided the limelight since departing Washington a little over four years ago, former President George W. Bush's profile has recently grown with the opening of his presidential library at Southern Methodist University. Bush's re-emergence has predictably, and understandably, brought with it defenses of a presidency widely seen as a failure upon his leaving office in 2009.
Heritage Foundation | Tariff Reform Needed to Boost the U.S. Economy
Congress routinely engages in targeted, short-term tariff cuts through “miscellaneous tariff bills.” Although conventional wisdom says that unilateral tariff cuts are politically impossible, these bills show that it is possible to reduce tariffs given the right political environment.
Tuesday, April 30, 2013
Health Care
Econ Comments & Analysis
WSJ | The Coming ObamaCare Shock
In recent weeks, there have been increasing expressions of concern from surprising quarters about the implementation of ObamaCare. Montana Sen. Max Baucus, a Democrat, called it a "train wreck." A Democratic colleague, West Virginia's Sen. Jay Rockefeller, described the massive Affordable Care Act as "beyond comprehension."
Real Clear Markets | For An Obamacare Preview, Look To England
British newspapers are filled with the pros and cons of the National Health Service, which provides free or heavily subsidized care to all registered residents. The latest story is that British hospital emergency room visits are rising, from 18 million in 2005 to 22 million in 2012. That's an increase of 22 percent in 7 years, far above the population increase of 4 percent.
WSJ | The Coming ObamaCare Shock
In recent weeks, there have been increasing expressions of concern from surprising quarters about the implementation of ObamaCare. Montana Sen. Max Baucus, a Democrat, called it a "train wreck." A Democratic colleague, West Virginia's Sen. Jay Rockefeller, described the massive Affordable Care Act as "beyond comprehension."
Real Clear Markets | For An Obamacare Preview, Look To England
British newspapers are filled with the pros and cons of the National Health Service, which provides free or heavily subsidized care to all registered residents. The latest story is that British hospital emergency room visits are rising, from 18 million in 2005 to 22 million in 2012. That's an increase of 22 percent in 7 years, far above the population increase of 4 percent.
Monetary
News
Bloomberg | Euro-Area 1.2% Inflation Adds Pressure for ECB Rate Cut: Economy
Euro-area inflation at a three-year low and record unemployment increased pressure on the European Central Bank to cut interest rates later this week to spur lending and growth.
Bloomberg | Euro-Area 1.2% Inflation Adds Pressure for ECB Rate Cut: Economy
Euro-area inflation at a three-year low and record unemployment increased pressure on the European Central Bank to cut interest rates later this week to spur lending and growth.
Taxes
News
Fortune | Offshore account holders win a victory in government tax case
The Justice Department got a black eye last week in a case involving a 79-year old Florida widow with $43 million in offshore accounts.
Roll Call | Republicans Consider Tying Ambitious Tax Overhaul to Debt Limit Talks
House Republicans are discussing plans to bring an overhaul of the tax code into an upcoming fight with President Barack Obama over raising the debt ceiling, but they do not see a tax rewrite as a substitute for the big spending cuts they also hope to achieve.
Washington Post | Online sales tax forges odd political alliances
In what has become an unusual political dispute, legislation to allow state and local governments to collect sales tax on online transactions has rearranged some of the traditional battle lines in Washington. Called the Martketplace Fairness Act, the bill has found supporters and critics in both parties and split the oft-united retail community right down the middle.
Blogs
CATO | The American Roots of Tax Aversion
In last Sunday’s Washington Post, Jennifer Rubin wrote that Republicans must move beyond their adoration of Ronald Reagan and recognize
Heritage Foundation | Internet Sales Tax: Here Come the Auditors
Internet sales tax legislation could subject small online businesses to up to 46 state audits. And since sales taxes vary among thousands of tax jurisdictions across the country, the chances that auditors will find mistakes—and slap the business owners with penalties—are very good. If truth-in-advertising requirements applied to legislation, says Heritage Action’s Dan Holler, the Marketplace Fairness Act would be renamed the Tax Audits from Hell Act of 2013.
Fortune | Offshore account holders win a victory in government tax case
The Justice Department got a black eye last week in a case involving a 79-year old Florida widow with $43 million in offshore accounts.
Roll Call | Republicans Consider Tying Ambitious Tax Overhaul to Debt Limit Talks
House Republicans are discussing plans to bring an overhaul of the tax code into an upcoming fight with President Barack Obama over raising the debt ceiling, but they do not see a tax rewrite as a substitute for the big spending cuts they also hope to achieve.
Washington Post | Online sales tax forges odd political alliances
In what has become an unusual political dispute, legislation to allow state and local governments to collect sales tax on online transactions has rearranged some of the traditional battle lines in Washington. Called the Martketplace Fairness Act, the bill has found supporters and critics in both parties and split the oft-united retail community right down the middle.
Blogs
CATO | The American Roots of Tax Aversion
In last Sunday’s Washington Post, Jennifer Rubin wrote that Republicans must move beyond their adoration of Ronald Reagan and recognize
Heritage Foundation | Internet Sales Tax: Here Come the Auditors
Internet sales tax legislation could subject small online businesses to up to 46 state audits. And since sales taxes vary among thousands of tax jurisdictions across the country, the chances that auditors will find mistakes—and slap the business owners with penalties—are very good. If truth-in-advertising requirements applied to legislation, says Heritage Action’s Dan Holler, the Marketplace Fairness Act would be renamed the Tax Audits from Hell Act of 2013.
Employment
News
Bloomberg | Employment Costs in U.S. Climbed at Slower Pace in First Quarter
Employment expenses in the U.S. grew at a slower pace in the first quarter, signaling the job market will not contribute to inflation.
CNN Money | For the unemployed, no reprieve on budget cuts
Starting this week, many in California collecting federal unemployment benefits will get about 17.7% less than they got last week, thanks to Washington's across-the-board budget cuts.
Bloomberg | Euro-Area Unemployment Increases to Record 12.1% Amid Recession
The euro-area jobless rate rose to a record in March, increasing pressure on the European Central Bank to take additional measures to boost growth.
Econ Comments & Analysis
Politico | The immigration solution the nation needs
I always loved the last line of Emma Lazarus’s beautiful sonnet that adorns the Statue of Liberty: “I lift my lamp beside the golden door!”
NY Post | Labor pains continue despite soaring profits
This Friday, at precisely 8:30 a.m., everyone will be asking the same question: Why aren’t companies hiring more workers? That’s the same question America has been asking for the past six years. And the simple answer hasn’t changed: Because corporate executives don’t want to.
Mercatus | The Truth About Long-Term Unemployment
This has been a historically slow economic recovery, and one of the results has been the persistent and unprecedented number of long-term unemployed. As bad as the official data appears, it actually underestimates the problem.
Blogs
WSJ | Was the Journal Wrong About Labor Force Participation?
In the Outlook column in today’s Wall Street Journal, I argued that the historic decline in the workforce participation — that is, the share of the population that’s working or looking for work — is more about demographics than about discouraged job seekers abandoning their job searches.
Bloomberg | Employment Costs in U.S. Climbed at Slower Pace in First Quarter
Employment expenses in the U.S. grew at a slower pace in the first quarter, signaling the job market will not contribute to inflation.
CNN Money | For the unemployed, no reprieve on budget cuts
Starting this week, many in California collecting federal unemployment benefits will get about 17.7% less than they got last week, thanks to Washington's across-the-board budget cuts.
Bloomberg | Euro-Area Unemployment Increases to Record 12.1% Amid Recession
The euro-area jobless rate rose to a record in March, increasing pressure on the European Central Bank to take additional measures to boost growth.
Econ Comments & Analysis
Politico | The immigration solution the nation needs
I always loved the last line of Emma Lazarus’s beautiful sonnet that adorns the Statue of Liberty: “I lift my lamp beside the golden door!”
NY Post | Labor pains continue despite soaring profits
This Friday, at precisely 8:30 a.m., everyone will be asking the same question: Why aren’t companies hiring more workers? That’s the same question America has been asking for the past six years. And the simple answer hasn’t changed: Because corporate executives don’t want to.
Mercatus | The Truth About Long-Term Unemployment
This has been a historically slow economic recovery, and one of the results has been the persistent and unprecedented number of long-term unemployed. As bad as the official data appears, it actually underestimates the problem.
Blogs
WSJ | Was the Journal Wrong About Labor Force Participation?
In the Outlook column in today’s Wall Street Journal, I argued that the historic decline in the workforce participation — that is, the share of the population that’s working or looking for work — is more about demographics than about discouraged job seekers abandoning their job searches.
Budget
News
Bloomberg | U.S. Sees First Debt Reduction Since 2007 as Revenue Rises
The U.S. Treasury Department (USGG10YR) projected it will reduce government debt this quarter for the first time in six years as tax receipts exceed forecasts and spending diminishes.
Washington Post | In Europe, widening impatience over austerity hits politicians hard
With economic growth stuck near zero and unemployment rising, Europeans are increasingly impatient with the budget discipline imposed as part of the European Union’s showcase anti-crisis pact.
Econ Comments & Analysis
Washington Times | Privatize almost everything
As a mental challenge, try to think of all of the governmental activities — federal, state and local — that could be privatized. Now, go a step further. Suppose you were required to develop a plan to privatize, or make self-supporting through user fees, nearly every activity of government. Could you or a group of your friends do it? Try it. I expect your success will surprise you.
Bloomberg | U.S. Sees First Debt Reduction Since 2007 as Revenue Rises
The U.S. Treasury Department (USGG10YR) projected it will reduce government debt this quarter for the first time in six years as tax receipts exceed forecasts and spending diminishes.
Washington Post | In Europe, widening impatience over austerity hits politicians hard
With economic growth stuck near zero and unemployment rising, Europeans are increasingly impatient with the budget discipline imposed as part of the European Union’s showcase anti-crisis pact.
Econ Comments & Analysis
Washington Times | Privatize almost everything
As a mental challenge, try to think of all of the governmental activities — federal, state and local — that could be privatized. Now, go a step further. Suppose you were required to develop a plan to privatize, or make self-supporting through user fees, nearly every activity of government. Could you or a group of your friends do it? Try it. I expect your success will surprise you.
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