Econ Comments & Analysis
WSJ | A Tale of Two Oil States
Texas and California have been competing for years as U.S. growth models, and one of the less discussed comparisons is on energy. The Golden State has long been one of America's big three oil producing states, along with Texas and Alaska, but last year North Dakota surpassed it. This isn't a matter of geological luck but of good and bad policy choices.
Washington Times | Pocketing the keys to prosperity
The economic crisis that began in 2008 eroded public confidence in free markets — unjustifiably, in the minds of many — and set U.S. policy squarely on a path of increased financial regulation and governmental tinkering in the economy. Contrast this with many developing nations in Africa, where free markets have enjoyed something of a renaissance even after the downturn.
Politico | Trade pact right for U.S. and EU
Democrats and Republicans alike want to see strong economic growth and good jobs for Americans, even if at times we may disagree about how best to achieve these objectives.
Forbes | By Eliminating Failure, The Government Robs Us Of Success
Where does the Left get its power? From one source at root: a wrong standard of morality, of good and evil. Self-sacrifice is said to be the good, self-interest the evil. The Left blames every social and economic disaster on “selfish greed.” What caused the financial meltdown, according to the Left? The selfish greed of Wall Street bankers. Why was Obamacare passed? Because people are in need, and the greedy must serve the needy.
Blogs
Library of Economics | The Pyramid of Macroeconomic Insight and Virtue
A calm assessment would reveal that the entire spectrum of macroeconomic opinion is sorely in need of self-improvement. If you had to classify everyone with a position on the subject, you'd end up with a Pyramid of Macroeconomic Insight and Virtue that looks something like this
Monday, May 6, 2013
Health Care
News
Politico | Holding noses, insurers start hawking Obamacare
So health insurers are planning campaigns for the summer and fall to persuade a skeptical public to sign up and get covered by the health reform law.
Econ Comments & Analysis
CATO | How Government Killed the Medical Profession
I am a general surgeon with more than three decades in private clinical practice. And I am fed up. Since the late 1970s, I have witnessed remarkable technological revolutions in medicine, from CT scans to robot-assisted surgery. But I have also watched as medicine slowly evolved into the domain of technicians, bookkeepers, and clerks.
CATO | The Depressing Future of American Health Care
In 1997, Jacques Chaouilli, MD, a family physician in Montreal, Quebec, decided he could no longer tolerate seeing his patients suffer—sometimes die—lingering on waiting lists for treatment and/or specialty care. He started a private emergency housecall service that got shut down by the government because of its prohibition of private health care.
Blogs
Heritage Foundation | Obama: There Will Be “Bumps” and “Glitches” in Obamacare
In light of negative comments made by Congressional Democrats, President Obama discussed the implementation of Obamacare at a press conference this week, explaining that “even if we do everything perfectly, there’ll still be, you know, glitches and bumps, and there’ll be stories that can be written that says, oh, look, this thing’s, you know, not working the way it’s supposed to, and this happened and that happened.” But Obamacare has been experiencing more than a few “bumps” and “glitches.”
Politico | Holding noses, insurers start hawking Obamacare
So health insurers are planning campaigns for the summer and fall to persuade a skeptical public to sign up and get covered by the health reform law.
Econ Comments & Analysis
CATO | How Government Killed the Medical Profession
I am a general surgeon with more than three decades in private clinical practice. And I am fed up. Since the late 1970s, I have witnessed remarkable technological revolutions in medicine, from CT scans to robot-assisted surgery. But I have also watched as medicine slowly evolved into the domain of technicians, bookkeepers, and clerks.
CATO | The Depressing Future of American Health Care
In 1997, Jacques Chaouilli, MD, a family physician in Montreal, Quebec, decided he could no longer tolerate seeing his patients suffer—sometimes die—lingering on waiting lists for treatment and/or specialty care. He started a private emergency housecall service that got shut down by the government because of its prohibition of private health care.
Blogs
Heritage Foundation | Obama: There Will Be “Bumps” and “Glitches” in Obamacare
In light of negative comments made by Congressional Democrats, President Obama discussed the implementation of Obamacare at a press conference this week, explaining that “even if we do everything perfectly, there’ll still be, you know, glitches and bumps, and there’ll be stories that can be written that says, oh, look, this thing’s, you know, not working the way it’s supposed to, and this happened and that happened.” But Obamacare has been experiencing more than a few “bumps” and “glitches.”
Monetary
News
Bloomberg | Diminished Housing Wealth Effect Keeps Pressure on Fed
The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy.
Econ Comments & Analysis
Market Watch | Fed's Lacker: Recent low inflation won't last
Recent low inflation data seem "transitory," said Jeffrey Lacker, the president of the Richmond Federal Reserve Bank, on Friday.
Mercatus | Financial Market Utilities
The Regulatory Studies Program of the Mercatus Center at George Mason University is dedicated to advancing knowledge about the effects of regulation on society. As part of its mission, the program conducts careful and independent analyses employing contemporary economic scholarship to assess rulemaking proposals and their effects on the economic opportunities and social well-being available to all members of American society.
Blogs
Slate | Is the Fed Blowing Bubbles?
The ongoing weakness of the American economy has led to stubbornly high unemployment and sub-par growth. The effects of fiscal austerity—a sharp rise in taxes and a sharp fall in government spending since the beginning of the year—are undermining economic performance even more.
Bloomberg | Diminished Housing Wealth Effect Keeps Pressure on Fed
The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy.
Econ Comments & Analysis
Market Watch | Fed's Lacker: Recent low inflation won't last
Recent low inflation data seem "transitory," said Jeffrey Lacker, the president of the Richmond Federal Reserve Bank, on Friday.
Mercatus | Financial Market Utilities
The Regulatory Studies Program of the Mercatus Center at George Mason University is dedicated to advancing knowledge about the effects of regulation on society. As part of its mission, the program conducts careful and independent analyses employing contemporary economic scholarship to assess rulemaking proposals and their effects on the economic opportunities and social well-being available to all members of American society.
Blogs
Slate | Is the Fed Blowing Bubbles?
The ongoing weakness of the American economy has led to stubbornly high unemployment and sub-par growth. The effects of fiscal austerity—a sharp rise in taxes and a sharp fall in government spending since the beginning of the year—are undermining economic performance even more.
Taxes
News
Bloomberg | House Action on Online Tax Seen Less Urgent Than Senate
Retailers and state governments are on the verge of winning U.S. Senate passage of a bill today that would let states tax out-of-state retailers, providing up to $23 billion a year in new revenue. They may lose momentum in the Republican-controlled House, where the issue won’t get a vote quickly.
Econ Comments & Analysis
WSJ | Tax Reform Needs Accurate Tax Tables
As Congress moves toward tax reform this year, lawmakers on both sides of the aisle say they favor changes to the tax code that will keep the system as "progressive" as it is now. Congress uses tax-distribution tables to determine how different income groups are affected by tax proposals as a means of assessing progressivity.
Washington Times | Rep. Paul Ryan: ‘Concept’ of Internet tax is solid
Rep. Paul Ryan said that an Internet tax isn’t a bad idea but that the devil was in the details.
CRS | Tax Reform in the 113th Congress: An Overview of Proposals
Most agree that the U.S. tax system is in need of substantial reforms. The 113th Congress continues to explore ways to make the U.S. tax system simpler, fairer, and more efficient. Identifying and enacting policies that will result in a simpler, fairer, and more efficient tax system remains a challenge.
Blogs
CATO | Huge Value-Added Tax Increases in Europe Show Why Washington Politicians Should Never Be Given a New Source of Tax Revenue
The most important, powerful, and relevant argument against the value-added tax in the short run is that we can balance the budget in just five years by capping spending so it grows at the rate of inflation, a very modest level of fiscal restraint.
Bloomberg | House Action on Online Tax Seen Less Urgent Than Senate
Retailers and state governments are on the verge of winning U.S. Senate passage of a bill today that would let states tax out-of-state retailers, providing up to $23 billion a year in new revenue. They may lose momentum in the Republican-controlled House, where the issue won’t get a vote quickly.
Econ Comments & Analysis
WSJ | Tax Reform Needs Accurate Tax Tables
As Congress moves toward tax reform this year, lawmakers on both sides of the aisle say they favor changes to the tax code that will keep the system as "progressive" as it is now. Congress uses tax-distribution tables to determine how different income groups are affected by tax proposals as a means of assessing progressivity.
Washington Times | Rep. Paul Ryan: ‘Concept’ of Internet tax is solid
Rep. Paul Ryan said that an Internet tax isn’t a bad idea but that the devil was in the details.
CRS | Tax Reform in the 113th Congress: An Overview of Proposals
Most agree that the U.S. tax system is in need of substantial reforms. The 113th Congress continues to explore ways to make the U.S. tax system simpler, fairer, and more efficient. Identifying and enacting policies that will result in a simpler, fairer, and more efficient tax system remains a challenge.
Blogs
CATO | Huge Value-Added Tax Increases in Europe Show Why Washington Politicians Should Never Be Given a New Source of Tax Revenue
The most important, powerful, and relevant argument against the value-added tax in the short run is that we can balance the budget in just five years by capping spending so it grows at the rate of inflation, a very modest level of fiscal restraint.
Employment
News
CNN Money | Fewer Americans are unemployed long-term
The ranks of the long-term unemployed are thinning -- but that's not necessarily good news.
Econ Comments & Analysis
Real Clear Markets | Why Friday's Jobs Report Was Ominous
Friday's "Employment Situation" report from the Bureau of Labor Statistics (BLS) wasn't just bad, it was ominous. We're going to discuss what was ominous about it, and what progressive economic policies have to do with all of this. However, first, let's look at why the report was not good news.
Washington Post | Employers lack confidence, not skilled labor
Are we missing a couple million jobs? These would be jobs that exist but lack workers to fill them. The notion that the recovery is being hobbled by too few skilled workers is seductive.
Washington Times | No relief in the numbers
Friday’s official jobs numbers were better than expected. The Labor Department says 165,000 private-sector positions were created in April, pushing the unemployment rate down to 7.5 percent, a decline of only a tenth of a percentage point from March.
NBER | The Impact of City Contracting Set-Asides on Black Self-Employment and Employment
In the 1980s, many U.S. cities initiated programs reserving a proportion of government contracts for minority-owned businesses. The staggered introduction of these set-aside programs is used to estimate their impacts on the self-employment and employment rates of African-American men.
AEI | Why the good jobs report should worry the Obama administration
Last month, the chattering classes were sent into a tizzy by the negative surprise from the March jobs report. Economists had expected that job creation would be about double the 88,000 that was reported, because of the relative strength of other data. Our advice in this space then was to sit back and wait for revisions:
Blogs
WSJ | Jobs Gains Are Strong, Wages Not So Much
The April jobs report is certainly good news for the economic outlook and it offers evidence that the spring slowdown will not last into summer.
CNN Money | Fewer Americans are unemployed long-term
The ranks of the long-term unemployed are thinning -- but that's not necessarily good news.
Econ Comments & Analysis
Real Clear Markets | Why Friday's Jobs Report Was Ominous
Friday's "Employment Situation" report from the Bureau of Labor Statistics (BLS) wasn't just bad, it was ominous. We're going to discuss what was ominous about it, and what progressive economic policies have to do with all of this. However, first, let's look at why the report was not good news.
Washington Post | Employers lack confidence, not skilled labor
Are we missing a couple million jobs? These would be jobs that exist but lack workers to fill them. The notion that the recovery is being hobbled by too few skilled workers is seductive.
Washington Times | No relief in the numbers
Friday’s official jobs numbers were better than expected. The Labor Department says 165,000 private-sector positions were created in April, pushing the unemployment rate down to 7.5 percent, a decline of only a tenth of a percentage point from March.
NBER | The Impact of City Contracting Set-Asides on Black Self-Employment and Employment
In the 1980s, many U.S. cities initiated programs reserving a proportion of government contracts for minority-owned businesses. The staggered introduction of these set-aside programs is used to estimate their impacts on the self-employment and employment rates of African-American men.
AEI | Why the good jobs report should worry the Obama administration
Last month, the chattering classes were sent into a tizzy by the negative surprise from the March jobs report. Economists had expected that job creation would be about double the 88,000 that was reported, because of the relative strength of other data. Our advice in this space then was to sit back and wait for revisions:
Blogs
WSJ | Jobs Gains Are Strong, Wages Not So Much
The April jobs report is certainly good news for the economic outlook and it offers evidence that the spring slowdown will not last into summer.
Budget
News
Politico | House and Senate can’t agree on budget process
House and Senate negotiators have reached an impasse over how to move forward on their respective budget proposals — making any chance of a compromise budget deal to slash the deficit less likely.
Politico | House GOP may link debt cap, tax reform
They’ve used massive spending cuts to attract support. Earlier this year, they raised the nation’s borrowing limit with a stipulation that Senate Democrats would, for the first time in years, pass a budget or risk their paychecks.
National Journal | Debt-Ceiling Fight May Flare This Week
The brewing debt-ceiling showdown still looms weeks—if not months—away, but hostilities will begin flaring this week as House Republicans push action on a bill signaling no retreat from their demand for spending cuts as a condition to any ceiling hike.
CNN Money | One spot where government spending is going up
Amid constant stories of sequester-related cuts, here's a rare place where the government is increasing its spending: The Bureau of Labor Statistics recently ramped up its monthly survey of businesses, leading to the highest response rate on record for the February jobs report.
Politico | House and Senate can’t agree on budget process
House and Senate negotiators have reached an impasse over how to move forward on their respective budget proposals — making any chance of a compromise budget deal to slash the deficit less likely.
Politico | House GOP may link debt cap, tax reform
They’ve used massive spending cuts to attract support. Earlier this year, they raised the nation’s borrowing limit with a stipulation that Senate Democrats would, for the first time in years, pass a budget or risk their paychecks.
National Journal | Debt-Ceiling Fight May Flare This Week
The brewing debt-ceiling showdown still looms weeks—if not months—away, but hostilities will begin flaring this week as House Republicans push action on a bill signaling no retreat from their demand for spending cuts as a condition to any ceiling hike.
CNN Money | One spot where government spending is going up
Amid constant stories of sequester-related cuts, here's a rare place where the government is increasing its spending: The Bureau of Labor Statistics recently ramped up its monthly survey of businesses, leading to the highest response rate on record for the February jobs report.
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