News
Bloomberg | Euro Recession Seen Longest in Single Currency Era
Euro-area data this week will probably reveal economic scars of the sovereign debt crisis confirming that the region is now suffering the longest recession since the single currency’s creation.
CNN Money | Retail sales rise unexpectedly
Retail sales rose slightly in April, as strong car sales and spending on building supplies helped make up for weakness in other sectors.
Bloomberg | U.S. Animal Spirits Since ’07 Proves Superior to EU Slump
America’s aggressive strategy for tackling its financial and economic ills is working better than Europe’s go-slow approach -- and investors are taking notice.
Econ Comments & Analysis
Washington Post | The jury’s out on whether Dodd-Frank will save capitalism
It’s been five years since the onset of the financial crisis — the rescue of Bear Stearns in March 2008 — and we still don’t know whether the financial system is safe.
Washington Times | Death of the euro
Our European cousins are just now figuring out that ditching their marks, francs, liras and drachmas to join the eurozone may not have been such a hot idea after all. Every time a member nation gets in line at the bailout window, the common currency takes another hit.
Daily Caller | Immigration reform is pro-growth
At the end of the day, the battle over immigration reform is not about dollars and cents. It’s about the soul of a nation. President Reagan reminded us that America must remain a “beacon” and a “shining city on a hill” for immigrants who renew our great country with their energy while adding to economic growth and prosperity.
Real Clear Markets | More Government Without Paying For the Lunches Of Others
Who would willingly choose to add a government to their lives? It certainly sounds like something unexpected, but could it actually make sense? Amazingly enough it can if adding a government allows you to stop another government from picking your pocket.
AEI | The IRS and big government
The expanding Internal Revenue Service scandal could hardly be any more Drudgeriffic. Well, maybe if in addition to singling out groups with “tea party” or “patriot” in their names, the agency had purchased a few billions rounds of hollow-point ammo. Maybe then. But even as is, the scandal is looking pretty bad and getting worse.
Blogs
WSJ | Business Inventories Flat in March
U.S. firms continued to keep inventories in check in March, suggesting that business remained uncertain about the strength of the economic recovery.
Monday, May 13, 2013
Health Care
News
National Journal | 'Obamacare' Repeal: Will the 37th Time Be the Charm?
With tensions over fiscal issues building, and the three-month suspension of the nation’s debt limit set to expire Sunday, lawmakers this week will be rehashing on the House floor their messaging war over repealing President Obama’s three-year-old health care law.
Econ Comments & Analysis
Washington Times | Navigating Obamacare
President Obama’s takeover of health care is so complicated that the government is about to hire a fleet of bureaucrats to explain what it’s all about. The Department of Health and Human Services is looking to hire “navigators” to help Americans figure out how to avoid the perils of Obamacare’s rudderless insurance exchange system.
WSJ | The Health Spending Decline
To the surprise of both political parties and planners of all types, American health-care spending appears to be slowing down. The health growth rate has flattened out at about 3.9% over the last three years—a record low since the 1960s and down from the old normal of 6.2% to 9.7% in the 2000s.
National Journal | 'Obamacare' Repeal: Will the 37th Time Be the Charm?
With tensions over fiscal issues building, and the three-month suspension of the nation’s debt limit set to expire Sunday, lawmakers this week will be rehashing on the House floor their messaging war over repealing President Obama’s three-year-old health care law.
Econ Comments & Analysis
Washington Times | Navigating Obamacare
President Obama’s takeover of health care is so complicated that the government is about to hire a fleet of bureaucrats to explain what it’s all about. The Department of Health and Human Services is looking to hire “navigators” to help Americans figure out how to avoid the perils of Obamacare’s rudderless insurance exchange system.
WSJ | The Health Spending Decline
To the surprise of both political parties and planners of all types, American health-care spending appears to be slowing down. The health growth rate has flattened out at about 3.9% over the last three years—a record low since the 1960s and down from the old normal of 6.2% to 9.7% in the 2000s.
Monetary
News
Market Watch | Top Fed contender Yellen faces QE test
The next chief of the Federal Reserve will decide when to reverse the easy-money policies of Ben Bernanke, a judgment that could strangle the economic recovery if made too early or trigger runaway inflation if made too late.
WSJ | Fed Maps Exit From Stimulus
Federal Reserve officials have mapped out a strategy for winding down an unprecedented $85 billion-a-month bond-buying program meant to spur the economy—an effort to preserve flexibility and manage highly unpredictable market expectations.
Econ Comments & Analysis
Bloomberg | Is the Fed Afraid to Regulate the Big Banks?
The skirmishing is almost over, the main armies almost assembled. Ahead is a great battle over the future of our financial system that could have more profound consequences than the Dodd-Frank legislation of 2010.
Fortune | Active inertia weakens economic policy responses
As bad as things are -- especially for the poor, the young, the unemployed, and other vulnerable segments of the economy -- things need to get worse to overcome the enormous active inertia that is now embedded in the political systems and institutions.
MSN Money | Central bankers out of their depth
With the market hitting record highs even as the US runs up huge deficits, officials around the world are embracing the very Fed policies hurtling us toward financial ruin.
Blogs
Economist | Stability through instability
This spring, the economics commentariat is discussing the relationship between monetary policy and financial stability. The concern that loose monetary policy might lead to financial excess is not a new one; some on Wall Street began complaining about Ben Bernanke's bubbles back before the recession ended.
Market Watch | Top Fed contender Yellen faces QE test
The next chief of the Federal Reserve will decide when to reverse the easy-money policies of Ben Bernanke, a judgment that could strangle the economic recovery if made too early or trigger runaway inflation if made too late.
WSJ | Fed Maps Exit From Stimulus
Federal Reserve officials have mapped out a strategy for winding down an unprecedented $85 billion-a-month bond-buying program meant to spur the economy—an effort to preserve flexibility and manage highly unpredictable market expectations.
Econ Comments & Analysis
Bloomberg | Is the Fed Afraid to Regulate the Big Banks?
The skirmishing is almost over, the main armies almost assembled. Ahead is a great battle over the future of our financial system that could have more profound consequences than the Dodd-Frank legislation of 2010.
Fortune | Active inertia weakens economic policy responses
As bad as things are -- especially for the poor, the young, the unemployed, and other vulnerable segments of the economy -- things need to get worse to overcome the enormous active inertia that is now embedded in the political systems and institutions.
MSN Money | Central bankers out of their depth
With the market hitting record highs even as the US runs up huge deficits, officials around the world are embracing the very Fed policies hurtling us toward financial ruin.
Blogs
Economist | Stability through instability
This spring, the economics commentariat is discussing the relationship between monetary policy and financial stability. The concern that loose monetary policy might lead to financial excess is not a new one; some on Wall Street began complaining about Ben Bernanke's bubbles back before the recession ended.
Taxes
News
FOX Business | What Taxpayers Deserve to Know in IRS Nonprofit Controversy
The controversy now unfolding at the Internal Revenue Service -- that it targeted for rejection the nonprofit status of the Tea Party and other conservative groups that raised concerns about "government spending, government debt or taxes” as early as 2011 -- raises again the problematic oversight at the agency of a nonprofit sector that now is about the size of India.
Blogs
Heritage Foundation | The Ugly Facts About the Internet Sales Tax
The Senate passed the misleadingly named Marketplace Fairness Act last week by a vote of 69-27. But House Speaker John Boehner (R-OH) said that he is unlikely to support it—and other House Members said they want to take a thorough look at it through the normal committee process.
FOX Business | What Taxpayers Deserve to Know in IRS Nonprofit Controversy
The controversy now unfolding at the Internal Revenue Service -- that it targeted for rejection the nonprofit status of the Tea Party and other conservative groups that raised concerns about "government spending, government debt or taxes” as early as 2011 -- raises again the problematic oversight at the agency of a nonprofit sector that now is about the size of India.
Blogs
Heritage Foundation | The Ugly Facts About the Internet Sales Tax
The Senate passed the misleadingly named Marketplace Fairness Act last week by a vote of 69-27. But House Speaker John Boehner (R-OH) said that he is unlikely to support it—and other House Members said they want to take a thorough look at it through the normal committee process.
Employment
Econ Comments & Analysis
FOX Business | Could Housing Save the Labor Market?
When David Pendery, a corporate public relations specialist, decided to move his family from Colorado to Illinois this year for work, his biggest worry was whether he would be able to sell his home quickly.
AEI | A long-term problem for the economy
In a perfect frictionless economy, there would never be any unemployment. If a number of workers were expected to lose their jobs tomorrow, firms would anticipate an increase in the supply of workers, everybody’s wage would drop, and higher demand for the newly available workers would emerge instantly. In the real world, of course, there are many frictions that make non-zero unemployment possible. Most important are skill mismatches and geographic mismatches.
FOX Business | Could Housing Save the Labor Market?
When David Pendery, a corporate public relations specialist, decided to move his family from Colorado to Illinois this year for work, his biggest worry was whether he would be able to sell his home quickly.
AEI | A long-term problem for the economy
In a perfect frictionless economy, there would never be any unemployment. If a number of workers were expected to lose their jobs tomorrow, firms would anticipate an increase in the supply of workers, everybody’s wage would drop, and higher demand for the newly available workers would emerge instantly. In the real world, of course, there are many frictions that make non-zero unemployment possible. Most important are skill mismatches and geographic mismatches.
Budget
News
CNN Money | China's debt: a crisis in the making?
China's credit boom has saddled unworthy businesses with large loans, fueled the country's shadow banking system and put local governments on the hook for billions.
Econ Comments & Analysis
Politico | Sequester signals need for real deficit reduction
If recent news reports are any indication, there is a growing sentiment that after enacting the nearly across-the-board “sequestration” spending cuts, Washington has already done enough to reduce the deficit and should avoid further deficit reduction that could disrupt the fragile recovery.
CRS | The Debt Limit: History and Recent Increases
Total federal debt can increase in two ways. First, debt increases when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations. This increases debt held by the public. Second, debt increases when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses.
CNN Money | China's debt: a crisis in the making?
China's credit boom has saddled unworthy businesses with large loans, fueled the country's shadow banking system and put local governments on the hook for billions.
Econ Comments & Analysis
Politico | Sequester signals need for real deficit reduction
If recent news reports are any indication, there is a growing sentiment that after enacting the nearly across-the-board “sequestration” spending cuts, Washington has already done enough to reduce the deficit and should avoid further deficit reduction that could disrupt the fragile recovery.
CRS | The Debt Limit: History and Recent Increases
Total federal debt can increase in two ways. First, debt increases when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations. This increases debt held by the public. Second, debt increases when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses.
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