News
CNBC | US Oil Boom to Help Meet New Global Demand: IEA
U.S. shale oil will help meet most of the world's new oil demand in the next five years, even if the global economy picks up steam, leaving the need for OPEC crude barely changed from today's levels, the West's energy agency said on Tuesday.
Washington Post | After buoyant debut, U.S.-E.U. trade talks face a growing list of issues
Supporters of a U.S.-European free-trade deal have begun damping expectations about its immediate benefits amid a series of emerging disputes that could complicate the creation of the world’s largest trade zone.
Market Watch | NFIB small-business optimism index rises in April
The National Federation of Independent Business said its small-business optimism index rose 2.6 points to 92.1 in April, which more than offset March's drop.
WSJ | Bank Bailout Blues Stall U.K. Recovery
Five years after rescuing one of the world's biggest banks, the British government still hasn't figured out what to do with it—a sign of the country's struggle to put its banking woes behind it.
Washington Post | Credit-rating agencies poised to avoid overhaul
Three years after Congress told federal regulators to consider changing the way credit-rating agencies are paid, the industry appears poised to dodge a major overhaul.
CNBC | Better US Economy Throws Wrench in Currency Markets
For a long time, the dollar didn't get much respect, but now that it's standing tall again, it's become a key focus for markets as U.S. economic data is beginning to look a shade better than last month.
Econ Comments & Analysis
Politico | SEC should work on simplilying ratings
Since I left the Securities and Exchange Commission in 2007, many important steps have been taken to improve the quality of credit ratings and to increase the accountability, transparency and oversight of rating firms, which play an important role in the financial system.
Washington Times | Putting out the welcome mat for prosperity
How many new immigrants should the United States allow each year? How many guest workers? These are not easy questions, which is why there is as much fierce debate within the two parties as between them.
Mercatus | Five Reasons to Keep Government Out of Internet Governance
Starting on May 14, the International Telecommunication Union – an agency of the United Nations – is kicking off a meeting for governments and telecom companies to discuss "international Internet-related public policy matters."
CBO | Agriculture Reform, Food, and Jobs Act of 2013
CBO estimates that direct spending authorized by the draft legislation over the 2014-2023 period would total $955 billion. Relative to spending projected under CBO’s May 2013 baseline, CBO estimates that enacting the draft legislation would reduce direct spending by $18.0 billion over the 2014-2023 period.
Blogs
Calculated Risk | Tuesday: Quarterly Report on Household Debt and Credit
Consumer prices are expanding at their slowest pace since summer 2010, when the Federal Reserve launched "QE2," its second round of bond buying.
WSJ | Bernanke to Update Congress on Economic Outlook May 22
Federal Reserve Chairman Ben Bernanke will update Congress on the central bank’s economic outlook on May 22 in testimony before the Joint Economic Committee, according to a release on the website of the panel’s vice chairwoman.
Tuesday, May 14, 2013
Health Care
News
National Journal | How Much Big Insurance Paid a Small-Business Group to Fight a Premium Tax
The nation’s leading health insurance industry group gave $850,000 to a top small-business trade association as part of a campaign to repeal a key provision of President Obama’s health care law, National Journal Daily has learned.
Washington Times | Health premiums could hike 400 percent under Obamacare
Prepare your wallet. Health premiums are set to rise by as much as 400 percent under Obamacare. That’s according to a new report from the House Energy and Commerce Committee released this week that uses information from the nation’s largest health insurance companies to estimate the emerging costs of the Patient Protection and Affordable Care Act.
National Journal | How Much Big Insurance Paid a Small-Business Group to Fight a Premium Tax
The nation’s leading health insurance industry group gave $850,000 to a top small-business trade association as part of a campaign to repeal a key provision of President Obama’s health care law, National Journal Daily has learned.
Washington Times | Health premiums could hike 400 percent under Obamacare
Prepare your wallet. Health premiums are set to rise by as much as 400 percent under Obamacare. That’s according to a new report from the House Energy and Commerce Committee released this week that uses information from the nation’s largest health insurance companies to estimate the emerging costs of the Patient Protection and Affordable Care Act.
Monetary
News
FOX Business | U.S. Import, Export Prices Fall in April
U.S. import prices fell in April due to a drop in oil costs, a positive sign for household finances that also pointed to benign inflation pressures.
Bloomberg | Fed’s Plosser Says Slowing Inflation No Concern for Policy
Federal Reserve Bank of Philadelphia President Charles Plosser said a slowing in U.S. inflation to the lowest rate in more than three years doesn’t warrant a Fed policy response.
Econ Comments & Analysis
Market Watch | Philly Fed’s Plosser: Slow, then end, bond buys
The Federal Reserve needs to slow asset purchases before stopping them, according to a policymaker talking about the central bank’s exit strategy for the first time since a major article was published on the subject.
FOX Business | U.S. Import, Export Prices Fall in April
U.S. import prices fell in April due to a drop in oil costs, a positive sign for household finances that also pointed to benign inflation pressures.
Bloomberg | Fed’s Plosser Says Slowing Inflation No Concern for Policy
Federal Reserve Bank of Philadelphia President Charles Plosser said a slowing in U.S. inflation to the lowest rate in more than three years doesn’t warrant a Fed policy response.
Econ Comments & Analysis
Market Watch | Philly Fed’s Plosser: Slow, then end, bond buys
The Federal Reserve needs to slow asset purchases before stopping them, according to a policymaker talking about the central bank’s exit strategy for the first time since a major article was published on the subject.
Taxes
News
National Journal | IRS Scandal Throws Max Baucus New Challenges on Tax Reform
The unfolding Internal Revenue Service scandal could complicate Senate Finance Committee Chairman Max Baucus’s No. 1 goal of enacting comprehensive tax reform before he retires at the end of this Congress.
WSJ | The IRS Wants You
President Obama famously joked in a college commencement address in 2009 that he could use the IRS to target political enemies but of course he never would. It appears that people at the Internal Revenue Service didn't think he was joking.
Econ Comments & Analysis
WSJ | The Federal Revenue Surge Won't Last
There were many happy faces in Washington on Friday with the Treasury Department's announcement of robust tax revenues for April. Individual income-tax receipts surged to $240 billion for the month, taking the total for 2013 to $483 billion.
Forbes | The IRS's Tea Party Scrutiny Was No Random Error
Just when it appeared Washington, D.C. had become impervious to a full-blown political scandal, along comes a seismic revelation jarring Americans of all ideological moorings – one that’s placed one of the most feared (and fastest-growing) “independent” government agencies squarely on the hot seat.
National Journal | IRS Scandal Throws Max Baucus New Challenges on Tax Reform
The unfolding Internal Revenue Service scandal could complicate Senate Finance Committee Chairman Max Baucus’s No. 1 goal of enacting comprehensive tax reform before he retires at the end of this Congress.
WSJ | The IRS Wants You
President Obama famously joked in a college commencement address in 2009 that he could use the IRS to target political enemies but of course he never would. It appears that people at the Internal Revenue Service didn't think he was joking.
Econ Comments & Analysis
WSJ | The Federal Revenue Surge Won't Last
There were many happy faces in Washington on Friday with the Treasury Department's announcement of robust tax revenues for April. Individual income-tax receipts surged to $240 billion for the month, taking the total for 2013 to $483 billion.
Forbes | The IRS's Tea Party Scrutiny Was No Random Error
Just when it appeared Washington, D.C. had become impervious to a full-blown political scandal, along comes a seismic revelation jarring Americans of all ideological moorings – one that’s placed one of the most feared (and fastest-growing) “independent” government agencies squarely on the hot seat.
Employment
Econ Comments & Analysis
Investors | Obama's Green Jobs Promise Carries A High Cost
Energy: Wasn't Barack Obama supposed to be our first green president? After all, it was candidate Obama who promised his administration would create 5 million alternative energy jobs. Maybe he meant in-the-red jobs.
Washington Times | The ripple effect of high unemployment
America’s abnormally extended period of high unemployment threatens to generate ever-widening circles of pain throughout the U.S. economy. Despite last month’s drop, the current period’s high unemployment is unprecedented, impacting individuals and the nation’s economy and budget in ways that had not been anticipated. These circles not only threaten to ripple out as never before, but to reinforce each other as well.
Blogs
WSJ | Decline in Labor Force Participation Could Be Reversed
The sharp, long running decline in the number of Americans interested and able to work stands a chance of reversing over coming years as long as the economy can continue to grow.
Investors | Obama's Green Jobs Promise Carries A High Cost
Energy: Wasn't Barack Obama supposed to be our first green president? After all, it was candidate Obama who promised his administration would create 5 million alternative energy jobs. Maybe he meant in-the-red jobs.
Washington Times | The ripple effect of high unemployment
America’s abnormally extended period of high unemployment threatens to generate ever-widening circles of pain throughout the U.S. economy. Despite last month’s drop, the current period’s high unemployment is unprecedented, impacting individuals and the nation’s economy and budget in ways that had not been anticipated. These circles not only threaten to ripple out as never before, but to reinforce each other as well.
Blogs
WSJ | Decline in Labor Force Participation Could Be Reversed
The sharp, long running decline in the number of Americans interested and able to work stands a chance of reversing over coming years as long as the economy can continue to grow.
Budget
Econ Comments & Analysis
Mercatus | Public Debt Under Various FY 2014 Proposals
The president and numerous politicians claim that the United States does not have an immediate crisis in terms of debt. The president has gone so far as to say, "In fact, for the next 10 years, it's gonna be in a sustainable place."
Mercatus | Public Debt Under Various FY 2014 Proposals
The president and numerous politicians claim that the United States does not have an immediate crisis in terms of debt. The president has gone so far as to say, "In fact, for the next 10 years, it's gonna be in a sustainable place."
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