News
CNN Money | Tesla: The anti-Solyndra
Its electric cars are selling and its stock closed Tuesday up 146% this year. Elon Musk's company is making enough money to repay a $465 million Energy Department loan in the next five years, around half the time that was initially expected.
Market Watch | Euro-zone GDP drops 0.2%, worse than expected
Gross domestic product for the euro zone contracted by a worse-than-expected 0.2% in the first quarter of 2013, keeping the region mired in recession, data from Eurostat, the statistical office of the European Union, showed on Wednesday.
Bloomberg | New York Area Manufacturing Unexpectedly Contracts
The Federal Reserve Bank of New York’s general economic index declined to minus 1.4 this month from 3.1 in April. Readings less than zero signal contraction in New York, northern New Jersey and southern Connecticut. The median projection in a Bloomberg survey called for an increase to 4.
Market Watch | Industrial production drops 0.5% in April
Industrial production slumped 0.5% in April, dragged lower by a big drop in utilities output but also by a drop in manufacturing, the Federal Reserve said Wednesday.
CNN Money | Retirement savers lose $117,000 to unexpected events
Unexpected setbacks, ranging from stock market declines to suddenly supporting an adult child, have taken a major hit to Baby Boomers' retirement savings, according to a recent survey.
Econ Comments & Analysis
Real Clear Markets | America's Growing Social Security Disability Problem
The latest Social Security Administration data document that Social Security Disability Insurance (SSDI) rolls reached a record high of 8.85 million in March 2013, an increase of 1.6 million or 21 percent since the start of the Great Recession in 2007.
Wednesday, May 15, 2013
Health Care
News
National Journal | Are Health Care Costs Healing Themselves?
No one knows why, but health spending has been growing at record-low rates. If it keeps up, it could have major implications for one of the hottest debates in Washington.
Econ Comments & Analysis
Investors | Venture Capital In Medical Innovation Declines
Venture capital investment in American life-sciences innovation is suffering an alarming decline. The number of new biotechnology and medical device companies receiving start-up financing has now fallen to the lowest levels in 18 years, according to PriceWaterhouseCoopers.
Washington Times | Panic over Obamacare
Over $2 trillion will be poured into Obamacare over the next decade but even that won’t be enough, so the government is going to private health care companies and even lobbyists with a begging bowl. Health and Human Services Secretary Kathleen Sebelius has been hitting the telephones and looking for speaking dates in a hunt for big-dollar donations.
National Journal | Are Health Care Costs Healing Themselves?
No one knows why, but health spending has been growing at record-low rates. If it keeps up, it could have major implications for one of the hottest debates in Washington.
Econ Comments & Analysis
Investors | Venture Capital In Medical Innovation Declines
Venture capital investment in American life-sciences innovation is suffering an alarming decline. The number of new biotechnology and medical device companies receiving start-up financing has now fallen to the lowest levels in 18 years, according to PriceWaterhouseCoopers.
Washington Times | Panic over Obamacare
Over $2 trillion will be poured into Obamacare over the next decade but even that won’t be enough, so the government is going to private health care companies and even lobbyists with a begging bowl. Health and Human Services Secretary Kathleen Sebelius has been hitting the telephones and looking for speaking dates in a hunt for big-dollar donations.
Monetary
News
CNN Money | Japan: Is Abenomics working?
In the few months since Japan embarked on its ambitious Abenomics experiment, stocks have taken off and a free-falling yen has improved the prospects for exporters.
Bloomberg | Wholesale Prices in U.S. Decrease by Most in Three Years
Wholesale prices in the U.S. dropped in April by the most in three years, reflecting a decrease in fuel costs that is helping underpin profits.
Washington Post | In global currency war, a new front opens in the South Pacific
From (way) down under comes a new front in the push and pull over world currency values: Stung by the rise in the New Zealand dollar, affectionately known as the kiwi, the country’s central bank last week acknowledged that it had intervened in foreign exchange markets to try to fight any further appreciation.
Econ Comments & Analysis
AEI | By Jim Bullard's logic, it's time to break up the Fed
Jim Bullard, the president of the Federal Reserve Bank of St. Louis has laid out an interesting argument, as reported by American Banker ("A Simple TBTF Plan from Fed's Jim Bullard," May 9), to determine when a bank is too big and needs to be broken up.
Blogs
WSJ | Strong U.S. Dollar Keeping Import Prices in Check
The price of goods imported to the U.S. has fallen, on annual basis, in 11 of the past 12 months. While that reflects the declining cost of oil, it also indicates that an increasing value of the dollar is improving America’s purchasing power abroad.
CNN Money | Japan: Is Abenomics working?
In the few months since Japan embarked on its ambitious Abenomics experiment, stocks have taken off and a free-falling yen has improved the prospects for exporters.
Bloomberg | Wholesale Prices in U.S. Decrease by Most in Three Years
Wholesale prices in the U.S. dropped in April by the most in three years, reflecting a decrease in fuel costs that is helping underpin profits.
Washington Post | In global currency war, a new front opens in the South Pacific
From (way) down under comes a new front in the push and pull over world currency values: Stung by the rise in the New Zealand dollar, affectionately known as the kiwi, the country’s central bank last week acknowledged that it had intervened in foreign exchange markets to try to fight any further appreciation.
Econ Comments & Analysis
AEI | By Jim Bullard's logic, it's time to break up the Fed
Jim Bullard, the president of the Federal Reserve Bank of St. Louis has laid out an interesting argument, as reported by American Banker ("A Simple TBTF Plan from Fed's Jim Bullard," May 9), to determine when a bank is too big and needs to be broken up.
Blogs
WSJ | Strong U.S. Dollar Keeping Import Prices in Check
The price of goods imported to the U.S. has fallen, on annual basis, in 11 of the past 12 months. While that reflects the declining cost of oil, it also indicates that an increasing value of the dollar is improving America’s purchasing power abroad.
Taxes
News
Politico | In support of tariff reform
When talking with small-business owners and manufacturers in our home states, they often voice the same concern: The system in Washington is stacked against them. Whether it’s an overly complicated Tax Code or regulations that are interpreted too broadly, small-business owners often wonder whether government is really on their side.
Econ Comments & Analysis
Fortune | What's missing from tax reform debate: A level playing field
Businesses organized as partnerships account for 35% of all sales. So why are we taxing them at higher rates than other corporations?
Forbes | Federal Tax Reform? Don't Bet The Rent Money On It
In some years there are no budgets. This year we have been presented with 3 dueling budgets, one from each house and one from the President. Neither house has picked conferees, and neither has any current inclination to do so. Each prefers to glare at the other until the next election day.
LA Times | The real IRS scandal
Allowing so many 'social welfare' groups to enjoy tax-exempt status while participating in politics must stop. The IRS is obligated to scrutinize applicants, 'tea party' or no.
CRS | The Child Tax Credit: Economic Analysis and Policy Options
At the beginning of 2013, Congress enacted the American Taxpayer Relief Act of 2012 (ATRA; P.L. 112-240) which made certain modifications to the child tax credit enacted in 2001 and 2003 permanent, while extending other modifications made in 2009 temporarily for five years (through the end of 2017).
AEI | What Congress should do about IRS Tea Party bias
The Internal Revenue Service dropped a bombshell last Friday, admitting that some of its employees had singled out Tea Party groups' 501(c)(4) applications for extra scrutiny. In responding to the scandal, the first step, of course, will be to identify and discipline those who engaged in wrongdoing.
Blogs
Heritage Foundation | Tax Reform: Ways and Means Committee Takes Another Step
The House Ways and Means Committee took another necessary step toward tax reform with a report requested from and issued through the Joint Committee on Taxation (JCT).
Politico | In support of tariff reform
When talking with small-business owners and manufacturers in our home states, they often voice the same concern: The system in Washington is stacked against them. Whether it’s an overly complicated Tax Code or regulations that are interpreted too broadly, small-business owners often wonder whether government is really on their side.
Econ Comments & Analysis
Fortune | What's missing from tax reform debate: A level playing field
Businesses organized as partnerships account for 35% of all sales. So why are we taxing them at higher rates than other corporations?
Forbes | Federal Tax Reform? Don't Bet The Rent Money On It
In some years there are no budgets. This year we have been presented with 3 dueling budgets, one from each house and one from the President. Neither house has picked conferees, and neither has any current inclination to do so. Each prefers to glare at the other until the next election day.
LA Times | The real IRS scandal
Allowing so many 'social welfare' groups to enjoy tax-exempt status while participating in politics must stop. The IRS is obligated to scrutinize applicants, 'tea party' or no.
CRS | The Child Tax Credit: Economic Analysis and Policy Options
At the beginning of 2013, Congress enacted the American Taxpayer Relief Act of 2012 (ATRA; P.L. 112-240) which made certain modifications to the child tax credit enacted in 2001 and 2003 permanent, while extending other modifications made in 2009 temporarily for five years (through the end of 2017).
AEI | What Congress should do about IRS Tea Party bias
The Internal Revenue Service dropped a bombshell last Friday, admitting that some of its employees had singled out Tea Party groups' 501(c)(4) applications for extra scrutiny. In responding to the scandal, the first step, of course, will be to identify and discipline those who engaged in wrongdoing.
Blogs
Heritage Foundation | Tax Reform: Ways and Means Committee Takes Another Step
The House Ways and Means Committee took another necessary step toward tax reform with a report requested from and issued through the Joint Committee on Taxation (JCT).
Employment
News
Politico | Sequestration gets real for furloughed workers
Sequestration went from wait-and-see to here-it-is Tuesday when the number of furloughed federal workers hit an eye-popping 820,000.
Politico | Sequestration gets real for furloughed workers
Sequestration went from wait-and-see to here-it-is Tuesday when the number of furloughed federal workers hit an eye-popping 820,000.
Budget
News
Bloomberg | U.S. Deficit Narrows to $642 Billion in New CBO Estimate
The U.S. budget deficit will shrink by the end of fiscal 2013 to $642 billion, the smallest shortfall in five years, according to the nonpartisan Congressional Budget Office.
Roll Call | Conservatives Seek More Spending Cuts in Debt Limit Strategy
Looking to up the ante on debt limit negotiations, House conservatives will push to enact spending changes included in the House-passed budget in exchange for an increase in the nation’s debt ceiling.
Blogs
Economist | Fiscal consolidation, American style
The 4% of GDP deficit forecast for 2013 is even more remarkable when one notes that the figure for 2012 was 7%. That's a breathtaking pace of fiscal consolidation. CBO reckons that the deficit will continue to fall and will drop to 2.1% of GDP in 2015. Public debt as a share of the economy is also forecast to begin falling from next year.
WSJ | Households Cut Overall Debt, but Student Loans Jump
U.S. households cut debt loads broadly during the first three months of 2013, although student loan borrowing continued to rise, a report from the Federal Reserve Bank of New York says.
Heritage Foundation | Quiet Before the Storm: CBO Reports $642 Billion Deficit in 2013
At $642 billion, the Congressional Budget Office (CBO) reports, the 2013 deficit will be lower by $200 billion than previously forecast.
Bloomberg | U.S. Deficit Narrows to $642 Billion in New CBO Estimate
The U.S. budget deficit will shrink by the end of fiscal 2013 to $642 billion, the smallest shortfall in five years, according to the nonpartisan Congressional Budget Office.
Roll Call | Conservatives Seek More Spending Cuts in Debt Limit Strategy
Looking to up the ante on debt limit negotiations, House conservatives will push to enact spending changes included in the House-passed budget in exchange for an increase in the nation’s debt ceiling.
Blogs
Economist | Fiscal consolidation, American style
The 4% of GDP deficit forecast for 2013 is even more remarkable when one notes that the figure for 2012 was 7%. That's a breathtaking pace of fiscal consolidation. CBO reckons that the deficit will continue to fall and will drop to 2.1% of GDP in 2015. Public debt as a share of the economy is also forecast to begin falling from next year.
WSJ | Households Cut Overall Debt, but Student Loans Jump
U.S. households cut debt loads broadly during the first three months of 2013, although student loan borrowing continued to rise, a report from the Federal Reserve Bank of New York says.
Heritage Foundation | Quiet Before the Storm: CBO Reports $642 Billion Deficit in 2013
At $642 billion, the Congressional Budget Office (CBO) reports, the 2013 deficit will be lower by $200 billion than previously forecast.
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