News
Bloomberg | German First-Quarter Growth Damped by Construction, Investment
The German economy’s return to growth in the first quarter was hampered by declines in construction activity and investment as a severe winter and a recession in Europe damped demand.
CNN Money | Poor hit hardest by Washington budget cuts
Forced federal spending cuts intended to be equal and across-the-board have lately fallen harder on the nation's poor, sick and elderly.
Bloomberg | Orders for U.S. Durable Goods Increase More Than Forecast
Orders for U.S. durable goods increased more than forecast in April, pointing to gains in business investment that will help manufacturing rebound in the second half of the year.
CNBC | Two Storms Brewing: One Political, the Other Economic
Have two Pandora's Boxes been opened? Fed Chairman Ben Bernanke may have opened the first one. No matter that it is highly unlikely economic data will come in showing sufficient strong and sustained growth to justify tapering bond purchases any time soon — markets see it differently.
Econ Comments & Analysis
Fiscal Times | Why A ‘Too Big to Manage’ Government Should Downsize
To listen to press secretaries and congressional hearings, one might think that an epidemic had erupted in the nation’s capital – an epidemic of incompetence and absentee leadership. Practically no area of government has immunity from this disease, whether it’s at the White House, the State Department, the IRS and Treasury, or at the Department of Justice.
WSJ | The Global Solar Cartel
The Obama Administration and European Union are looking for ways to avoid a trade war with China over solar-energy panels. Their brilliant proposed solution? A global cartel enforced by government.
Mercatus | Reforming Social Security to Better Promote Retirement Security
My testimony focuses on the Social Security program’s incentives—specifically, how the current structure provides disincentives to work and save. I will also discuss how Social Security reform, if done correctly, can increase US savings, labor force participation, economic growth, and federal revenues.
Blogs
Economist | Things could be better
The Pew Research Centre has released new figures assessing attitudes around the world on economic issues. The results are fascinating, sobering, and not that surprising. Things seem to have gone a bit worse since 2007 than most people had anticipated at the time.
WSJ | Don’t Get Too Excited About Record New-Home Prices
Today’s Census numbers show that sales of new homes — a key economic driver across multiple industries — are steadily recovering. But more striking is the pace at which prices of new homes are recovering.
AEI | How to beat Memorial Day traffic forever
The AAA Memorial Day travel forecast released yesterday estimates that about 31 million Americans will drive 50 miles or more to reach their destinations this weekend.
Friday, May 24, 2013
Health Care
News
CNN Money | Obamacare premiums in California lower than predicted
Health insurers in California will charge an average of $304 a month for the cheapest silver-level plan in state-based exchanges next year, according to rates released Thursday by Covered California, which is implementing the Affordable Care Act there. But many residents will pay a lot less than that for coverage.
Econ Comments & Analysis
Washington Post | The fog of Obamacare
You’ve heard of the “fog of war.” Well, now we’ve got the fog of Obamacare. The controversial Affordable Care Act (ACA) has so many moving parts that it’s hard to know how its implementation is proceeding.
Fortune | Health care reform's unexpected victims
A new study suggests that American insurers may start prohibiting premium payments via debit or credit card, a move that will put Americans without bank accounts in a major bind.
Real Clear Energy | We Need a 21st Century Energy Policy
The newly sworn-in Energy Secretary has taken a go-slow posture on natural gas exports. This, after the U.S. has just blown past Russia to become the world's largest producer. And America will shortly occupy the number one position in oil production as well. This nation is poised to become a major hydrocarbon exporter to an energy-hungry world.
CNN Money | Obamacare premiums in California lower than predicted
Health insurers in California will charge an average of $304 a month for the cheapest silver-level plan in state-based exchanges next year, according to rates released Thursday by Covered California, which is implementing the Affordable Care Act there. But many residents will pay a lot less than that for coverage.
Econ Comments & Analysis
Washington Post | The fog of Obamacare
You’ve heard of the “fog of war.” Well, now we’ve got the fog of Obamacare. The controversial Affordable Care Act (ACA) has so many moving parts that it’s hard to know how its implementation is proceeding.
Fortune | Health care reform's unexpected victims
A new study suggests that American insurers may start prohibiting premium payments via debit or credit card, a move that will put Americans without bank accounts in a major bind.
Real Clear Energy | We Need a 21st Century Energy Policy
The newly sworn-in Energy Secretary has taken a go-slow posture on natural gas exports. This, after the U.S. has just blown past Russia to become the world's largest producer. And America will shortly occupy the number one position in oil production as well. This nation is poised to become a major hydrocarbon exporter to an energy-hungry world.
Monetary
News
Bloomberg | Fed History Shows Punch Bowl Goes as Jobs Rise: Cutting Research
An improving labor market rather than accelerating inflation made the Federal Reserve decide to end its last three episodes of easy monetary policy. It may be about to happen again, says Barclays Plc strategist Barry Knapp.
Econ Comments & Analysis
WSJ | Bernanke Talks, Markets Wobble. There Must Be a Better Way
Since Federal Reserve Chairman Ben Bernanke testified before Congress's Joint Economic Committee Wednesday morning, commenting on the economic outlook and responding to questions from lawmakers on the likely path of monetary policy, financial markets have experienced turmoil.
TIME | Japan Market Crash: A Slow Leak in the “Central Bank Bubble”
There’s a truism in investing that the last one into a market is the first one out. And that certainly seems to be the case today, with Japan’s Nikkei index crashing off the back of two things: First, hints from the Federal Reserve that the U.S. economy is improving enough to justify a slow pull-back from the central bank’s market-goosing asset buying program known as “quantitative easing;” and second, that the Chinese economy is slowing down even more than we thought.
Bloomberg | Fed History Shows Punch Bowl Goes as Jobs Rise: Cutting Research
An improving labor market rather than accelerating inflation made the Federal Reserve decide to end its last three episodes of easy monetary policy. It may be about to happen again, says Barclays Plc strategist Barry Knapp.
Econ Comments & Analysis
WSJ | Bernanke Talks, Markets Wobble. There Must Be a Better Way
Since Federal Reserve Chairman Ben Bernanke testified before Congress's Joint Economic Committee Wednesday morning, commenting on the economic outlook and responding to questions from lawmakers on the likely path of monetary policy, financial markets have experienced turmoil.
TIME | Japan Market Crash: A Slow Leak in the “Central Bank Bubble”
There’s a truism in investing that the last one into a market is the first one out. And that certainly seems to be the case today, with Japan’s Nikkei index crashing off the back of two things: First, hints from the Federal Reserve that the U.S. economy is improving enough to justify a slow pull-back from the central bank’s market-goosing asset buying program known as “quantitative easing;” and second, that the Chinese economy is slowing down even more than we thought.
Taxes
News
CNN Money | The 'chicken poop' credit and other bad tax breaks
The fuss over Apple's complex strategies to avoid taxes put the corporate tax code on display in all its convoluted glory this week.
Blogs
Heritage Foundation | Internet Sales Tax Coalition “Fact Check” Needs Checking
On Tuesday, the Marketplace Fairness Coalition, a group supporting the Marketplace Fairness Act (MFA), released a “fact check” memo identifying no fewer than seven “myths” put forward by The Heritage Foundation concerning Internet sales taxes. As it turns out, none are myths at all. Here is our own fact check of the fact check.
Heritage Foundation | Congressional Budget Office Looks at a Carbon Tax
The Congressional Budget Office (CBO) recently released its report on the impact of a carbon tax. (Disclaimer: I provided comments to the CBO on a draft of the report, earlier this year.) The economic parts were pretty sensible and conclude that (be sure you are sitting down)—there are no free lunches.
CNN Money | The 'chicken poop' credit and other bad tax breaks
The fuss over Apple's complex strategies to avoid taxes put the corporate tax code on display in all its convoluted glory this week.
Blogs
Heritage Foundation | Internet Sales Tax Coalition “Fact Check” Needs Checking
On Tuesday, the Marketplace Fairness Coalition, a group supporting the Marketplace Fairness Act (MFA), released a “fact check” memo identifying no fewer than seven “myths” put forward by The Heritage Foundation concerning Internet sales taxes. As it turns out, none are myths at all. Here is our own fact check of the fact check.
Heritage Foundation | Congressional Budget Office Looks at a Carbon Tax
The Congressional Budget Office (CBO) recently released its report on the impact of a carbon tax. (Disclaimer: I provided comments to the CBO on a draft of the report, earlier this year.) The economic parts were pretty sensible and conclude that (be sure you are sitting down)—there are no free lunches.
Employment
Econ Comments & Analysis
Washington Times | Dodging job talk
Five months into his improvisational second term, a sluggish economy and severe jobless rate seem to have vanished from President Obama’s agenda.
Blogs
Calculated Risk | Merrill Lynch on Labor Force Participation Rate
Last week I summarized some recent research on the labor force participation rate. The following piece from Michelle Meyer at Merrill Lynch argues the LFPR will likely move sideways over the next few years.
Washington Times | Dodging job talk
Five months into his improvisational second term, a sluggish economy and severe jobless rate seem to have vanished from President Obama’s agenda.
Blogs
Calculated Risk | Merrill Lynch on Labor Force Participation Rate
Last week I summarized some recent research on the labor force participation rate. The following piece from Michelle Meyer at Merrill Lynch argues the LFPR will likely move sideways over the next few years.
Budget
Econ Comments & Analysis
Market Watch | How Congress could raise student loan debt
College students buckling under the weight of rising tuition face a new threat: rising interest rates on loans.
Blogs
WSJ | IMF Rethinking Role in Managing Sovereign Debt in Crises
The International Monetary Fund is rethinking its role in how sovereign debt is managed in crises, concerned that recent developments in sovereign debt markets threaten the effectiveness of its bailout programs.
Market Watch | How Congress could raise student loan debt
College students buckling under the weight of rising tuition face a new threat: rising interest rates on loans.
Blogs
WSJ | IMF Rethinking Role in Managing Sovereign Debt in Crises
The International Monetary Fund is rethinking its role in how sovereign debt is managed in crises, concerned that recent developments in sovereign debt markets threaten the effectiveness of its bailout programs.
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