News
CNN Money | ECB must do more to boost growth: OECD
The European Central Bank should follow its recent interest rate cut with more radical action to tackle recession and record unemployment, the OECD said Wednesday as it slashed its forecast for the eurozone economy.
Politico | Natural gas price might have found sweet spot
It’s not hard to imagine the reactions inside the Beltway if the price of gasoline more than doubled in a single year: the congressional investigations, demands for action from the White House and loud protests from consumers.
FOX News | After decade of decline, Great Lakes region pins hopes for economic comeback on water riches
Business and government leaders in the Great Lakes region are pinning hopes for a return to prosperity on a precious resource: fresh water.
FOX Business | Foreclosures Hold Steady in April
The number of foreclosed U.S. homes held steady in April, while there were fewer properties sitting in the pipeline, fresh signs the housing recovery is on track, data from CoreLogic showed on Wednesday.
Bloomberg | OECD Forecasts Global Economy to Recover Next Year: Economy
The Organization for Economic Cooperation and Development forecasts global economic growth will accelerate in 2014 with both the U.S. and Japan continuing to outpace the euro area.
Washington Post | Small business lending freeze starting to thaw
The credit health of small companies across the country improved during the first quarter of 2013, according to a new report by Experian and Moody’s Analytics, surprising analysts, most of whom were expecting either no change or a slight decline over the first few months of the year.
Econ Comments & Analysis
WSJ | IMF Forecasts Lower China Growth, Warns on Debt
The International Monetary Fund joined a host of private economists who have lowered expectations for growth in the Chinese economy, an outlook that has raised questions over whether Beijing will seek to counter a moderating pace.
Politico | Feds tap tech startups to cut contract costs
An experimental, easy-to-use system for receiving low-dollar federal contract bids saved as much as 44 percent on tech-related projects and prompted 270 new companies to sign up as potential bidders, according to a Small Business Administration analysis.
Politico | When community banks prosper, gains are widespread
The U.S. economy is the largest and most diverse economy on Earth, made up of businesses of all types, shapes and sizes. To support the financial needs of large multinational corporations as well as small businesses and family farms, the United States needs financial institutions of all kinds to meet a wide variety of financial needs.
Forbes | Once The Obama Narrative Implodes, Reality Breaks Through
While Barack Obama’s presidency may yet recover—especially if the White House can win back the mainstream media’s active support—the ability to frame, spin, distract, blame, deny, distort, demonize, and prevaricate on any issue unchallenged has been compromised.
Blogs
WSJ | Study: How Using Homes as ATMs Fueled Foreclosures
The conventional wisdom of the housing crisis goes something like this: Too many people bought homes as the housing bubble inflated. Some were unlucky in their timing, while others overextended themselves by putting too little money down. All of these top-of-the-market purchases led to an explosion of foreclosures once home prices dropped sharply and the economy hit the skids.
Market Watch | Household wealth seen rising at least $1.8 trillion as house prices climb
The net wealth of American households is set to rise at least $1.8 trillion this year if home prices sustain recent trends, according to analysis released Tuesday.
WSJ | Secondary Sources: Saving, Tax Deductions, Minimum Wages
A roundup of economic news from around the Web.
Heritage Foundation | Pacific Alliance: Decreasing Trade Barriers and Increasing Economic Growth
The presidents of the “Pacific Alliance” (Chile, Colombia, México, and Perú) met last week in Cali, Colombia, to sign an agreement removing tariffs on 90 percent of their merchandise trade.
Wednesday, May 29, 2013
Health Care
Econ Comments & Analysis
Daily Caller | Let the IRS implement Obamacare? Are we nuts?
Revelations that the Internal Revenue Service targeted conservative groups for discriminatory treatment, and leaked confidential information about those groups to a left-wing outfit, ProPublica, should make us think twice about the White House’s plans to give the IRS even more authority — over our medicine cabinets.
NBER | The Spillover Effects of Medicare Managed Care: Medicare Advantage and Hospital Utilization
More than a quarter of Medicare beneficiaries are enrolled in Medicare Advantage, which was created in large part to improve the efficiency of health care delivery by promoting competition among private managed care plans.
Daily Caller | Let the IRS implement Obamacare? Are we nuts?
Revelations that the Internal Revenue Service targeted conservative groups for discriminatory treatment, and leaked confidential information about those groups to a left-wing outfit, ProPublica, should make us think twice about the White House’s plans to give the IRS even more authority — over our medicine cabinets.
NBER | The Spillover Effects of Medicare Managed Care: Medicare Advantage and Hospital Utilization
More than a quarter of Medicare beneficiaries are enrolled in Medicare Advantage, which was created in large part to improve the efficiency of health care delivery by promoting competition among private managed care plans.
Monetary
News
FOX Business | OECD Warns Interest Rates Could Spike when Fed Slows QE3
After flooding U.S. banks with cash to fight an economic crisis, the Federal Reserve must now find a way to slowly tighten the money spigot without dealing a painful shock to businesses and families, the OECD said in a report on Wednesday.
Bloomberg | Fed’s 100-Year Roots Grew From Virginia Congressman
As Carter Glass began to sketch out plans for a central bank in 1913, all the U.S. representative from Virginia had to do was read his mail to know he had nationwide support.
Econ Comments & Analysis
Real Clear Markets | QE: A Guide For the Perplexed
The Fed dominated the news cycle last Wednesday. In the morning, Chairman Bernanke appeared on Capitol Hill to discuss the economy and monetary policy. Then, in the afternoon, the Fed released the Minutes for the FOMC meeting held on April 30 and May 1.
Blogs
Market Watch | Maybe Bernanke is happy with the confusion over Fed policy
In the wake of Fed Chairman Ben Bernanke’s comments that the central bank could take the first step towards slowing down its asset purchase programs in one of its “next few meetings,” Fed watchers are second-guessing their own projections. One top economist thinks that might have been Bernanke’s intention all along.
WSJ | Kansas City Fed Wanted to Raise Discount Rate
Federal Reserve officials said they view the pace of economic expansion as “moderate” and voted to maintain its primary credit rate.
FOX Business | OECD Warns Interest Rates Could Spike when Fed Slows QE3
After flooding U.S. banks with cash to fight an economic crisis, the Federal Reserve must now find a way to slowly tighten the money spigot without dealing a painful shock to businesses and families, the OECD said in a report on Wednesday.
Bloomberg | Fed’s 100-Year Roots Grew From Virginia Congressman
As Carter Glass began to sketch out plans for a central bank in 1913, all the U.S. representative from Virginia had to do was read his mail to know he had nationwide support.
Econ Comments & Analysis
Real Clear Markets | QE: A Guide For the Perplexed
The Fed dominated the news cycle last Wednesday. In the morning, Chairman Bernanke appeared on Capitol Hill to discuss the economy and monetary policy. Then, in the afternoon, the Fed released the Minutes for the FOMC meeting held on April 30 and May 1.
Blogs
Market Watch | Maybe Bernanke is happy with the confusion over Fed policy
In the wake of Fed Chairman Ben Bernanke’s comments that the central bank could take the first step towards slowing down its asset purchase programs in one of its “next few meetings,” Fed watchers are second-guessing their own projections. One top economist thinks that might have been Bernanke’s intention all along.
WSJ | Kansas City Fed Wanted to Raise Discount Rate
Federal Reserve officials said they view the pace of economic expansion as “moderate” and voted to maintain its primary credit rate.
Taxes
News
WSJ | Switzerland Moves Toward U.S. Tax Deal
Swiss banks will be able to deal directly with U.S. authorities to settle legal issues over suspected tax evasion by Americans under a framework agreed by the Swiss cabinet, a development that may lift some of the uncertainty hanging over the Alpine country's financial industry.
Bloomberg | Corporate Interest Deduction Proves Sacred Amid Reformers: Taxes
A newly formed coalition of businesses is stepping up efforts to protect interest deductions as tax reform advances in Congress.
WSJ | Curious IRS Timing
The IRS has admitted targeting groups that wanted to speak on issues during the 2012 election season. But did the agency also target tax-exempt groups that opposed Administration policy priorities?
Econ Comments & Analysis
NY Times | The Trouble With Taxing Corporations
It hardly qualifies as a defense. But that is perhaps the most accurate statement that Apple’s chief executive, Timothy D. Cook, could have made to lawmakers inquiring last week about how its creative financial techniques contributed to its low business tax payments.
Blogs
Heritage Foundation | Internet Sales Tax Could Lead to Higher Prices
If the House approves the Marketplace Fairness Act, Villa Lagoon Tile won’t be out of business, but it might be forced to raise its prices. In an interview with National Public Radio, owners Lundy Wilder and Dave Perry talked about the “tremendous burden” the Internet sales tax will create for their business.
WSJ | Switzerland Moves Toward U.S. Tax Deal
Swiss banks will be able to deal directly with U.S. authorities to settle legal issues over suspected tax evasion by Americans under a framework agreed by the Swiss cabinet, a development that may lift some of the uncertainty hanging over the Alpine country's financial industry.
Bloomberg | Corporate Interest Deduction Proves Sacred Amid Reformers: Taxes
A newly formed coalition of businesses is stepping up efforts to protect interest deductions as tax reform advances in Congress.
WSJ | Curious IRS Timing
The IRS has admitted targeting groups that wanted to speak on issues during the 2012 election season. But did the agency also target tax-exempt groups that opposed Administration policy priorities?
Econ Comments & Analysis
NY Times | The Trouble With Taxing Corporations
It hardly qualifies as a defense. But that is perhaps the most accurate statement that Apple’s chief executive, Timothy D. Cook, could have made to lawmakers inquiring last week about how its creative financial techniques contributed to its low business tax payments.
Blogs
Heritage Foundation | Internet Sales Tax Could Lead to Higher Prices
If the House approves the Marketplace Fairness Act, Villa Lagoon Tile won’t be out of business, but it might be forced to raise its prices. In an interview with National Public Radio, owners Lundy Wilder and Dave Perry talked about the “tremendous burden” the Internet sales tax will create for their business.
Employment
Econ Comments & Analysis
Washington Times | A roadblock to entry-level job-seekers
Instead of raising the minimum wage, as President Obama has proposed, we should abolish it entirely. The minimum wage does more harm than good, particularly in an already dismal U.S. employment market, especially for the young, inexperienced, uneducated and low-skilled job-seekers.
Washington Times | A roadblock to entry-level job-seekers
Instead of raising the minimum wage, as President Obama has proposed, we should abolish it entirely. The minimum wage does more harm than good, particularly in an already dismal U.S. employment market, especially for the young, inexperienced, uneducated and low-skilled job-seekers.
Budget
Econ Comments & Analysis
WSJ | Deposits Guaranteed Up to $250,000—Maybe
The banking and government-debt crisis in Cyprus has focused everyone's attention on the fact that it is possible for bank depositors to take losses on their deposits. This has surprised many people, who assumed that governments will always bail out depositors in full. But what if the government itself needs a bailout, as Cyprus did?
Blogs
Economist | Debt, growth and competing risks
This is the heart of the matter: if budget cuts, in Europe and elsewhere, have done less to curtail borrowing than hoped and more to raise unemployment than feared, then they have been worse than useless.
WSJ | Deposits Guaranteed Up to $250,000—Maybe
The banking and government-debt crisis in Cyprus has focused everyone's attention on the fact that it is possible for bank depositors to take losses on their deposits. This has surprised many people, who assumed that governments will always bail out depositors in full. But what if the government itself needs a bailout, as Cyprus did?
Blogs
Economist | Debt, growth and competing risks
This is the heart of the matter: if budget cuts, in Europe and elsewhere, have done less to curtail borrowing than hoped and more to raise unemployment than feared, then they have been worse than useless.
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