News
CNN Money | Consumers pull back on spending
Consumers pulled back on spending in April as their income remained steady, according to a government report Friday.
Bloomberg | Chicago Index Unexpectedly Jumps to Highest Level in a Year
Business activity in the U.S. rebounded in May after declining for the first time in more than three years last month, a sign manufacturing may contribute to economic growth this quarter.
CNN Money | New portrait of China's 185 million seniors
Large numbers of elderly Chinese are living below the poverty line and suffering from physical problems or depression, according to a study published Friday by western and Chinese academics.
Market Watch | May UMich sentiment highest since 2007
The final May reading of the University of Michigan and Thomson Reuters consumer-sentiment index jumped to 84.5 - the highest level since July 2007 - from 76.4 in April, according to news reports.
Econ Comments & Analysis
Washington Times | Riches for unions, but not their retirees
Organized labor has long pointed to pensions as a key reason to join their unions, but many of those promised benefits are now in serious trouble. After decades of promising a secure retirement, unions need to chip in and protect their members’ pensions.
Washington Times | Recovery summer on the horizon, or another mirage?
Over the long, hard course of President Obama’s painfully slow, job-scarce, subpar economy, he may have set a record for persistent media reports that his shaky recovery was finally showing signs of strength.
Business Insider | The Government's Plan To Save Housing Will Cause People To Default Over And Over Again
On March 27, 2013, the Federal Housing Finance Administration (FHFA) announced the introduction of still another mortgage modification program. Entitled the Streamlined Modification Program, it was intended to enable distressed borrowers to more easily qualify for a modification.
Blogs
Library of Economics | The Subprime Crisis: Why Asymmetric Information Didn't Save Us
In the securitization process, lenders screen potential borrowers and originate mortgages, then package the mortgages for sale to outside investors. Yet investors cannot verify how carefully the screening is actually done.
Friday, May 31, 2013
Health Care
News
Politico | Obamacare health exchange sales strategy: Choices
About 90 percent of people who enter the health reform law’s exchanges next year will have at least five different insurance company options to choose from, according to new data released by the Obama administration on Thursday.
Econ Comments & Analysis
WSJ | A Welcome Boost in the Race for New Antibiotics
The members of the "I hate the pharmaceutical industry" club must be beside themselves. And the anti-big-government folks are probably not terribly happy either.
Washington Times | Stuck behind the Medicaid eight ball
When setting up Medicare as a parallel “earned-benefits” program to Social Security in 1965, Congress tacked onto the legislation — like an insurance rider — a secondary provision to help existing state programs provide medical assistance to a very small population: America’s most helpless and destitute.
Politico | Obamacare health exchange sales strategy: Choices
About 90 percent of people who enter the health reform law’s exchanges next year will have at least five different insurance company options to choose from, according to new data released by the Obama administration on Thursday.
Econ Comments & Analysis
WSJ | A Welcome Boost in the Race for New Antibiotics
The members of the "I hate the pharmaceutical industry" club must be beside themselves. And the anti-big-government folks are probably not terribly happy either.
Washington Times | Stuck behind the Medicaid eight ball
When setting up Medicare as a parallel “earned-benefits” program to Social Security in 1965, Congress tacked onto the legislation — like an insurance rider — a secondary provision to help existing state programs provide medical assistance to a very small population: America’s most helpless and destitute.
Monetary
Econ Comments & Analysis
Market Watch | Fed's Pianalto wants more open regulatory process
Greater transparency will help the Federal Reserve ensure financial stability, said Cleveland Fed President Sandra Pianalto on Friday. "I believe that providing enhanced information about financial firms and clearer expectations for the future actions of financial regulators can...make our financial stability policies more effective,"
WSJ | Fed Policy Is a Drag on Recovery
Former Federal Reserve Chairman Paul Volcker said in a speech to the Economic Club of New York on Wednesday that the Fed should not be asked to "accommodate misguided fiscal policies" and "will inevitably fall short." He outlined a preferred monetary policy based on orthodox central banking aimed at a stable currency in order to maximize employment. "Credibility is an enormous asset," he said. "Once earned, it must not be frittered away." Those words are true and timely.
Blogs
WSJ | Fed Not Constrained Amid Tame Inflation
Inflation is getting tamer, a development that will surely fuel the debate over the Federal Reserve‘s bond-buying.
Market Watch | Fed's Pianalto wants more open regulatory process
Greater transparency will help the Federal Reserve ensure financial stability, said Cleveland Fed President Sandra Pianalto on Friday. "I believe that providing enhanced information about financial firms and clearer expectations for the future actions of financial regulators can...make our financial stability policies more effective,"
WSJ | Fed Policy Is a Drag on Recovery
Former Federal Reserve Chairman Paul Volcker said in a speech to the Economic Club of New York on Wednesday that the Fed should not be asked to "accommodate misguided fiscal policies" and "will inevitably fall short." He outlined a preferred monetary policy based on orthodox central banking aimed at a stable currency in order to maximize employment. "Credibility is an enormous asset," he said. "Once earned, it must not be frittered away." Those words are true and timely.
Blogs
WSJ | Fed Not Constrained Amid Tame Inflation
Inflation is getting tamer, a development that will surely fuel the debate over the Federal Reserve‘s bond-buying.
Taxes
Econ Comments & Analysis
Real Clear Markets | It's Time to Abolish the Mortgage Interest Deduction
The Washington establishment remains impregnable to the simple truths of responsible financial management. This fact is no longer a secret for the vast majority of Americans, who, unfortunately for their own financial wellbeing, now follow the political class in support of policies that will weigh us down for decades to come.
Blogs
CATO | CBO’s Tax Expenditure Report Uses Wrong Benchmark, Overstates Loopholes
As a long-time advocate of tax reform, I’m not a fan of distortionary loopholes in the tax code. Ideally, we would junk the 74,000-page internal revenue code and replace it with a simple and fair flat tax - meaning one low rate, no double taxation, and no favoritism.*
Real Clear Markets | It's Time to Abolish the Mortgage Interest Deduction
The Washington establishment remains impregnable to the simple truths of responsible financial management. This fact is no longer a secret for the vast majority of Americans, who, unfortunately for their own financial wellbeing, now follow the political class in support of policies that will weigh us down for decades to come.
Blogs
CATO | CBO’s Tax Expenditure Report Uses Wrong Benchmark, Overstates Loopholes
As a long-time advocate of tax reform, I’m not a fan of distortionary loopholes in the tax code. Ideally, we would junk the 74,000-page internal revenue code and replace it with a simple and fair flat tax - meaning one low rate, no double taxation, and no favoritism.*
Employment
News
National Journal | Why Houston is America's #1 Job Creator
Texas is killing it. It dominated the recession, crushed the recovery, and in a new analysis of jobs recovered since the downturn, its largest city stands apart as the most powerful job engine in the country -- by far.
CNN Money | Eurozone unemployment hits record 12.2%
Unemployment in the troubled eurozone region hit a record high of 12.2% last month. The latest official data from Eurostat shows nearly 100,000 additional people were out looking for work in April compared with the previous month, when unemployment was pegged at 12.1%.
Econ Comments & Analysis
NBER | Do Extended Unemployment Benefits Lengthen Unemployment Spells? Evidence from Recent Cycles in the U.S. Labor Market
In response to the Great Recession, the availability of unemployment insurance (UI) benefits was extended to an unprecedented 99 weeks in many U.S. states in the 2009-2012 period.
National Journal | Why Houston is America's #1 Job Creator
Texas is killing it. It dominated the recession, crushed the recovery, and in a new analysis of jobs recovered since the downturn, its largest city stands apart as the most powerful job engine in the country -- by far.
CNN Money | Eurozone unemployment hits record 12.2%
Unemployment in the troubled eurozone region hit a record high of 12.2% last month. The latest official data from Eurostat shows nearly 100,000 additional people were out looking for work in April compared with the previous month, when unemployment was pegged at 12.1%.
Econ Comments & Analysis
NBER | Do Extended Unemployment Benefits Lengthen Unemployment Spells? Evidence from Recent Cycles in the U.S. Labor Market
In response to the Great Recession, the availability of unemployment insurance (UI) benefits was extended to an unprecedented 99 weeks in many U.S. states in the 2009-2012 period.
Budget
News
Fiscal Times | Your Guide to the Looming Battle over Student Loans
Congress has one month to reach an agreement before interest rates on new federally subsidized student loans double to 6.8 percent. For once, both Democrats and Republicans see the increase as a problem that needs to be solved. As expected, though, they have very different solutions, each with their own benefits and shortcomings.
Econ Comments & Analysis
Real Clear Markets | Don't Let Them Fool You, We Still Have Debt Problems
Your uncle, Sam, has ignored his chronic health condition - let's say he's diabetic - for a long time. Then he suddenly has a heart attack, followed by a long, slow painful recovery. As he is recovering, he is feeling good about his health - after all, he got though a crisis. But he is not actually healthier than he was before. He's still diabetic, and now he has to deal with the cautions of being a heart attack victim as well.
AEI | On the road to a Japanese debt crisis
Barely six months after its launch, something seems have gone awry with Abenomics, Japan's bold new economic policy experiment to kick start the ailing Japanese economy. For, despite its early successes, rather than bringing down long-term government borrowing rates as intended, Abenomics seems to be increasing those borrowing rates.
Blogs
WSJ | Government Potholes on Road to Recovery
Although Thursday’s revisions to first-quarter U.S. gross domestic product lowered the top-line annualized growth rate, the details offer a better profile for future growth. That’s because the slightly slower pace — now 2.4% from 2.5% reported earlier — largely reflects less inventory accumulation over the winter. According to the Commerce Department‘s new figures, real inventories grew by $38.3 billion last quarter, less than the $50.3 billion reported a month ago.
Fiscal Times | Your Guide to the Looming Battle over Student Loans
Congress has one month to reach an agreement before interest rates on new federally subsidized student loans double to 6.8 percent. For once, both Democrats and Republicans see the increase as a problem that needs to be solved. As expected, though, they have very different solutions, each with their own benefits and shortcomings.
Econ Comments & Analysis
Real Clear Markets | Don't Let Them Fool You, We Still Have Debt Problems
Your uncle, Sam, has ignored his chronic health condition - let's say he's diabetic - for a long time. Then he suddenly has a heart attack, followed by a long, slow painful recovery. As he is recovering, he is feeling good about his health - after all, he got though a crisis. But he is not actually healthier than he was before. He's still diabetic, and now he has to deal with the cautions of being a heart attack victim as well.
AEI | On the road to a Japanese debt crisis
Barely six months after its launch, something seems have gone awry with Abenomics, Japan's bold new economic policy experiment to kick start the ailing Japanese economy. For, despite its early successes, rather than bringing down long-term government borrowing rates as intended, Abenomics seems to be increasing those borrowing rates.
Blogs
WSJ | Government Potholes on Road to Recovery
Although Thursday’s revisions to first-quarter U.S. gross domestic product lowered the top-line annualized growth rate, the details offer a better profile for future growth. That’s because the slightly slower pace — now 2.4% from 2.5% reported earlier — largely reflects less inventory accumulation over the winter. According to the Commerce Department‘s new figures, real inventories grew by $38.3 billion last quarter, less than the $50.3 billion reported a month ago.
Subscribe to:
Posts (Atom)