News
CNN Money | Farewell 3% mortgage rates
This week, the average rate on a 30-year fixed-rate mortgage jumped another 10 percentage points to 3.91% and are up from 3.3% in early May, according to mortgage giant Freddie Mac. Meanwhile, those seeking a 15-year loan received an average rate of 3.03%, up from 2.56% -- a record low.
Bloomberg | Growing Faith in U.S. Economy Underpins Consumer Comfort
Consumer confidence last week was unchanged near a five-year high as Americans had the least pessimistic views on the economy since 2008.
FOX News | New report says US hasn't seen expected 'Great Recovery' as economy continues to fall short
An economic forecast says the country's expected "Great Recovery" hasn't materialized and the economy's fallen short of even normal growth.
CNN Money | Nation's drinking water system needs $384B upgrade
The nation's drinking water systems are deteriorating, and $384 billion needs to be spent in the next 17 years to maintain a safe supply for millions of Americans, according to the U.S. Environmental Protection Agency (EPA).
Bloomberg | Draghi Sees Economy Recovering as ECB Rates Left on Hold
European Central Bank President Mario Draghi said the euro-area economy will return to growth by the end of the year, handing policy makers a reason to hold back fresh stimulus.
Econ Comments & Analysis
Real Clear Markets | Social Security Falls Even Deeper Into a Sinkhole
The 2013 Social Security Trustees' report, released last week, is proof positive that you really can make numbers say whatever you want. By highlighting one set of "asset reserves" that showed some growth, the report gives ammunition to those who would rather not deal with the fact that the program is on a path to disaster.
Politico | Pipeline upgrade crucial for safety
For most of us, the more than 2 million miles of pipelines that transport oil and gas across the United States are out of sight — and out of mind — until something goes wrong.
WSJ | Sequester Headlines Have Been Scarier Than Reality—So Far
It has been three months since the onset of the across-the-board cuts in federal spending known as the "sequester."
Blogs
WSJ | Higher Mortgage Rates Won’t Kill Housing Recovery
Mortgage rates are back above 4% for the first time in a year, but the rate rise probably isn’t going to be enough to take the wind out of the sails of the housing market rebound.
WSJ | Western U.S. Drove Economic Growth in 2012
The western part of the U.S. was an economic growth engine for the country in 2012, bolstered by increased construction, an expanding finance and insurance industry and rapidly growing mining and oil sector.
Thursday, June 6, 2013
Health Care
News
Politico | Poll finds low support for Obamacare
According to an NBC News/Wall Street Journal poll released late Wednesday night, the president’s health reform law is considered a good idea by 37 percent of respondents, while 49 percent say that the Affordable Care Act is a bad idea. That’s the highest number since NBC/WSJ began polling about the ACA in 2009, NBC said.
National Journal | Separate and Unequal Access to Health Care?
Segregation is still real. Although black-white segregation has, overall, declined steadily since the 1970s, major American metros remain split into black and white areas.
Blogs
Heritage Foundation | Obamacare Cost Rises by $30 Billion
The Congressional Budget Office (CBO) issued a new statement on the budgetary effect of repealing the Affordable Care Act (Obamacare) for fiscal years 2014 to 2023. The CBO did not model or update a full scoring of repeal. It found that the cost of Obamacare has increased by $30 billion since last July’s estimate for the fiscal years 2014–2022, but thinks this could be offset by more cost savings and tax revenue by extending the timeline an additional year.
Politico | Poll finds low support for Obamacare
According to an NBC News/Wall Street Journal poll released late Wednesday night, the president’s health reform law is considered a good idea by 37 percent of respondents, while 49 percent say that the Affordable Care Act is a bad idea. That’s the highest number since NBC/WSJ began polling about the ACA in 2009, NBC said.
National Journal | Separate and Unequal Access to Health Care?
Segregation is still real. Although black-white segregation has, overall, declined steadily since the 1970s, major American metros remain split into black and white areas.
Blogs
Heritage Foundation | Obamacare Cost Rises by $30 Billion
The Congressional Budget Office (CBO) issued a new statement on the budgetary effect of repealing the Affordable Care Act (Obamacare) for fiscal years 2014 to 2023. The CBO did not model or update a full scoring of repeal. It found that the cost of Obamacare has increased by $30 billion since last July’s estimate for the fiscal years 2014–2022, but thinks this could be offset by more cost savings and tax revenue by extending the timeline an additional year.
Monetary
News
CNN Money | Federal Reserve: Recovery still 'modest' and 'moderate'
"Overall economic activity increased at a modest to moderate pace since the previous report," the Federal Reserve said in its latest Beige Book report, released Wednesday afternoon.
Econ Comments & Analysis
Bloomberg | Can the Fed Make Up Its Mind on QE?
When the Federal Reserve first introduced its either/or stance on quantitative easing, I wasn’t sure if it was a PR ploy or a serious plan.
Market Watch | Fed's Bloom Raskin: No delay on bank crisis rules
There should be no more delay on finalizing robust capital rules for U.S. banks, said Federal Reserve governor Sarah Bloom Raskin on Thursday.
Blogs
Economist | Beyond goods and people
The datasphere is bursting with inflation indexes (inflation inflation?). The Bureau of Labour Statistics provides consumer and producer prices while the Bureau of Economic Analysis gives us all manner of deflators.
CNN Money | Federal Reserve: Recovery still 'modest' and 'moderate'
"Overall economic activity increased at a modest to moderate pace since the previous report," the Federal Reserve said in its latest Beige Book report, released Wednesday afternoon.
Econ Comments & Analysis
Bloomberg | Can the Fed Make Up Its Mind on QE?
When the Federal Reserve first introduced its either/or stance on quantitative easing, I wasn’t sure if it was a PR ploy or a serious plan.
Market Watch | Fed's Bloom Raskin: No delay on bank crisis rules
There should be no more delay on finalizing robust capital rules for U.S. banks, said Federal Reserve governor Sarah Bloom Raskin on Thursday.
Blogs
Economist | Beyond goods and people
The datasphere is bursting with inflation indexes (inflation inflation?). The Bureau of Labour Statistics provides consumer and producer prices while the Bureau of Economic Analysis gives us all manner of deflators.
Taxes
Blogs
CATO | Moral of the Story: Tax Havens Are Okay if You’re a Politically Connnected Statist
Much to my amusement, Mr. Lew even pretended he was financially illiterate to justify making sensible decisions to invest via the Cayman Islands. And unlike the president’s first Treasury Secretary, Mr. Lew didn’t break the law and cheat on his tax return.
CATO | Moral of the Story: Tax Havens Are Okay if You’re a Politically Connnected Statist
Much to my amusement, Mr. Lew even pretended he was financially illiterate to justify making sensible decisions to invest via the Cayman Islands. And unlike the president’s first Treasury Secretary, Mr. Lew didn’t break the law and cheat on his tax return.
Employment
News
Bloomberg | Firing Decline Helps Boost Consumer Confidence in U.S.: Economy
Applications for unemployment benefits declined last week and Americans’ views of the economy were the brightest since early 2008 on the heels of a housing market recovery and higher stock prices.
Econ Comments & Analysis
WSJ | The Hidden Jobless Disaster
The market tanked Wednesday on bad preliminary job news. And so, when Friday's jobs report is released, the unemployment rate and the number of new jobs will come in for close scrutiny. Then again, they always attract the most attention.
Washington Times | Working moms and unemployed dads
Between the baby boomers on one hand and Generations X, Y and Z on the other, cultural and economic changes have transformed the landscape of the culture. It’s difficult to wrap a description around what sociologists call a “cohort.”
Washington Post | Minority unemployment gap is still widening
Data from the Bureau of Labor Statistics show that the employment gap between young minorities and young whites continues to grow, reports Edward Wyckoff Williams, a contributing editor of The Root.
Blogs
Market Watch | What other May jobs data tell us about Friday’s payrolls report
The Labor Department produces the most widely read — and market-moving — jobs report, but they are not the only game in town. Here’s a look at what other indicators say about employment in May, and where they stand historically. See slideshow of what to watch in May payrolls.
Bloomberg | Firing Decline Helps Boost Consumer Confidence in U.S.: Economy
Applications for unemployment benefits declined last week and Americans’ views of the economy were the brightest since early 2008 on the heels of a housing market recovery and higher stock prices.
Econ Comments & Analysis
WSJ | The Hidden Jobless Disaster
The market tanked Wednesday on bad preliminary job news. And so, when Friday's jobs report is released, the unemployment rate and the number of new jobs will come in for close scrutiny. Then again, they always attract the most attention.
Washington Times | Working moms and unemployed dads
Between the baby boomers on one hand and Generations X, Y and Z on the other, cultural and economic changes have transformed the landscape of the culture. It’s difficult to wrap a description around what sociologists call a “cohort.”
Washington Post | Minority unemployment gap is still widening
Data from the Bureau of Labor Statistics show that the employment gap between young minorities and young whites continues to grow, reports Edward Wyckoff Williams, a contributing editor of The Root.
Blogs
Market Watch | What other May jobs data tell us about Friday’s payrolls report
The Labor Department produces the most widely read — and market-moving — jobs report, but they are not the only game in town. Here’s a look at what other indicators say about employment in May, and where they stand historically. See slideshow of what to watch in May payrolls.
Budget
News
CNN Money | IMF bent rules on Greece to avoid worse situation
The International Monetary Fund bent its own rules to bail out Greece back in 2010 in order to prevent much more serious damage to the eurozone and world economy.
Econ Comments & Analysis
CRS | An Examination of Student Loan Interest Rate Proposals in the 113th Congress
The interest rates that borrowers pay on federal student loans made through the William D. Ford Federal Direct Loan program are specified in statutory language of the Higher Education Act of 1965, as amended. Numerous proposals have been made during the 113th Congress that would affect the interest rates that borrowers pay on student loans made through the Direct Loan program
CNN Money | IMF bent rules on Greece to avoid worse situation
The International Monetary Fund bent its own rules to bail out Greece back in 2010 in order to prevent much more serious damage to the eurozone and world economy.
Econ Comments & Analysis
CRS | An Examination of Student Loan Interest Rate Proposals in the 113th Congress
The interest rates that borrowers pay on federal student loans made through the William D. Ford Federal Direct Loan program are specified in statutory language of the Higher Education Act of 1965, as amended. Numerous proposals have been made during the 113th Congress that would affect the interest rates that borrowers pay on student loans made through the Direct Loan program
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