News
Politico | Fannie Mae, Freddie Mac move up on Congress’s to-do list
For the first time since the government took over Fannie Mae and Freddie Mac nearly five years ago, there are signs that Congress and the administration are starting to get serious about tackling the dilemma of what should replace the taxpayer-owned mortgage finance giants.
National Journal | When Cities Aren't Enough
When the Twin Cities began an effort to develop a light-rail system that would connect downtown Minneapolis with downtown St. Paul, local leaders needed resources and expertise to produce the most effective plan for their communities. That's where Living Cities comes in.
FOX Business | Raising Prices Easier Said than Done for U.S. Companies
Walt Disney Co last week hiked single-day admission prices at its U.S. theme parks by up to 9.6%, the fifth increase since 2009. But other U.S. companies might want to think twice before following suit.
Market Watch | Underwater mortgage percentage falls below 20%
The percentage of all residential mortgages that are in negative equity, or "underwater" or "upside down," at the end of the first quarter fell to 19.8%, or 9.7 million, CoreLogic said Wednesday. That's down from 21.7% at the end of the fourth quarter of 2012 and from over 25% at the end of 2011.
Econ Comments & Analysis
FOX Business | Slowing Exports Threatens Emerging Asia's Credit-Fuelled Boom
A deepening slump in exports is sending tremors through Asia, threatening to undermine some booming emerging economies that have surged ahead in recent years on a heady combination of easy credit, buoyant consumer demand and strong domestic investment.
CNN Money | The manufacturing powerhouse you never thought of
Oregon's gross domestic product grew 3.9% last year, making it the third fastest-growing state economy after North Dakota and Texas, according to Commerce Department data released last week. Unlike those states, which benefited from an energy boom, Oregon drew about two-thirds of its growth from durable goods manufacturing. - See more at: http://economy.money.cnn.com/2013/06/10/oregon-manufacturing-powerhouse/?iid=SF_E_LN#sthash.GgJ4ZiBG.dpuf
Fortune | The upside of current market turbulence
As some prices overshoot in the downward direction, as they inevitably do, investors will come across opportunities that they previously could only hope for.
Washington Times | U.S. gains global competition as shale energy revolution heats up
The United States has been the dominant player in the shale revolution until now, but new estimates of the world’s potential shale resources show that Russia, China and developing countries such as Argentina and Algeria could be the biggest winners in the future.
Mercatus | A Guide To the 2013 Social Security Trustees Report, Part II
As one of the programs’ two public trustees it has become my custom to publish such summaries soon after the annual publication of the reports. The first this year summarized the Social Security report, whereas this one will summarize the Medicare report. Following are some of the report’s key points.
Blogs
WSJ | Can Cities Do Anything to Promote Startups?
An article in today’s Wall Street Journal looked at efforts to spur entrepreneurship in St. Louis. It’s an important challenge: Research has suggested a connection between job growth and entrepreneurship. Yet rates of business formation have been declining for decades.
CATO | Obamanomics and Big Government: Bad News for Young People
The Center for Freedom and Prosperity has examined this issue and taken it to the next level, cramming a lot of information into this six-minute video.
Calculated Risk | MBA: Mortgage Applications Increase, Mortgage Rates highest since March 2012
The Refinance Index increased 5 percent from the previous week. Despite the increase in the refinance index last week, the level is still 11 percent lower than two weeks prior and 36 percent lower than the recent peak at the beginning of May.
Wednesday, June 12, 2013
Health Care
Econ Comments & Analysis
Forbes | The IRS Is Enforcing ObamaCare? They've Got To Be Kidding!
IRS control of ObamaCare’s most coercive elements is the next step toward an abusive administrative state that operates with impunity. The recent scandal uncovered familiar themes: Government intrusion into our privacy and property; bureaucrats granted new opportunities to misuse their power.
CRS | Medicare: Part B Premiums
Medicare is a federal insurance program that pays for covered health care services of most individuals aged 65 and over and certain disabled persons. In 2013, the program is expected to cover 52 million persons (43 million aged and 9 million disabled) at a total cost of $594 billion.
NBER | The Effect of Medicare Advantage on Hospital Admissions and Mortality
Medicare currently allows beneficiaries to choose between a government-run health plan and a privately- administered program known as Medicare Advantage (MA).
Forbes | The IRS Is Enforcing ObamaCare? They've Got To Be Kidding!
IRS control of ObamaCare’s most coercive elements is the next step toward an abusive administrative state that operates with impunity. The recent scandal uncovered familiar themes: Government intrusion into our privacy and property; bureaucrats granted new opportunities to misuse their power.
CRS | Medicare: Part B Premiums
Medicare is a federal insurance program that pays for covered health care services of most individuals aged 65 and over and certain disabled persons. In 2013, the program is expected to cover 52 million persons (43 million aged and 9 million disabled) at a total cost of $594 billion.
NBER | The Effect of Medicare Advantage on Hospital Admissions and Mortality
Medicare currently allows beneficiaries to choose between a government-run health plan and a privately- administered program known as Medicare Advantage (MA).
Monetary
Econ Comments & Analysis
WSJ | The Fed's Eminent Mistake
The Federal Reserve has spent trillions of dollars trying to revive U.S. housing prices, and at long last a recovery is underway. So it's more than a little surprising that amid this progress the New York Fed would suddenly lend its intellectual imprimatur to a dubious proposal for government to use eminent domain to seize underwater mortgages.
Bloomberg | ECB Court Probe Focuses on Limits to Monetary Policy
German top judges examining the European Central Bank’s plan to buy bonds of crisis-torn countries asked whether the operation crosses the line from legitimate monetary policy to illicit state financing.
Makret Watch | Former Fed president talks QE3, tapering
Gary Stern, the former president of the Minneapolis Federal Reserve, has always insisted on keeping the focus on the longer run.
WSJ | The Fed's Eminent Mistake
The Federal Reserve has spent trillions of dollars trying to revive U.S. housing prices, and at long last a recovery is underway. So it's more than a little surprising that amid this progress the New York Fed would suddenly lend its intellectual imprimatur to a dubious proposal for government to use eminent domain to seize underwater mortgages.
Bloomberg | ECB Court Probe Focuses on Limits to Monetary Policy
German top judges examining the European Central Bank’s plan to buy bonds of crisis-torn countries asked whether the operation crosses the line from legitimate monetary policy to illicit state financing.
Makret Watch | Former Fed president talks QE3, tapering
Gary Stern, the former president of the Minneapolis Federal Reserve, has always insisted on keeping the focus on the longer run.
Taxes
Econ Comments & Analysis
Investors | No Surprise That Top Tax Payers Also Get Biggest Breaks
They say "numbers don't lie," but they can withhold the truth. Such is the case with a recent congressional report appearing to show that a disproportionate share of tax breaks go to top earners.
AEI | Not much to show for TELs
Current fiscal pressures, driven largely by pension and health care costs, have renewed policymakers’ interest in such tax and expenditure limits (TELs). But while substantial time, resources, and effort have been devoted to the enactment of TELs, the fiscal outcomes stemming from such tools have largely failed to live up to their promises.
Heritage Foundation | Did Tax Increases or Spending Cuts Preface the 1990s Boom?
The early 1990s are a great example of the success of structural reform and spending cuts. Fiscal consolidation from 1993 on featured 67 percent spending cuts and 33 percent tax increases. International Monetary Fund economists recently quantified a detailed narrative of the tax increases and spending cuts during that era
Blogs
Market Watch | Big windfall seen for ‘Fix the Debt’ companies if U.S. switches tax system
Big companies aligned with the Campaign to Fix the Debt stand to reap as much as $173 billion in windfalls if the U.S. shifts to a so-called “territorial” tax system, a report from a left-leaning think tank said on Wednesday.
Investors | No Surprise That Top Tax Payers Also Get Biggest Breaks
They say "numbers don't lie," but they can withhold the truth. Such is the case with a recent congressional report appearing to show that a disproportionate share of tax breaks go to top earners.
AEI | Not much to show for TELs
Current fiscal pressures, driven largely by pension and health care costs, have renewed policymakers’ interest in such tax and expenditure limits (TELs). But while substantial time, resources, and effort have been devoted to the enactment of TELs, the fiscal outcomes stemming from such tools have largely failed to live up to their promises.
Heritage Foundation | Did Tax Increases or Spending Cuts Preface the 1990s Boom?
The early 1990s are a great example of the success of structural reform and spending cuts. Fiscal consolidation from 1993 on featured 67 percent spending cuts and 33 percent tax increases. International Monetary Fund economists recently quantified a detailed narrative of the tax increases and spending cuts during that era
Blogs
Market Watch | Big windfall seen for ‘Fix the Debt’ companies if U.S. switches tax system
Big companies aligned with the Campaign to Fix the Debt stand to reap as much as $173 billion in windfalls if the U.S. shifts to a so-called “territorial” tax system, a report from a left-leaning think tank said on Wednesday.
Employment
Econ Comments & Analysis
CNN Money | Why hire? Small businesses are doing more with less
Small businesses are hiring -- just not as much as they might have in past recoveries.
Blogs
WSJ | More Signs of Slowly Healing Job Market
The labor markets continue to take baby steps toward improvement. Businesses are filling slots when they can, and hiring might be stronger except that companies face difficulty filling certain slots. More workers are willing to jump ship, another sign of progress.
CNN Money | Why hire? Small businesses are doing more with less
Small businesses are hiring -- just not as much as they might have in past recoveries.
Blogs
WSJ | More Signs of Slowly Healing Job Market
The labor markets continue to take baby steps toward improvement. Businesses are filling slots when they can, and hiring might be stronger except that companies face difficulty filling certain slots. More workers are willing to jump ship, another sign of progress.
Budget
Econ Comments & Analysis
Bloomberg | Can Bernanke Avoid a Meltdown in the Bond Market?
The past few weeks have given us a hint of what might happen when the Federal Reserve starts to reverse its super-easy monetary policy. Expect turbulence in financial markets, especially for assets that have moved far above normal or reasonable valuations.
CNN Money | Don't double the interest rate on my student loan
When Brandon Anderson takes a subsidized federal student loan this fall, it will be $1,000 costlier.
Bloomberg | Can Bernanke Avoid a Meltdown in the Bond Market?
The past few weeks have given us a hint of what might happen when the Federal Reserve starts to reverse its super-easy monetary policy. Expect turbulence in financial markets, especially for assets that have moved far above normal or reasonable valuations.
CNN Money | Don't double the interest rate on my student loan
When Brandon Anderson takes a subsidized federal student loan this fall, it will be $1,000 costlier.
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