News
Bloomberg | Sales of Existing U.S. Homes Rise More Than Forecast
Sales of previously owned U.S. homes climbed more than forecast in May to the highest level since November 2009 and prices jumped, indicating more progress for residential real estate.
National Journal | Are Cities the Key to U.S. Economic Growth?
The same support network that makes Silicon Valley a hub for technological innovation will save Northeast Ohio and other metropolitan areas around the country.
Bloomberg | Index of Leading Indicators in U.S. Rises Less Than Forecast
The Conference Board’s gauge of the outlook for the next three to six months increased 0.1 percent after a revised 0.8 percent gain in April that was higher than initially reported, the New York-based group said today. The median forecast of economists surveyed by Bloomberg called for a rise of 0.2 percent.
CNN Money | China factory activity hits 9-month low
China's factories are faltering again, pointing to slowing growth in the world's second-biggest economy.
Bloomberg | Emerging Markets Crack as $3.9 Trillion Funds Unwind: Currencies
Investors are pulling money from emerging markets at the fastest pace in two years as slowing economic growth and the prospect of less global stimulus sink stocks, bonds and currencies from India to Brazil.
Econ Comments & Analysis
Forbes | It's Time For Congress To Privatize The Welfare State
Actually, some people do occasionally make gifts to federal entitlement programs. But gifts to the entire federal government were a paltry $241 million in 2010, the last year for which statistics are available.
WSJ | How Adam Smith Revived America's Oil Patch
The debut of a new truck engine rarely attracts much attention. But this spring Cummins Inc. released two new truck engines worthy of notice: They are designed to run on natural gas, not diesel. Natural gas is abundant, domestically produced, cleaner and cheaper than oil-derived diesel. It could help set America free of foreign oil.
Market Watch | The downsides to indexed investing
Passive index funds have been gaining massive popularity among retail investors for the last several years. The largest ETF has been for a long time the SPDR S&P 500 ETF with $140 billion under management, almost three times larger than its nearest competitor.
Washington Times | U.S. Chamber of Commerce sounds the alarm over ballooning entitlement spending
The U.S. Chamber of Commerce said Wednesday it will start a campaign to try to fix American entitlement programs, saying Social Security, Medicare and other programs are growing so quickly they will eventually crowd out other spending on infrastructure, defense and education.
CBO | Testimony on Means-Tested Programs and Tax Credits for Low-Income Households
The federal government devotes roughly one-sixth of its spending to 10 major means-tested programs and tax credits, which provide cash payments or assistance in obtaining health care, food, housing, or education to people with relatively low income or few assets.
Thursday, June 20, 2013
Health Care
Econ Comments & Analysis
Washington Times | The poor will pay more
It is becoming increasingly apparent that Obamacare is going to make health care unaffordable to a shockingly large number of poor people — many of them single and childless. This should come as no surprise, though: The burden of regulation falls all too often disproportionately on the relatively poor, especially the working poor — the very people this law was supposed to help.
Blogs
Heritage Foundation | Obamacare: Important Context on Next Year’s Premium Increases
The bottom line is clear: Then-Senator Obama promised that Obamacare would lower premiums by $2,500 for struggling American families. Today’s report from PwC puts President Obama even further away from living up to that promise.
Washington Times | The poor will pay more
It is becoming increasingly apparent that Obamacare is going to make health care unaffordable to a shockingly large number of poor people — many of them single and childless. This should come as no surprise, though: The burden of regulation falls all too often disproportionately on the relatively poor, especially the working poor — the very people this law was supposed to help.
Blogs
Heritage Foundation | Obamacare: Important Context on Next Year’s Premium Increases
The bottom line is clear: Then-Senator Obama promised that Obamacare would lower premiums by $2,500 for struggling American families. Today’s report from PwC puts President Obama even further away from living up to that promise.
Monetary
News
CNN Money | Ben Bernanke's power over your money
Ben Bernanke scared stock investors on Wednesday when he said the Federal Reserve may start slowing its economic stimulus program later this year, but what does it mean for borrowers and savers?
CNBC | Here's the Real Reason the Fed Will Taper QE: Pro
Noted Nomura bear Bob Janjuah believes he knows the reason why the Federal Reserve will begin pulling back its easing program, and it's not about unemployment, inflation or anything else directly related to the economy.
Econ Comments & Analysis
WSJ | The Bernanke Status Quo
The Fed still runs on Ben Bernanke time, and the Chairman is determined to keep his foot on the monetary pedal at least until his second term expires next year. Even so, his tentative plan to ease back on quantitative easing later this year, so long as growth is strong enough, was enough to keep markets roiling, especially in the developing world.
Bloomberg | Bernanke Sees Beginning of End for Fed’s Record Easing
Federal Reserve Chairman Ben S. Bernanke is putting investors on notice that the central bank is prepared to begin phasing out one of the most aggressive easing programs in its century-long history later this year.
NY Post | More easy money’s on the way
The big story yesterday was supposed to be Ben Bernanke’s signal to the markets about future Fed policy — whether he’ll scale it back, or just go on printing money to keep interest rates super-low and inflate the economy.
Blogs
WSJ | Lone Dissenter No More: Fed Officials Have Divergent Objections
Dissenting votes on the Federal Open Market Committee usually don’t have much impact on the actual direction of monetary policy, but what happened Wednesday may be different.
CNN Money | Ben Bernanke's power over your money
Ben Bernanke scared stock investors on Wednesday when he said the Federal Reserve may start slowing its economic stimulus program later this year, but what does it mean for borrowers and savers?
CNBC | Here's the Real Reason the Fed Will Taper QE: Pro
Noted Nomura bear Bob Janjuah believes he knows the reason why the Federal Reserve will begin pulling back its easing program, and it's not about unemployment, inflation or anything else directly related to the economy.
Econ Comments & Analysis
WSJ | The Bernanke Status Quo
The Fed still runs on Ben Bernanke time, and the Chairman is determined to keep his foot on the monetary pedal at least until his second term expires next year. Even so, his tentative plan to ease back on quantitative easing later this year, so long as growth is strong enough, was enough to keep markets roiling, especially in the developing world.
Bloomberg | Bernanke Sees Beginning of End for Fed’s Record Easing
Federal Reserve Chairman Ben S. Bernanke is putting investors on notice that the central bank is prepared to begin phasing out one of the most aggressive easing programs in its century-long history later this year.
NY Post | More easy money’s on the way
The big story yesterday was supposed to be Ben Bernanke’s signal to the markets about future Fed policy — whether he’ll scale it back, or just go on printing money to keep interest rates super-low and inflate the economy.
Blogs
WSJ | Lone Dissenter No More: Fed Officials Have Divergent Objections
Dissenting votes on the Federal Open Market Committee usually don’t have much impact on the actual direction of monetary policy, but what happened Wednesday may be different.
Taxes
News
WSJ | Swiss Parliament Rejects U.S. Banks Deal
Swiss lawmakers ushered in a new era of uncertainty for the country's financial sector Wednesday by nixing a proposal to let Swiss banks avoid the threat of prosecution in the U.S. by collectively coming clean about their dealings with suspected American tax evaders.
Washington Times | Internet sales tax bill faces House showdown
The Marketplace Fairness Act, which passed the Senate last month with bipartisan support, would require online merchants to collect sales tax from customers. The bill would level the playing field for traditional retailers, whose products appear more expensive, supporters say. It would also help fill the coffers of state governments that are strapped for money.
Econ Comments & Analysis
LA Times | A tax system that targets workers
Imagine a society with two tax systems. One taxes the wealth people have accumulated. The other taxes the labor people perform. This society seems to be getting along well enough, raising enough tax revenue to finance the public goods and services that voters have told lawmakers they want to see supported.
Heritage Foundation | The Simple Economics of Pro-Growth Tax Reform
The essential principle for pro-growth tax policy is simply this: Minimize tax distortions to the incentives guiding individual decisions. The simplicity of this guide may surprise because tax policy often appears—and indeed often is—a dauntingly complicated subject. Fundamental tax reform is equally so.
WSJ | Swiss Parliament Rejects U.S. Banks Deal
Swiss lawmakers ushered in a new era of uncertainty for the country's financial sector Wednesday by nixing a proposal to let Swiss banks avoid the threat of prosecution in the U.S. by collectively coming clean about their dealings with suspected American tax evaders.
Washington Times | Internet sales tax bill faces House showdown
The Marketplace Fairness Act, which passed the Senate last month with bipartisan support, would require online merchants to collect sales tax from customers. The bill would level the playing field for traditional retailers, whose products appear more expensive, supporters say. It would also help fill the coffers of state governments that are strapped for money.
Econ Comments & Analysis
LA Times | A tax system that targets workers
Imagine a society with two tax systems. One taxes the wealth people have accumulated. The other taxes the labor people perform. This society seems to be getting along well enough, raising enough tax revenue to finance the public goods and services that voters have told lawmakers they want to see supported.
Heritage Foundation | The Simple Economics of Pro-Growth Tax Reform
The essential principle for pro-growth tax policy is simply this: Minimize tax distortions to the incentives guiding individual decisions. The simplicity of this guide may surprise because tax policy often appears—and indeed often is—a dauntingly complicated subject. Fundamental tax reform is equally so.
Employment
News
FOX Business | Jobless Claims Rise More than Expected to 354K
The number of Americans filing new claims for unemployment benefits rose more than expected last week, but not enough to signal a material shift from the recent pace of moderate job growth.
CNBC | Will Obamacare Hurt Jobs? It's Already Happening, Poll Finds
Small business owners' fear of the effect of the new health-care reform law on their bottom line is prompting many to hold off on hiring and even to shed jobs in some cases, a recent poll found.
Econ Comments & Analysis
Bloomberg | Why Government Spending Does Nothing for Jobs
While most economists and policy makers are focusing on the International Monetary Fund’s epiphany on the perils of austerity, some researchers at the IMF have offered another take on the fiscal-policy debate. They found that less is more, even when it comes to the size and scope of government.
CRS | Job Creation in the Manufacturing Revival
The health of the U.S. manufacturing sector is of intense interest to Congress. Numerous bills aimed at promoting manufacturing have been introduced in Congress, often with the stated goal of creating jobs. Implicit in many of these bills is the assumption that the manufacturing sector is uniquely able to provide well-paid employment for workers who have not pursued advanced education.
FOX Business | Jobless Claims Rise More than Expected to 354K
The number of Americans filing new claims for unemployment benefits rose more than expected last week, but not enough to signal a material shift from the recent pace of moderate job growth.
CNBC | Will Obamacare Hurt Jobs? It's Already Happening, Poll Finds
Small business owners' fear of the effect of the new health-care reform law on their bottom line is prompting many to hold off on hiring and even to shed jobs in some cases, a recent poll found.
Econ Comments & Analysis
Bloomberg | Why Government Spending Does Nothing for Jobs
While most economists and policy makers are focusing on the International Monetary Fund’s epiphany on the perils of austerity, some researchers at the IMF have offered another take on the fiscal-policy debate. They found that less is more, even when it comes to the size and scope of government.
CRS | Job Creation in the Manufacturing Revival
The health of the U.S. manufacturing sector is of intense interest to Congress. Numerous bills aimed at promoting manufacturing have been introduced in Congress, often with the stated goal of creating jobs. Implicit in many of these bills is the assumption that the manufacturing sector is uniquely able to provide well-paid employment for workers who have not pursued advanced education.
Budget
Econ Comments & Analysis
Politico | A common-sense coin could save a mint
While Congress struggles to find common ground on our nation’s deficit, there’s a bipartisan delegation of senators from five states working on one common-sense budget savings proposal: eliminating the dollar bill in favor of the dollar coin and saving taxpayers $4.5 billion without raising taxes or cutting a single program.
Washington Times | As federal agencies trim fat, contracts feed billions in profits to 59 companies
As lawmakers take up austerity measures and the Defense Department and other agencies grapple with difficult budget choices, some contracting companies that derive their income entirely from the federal government have grown increasingly fat.
Blogs
CATO | How Much Does Your State Government Depend on Federal Funds?
This week the Indianapolis Star published an op-ed I wrote on Indiana state government’s reliance on federal funds. I said that “Most Hoosiers would be surprised to know that under [Gov. Mike] Pence’s first budget proposal, federal funds would have accounted for around 35 percent of total state spending.”
Politico | A common-sense coin could save a mint
While Congress struggles to find common ground on our nation’s deficit, there’s a bipartisan delegation of senators from five states working on one common-sense budget savings proposal: eliminating the dollar bill in favor of the dollar coin and saving taxpayers $4.5 billion without raising taxes or cutting a single program.
Washington Times | As federal agencies trim fat, contracts feed billions in profits to 59 companies
As lawmakers take up austerity measures and the Defense Department and other agencies grapple with difficult budget choices, some contracting companies that derive their income entirely from the federal government have grown increasingly fat.
Blogs
CATO | How Much Does Your State Government Depend on Federal Funds?
This week the Indianapolis Star published an op-ed I wrote on Indiana state government’s reliance on federal funds. I said that “Most Hoosiers would be surprised to know that under [Gov. Mike] Pence’s first budget proposal, federal funds would have accounted for around 35 percent of total state spending.”
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