News
Bloomberg | Pending Sales of Previously Owned U.S. Homes Jumped 6.7%
More Americans signed contracts in May to buy previously owned homes than at any time in more than six years, a sign of bigger progress in the industry.
Market Watch | Fitch joins others in cutting China forecast
Fitch Ratings on Wednesday cut its forecast on China's 2013 economic growth to 7.5% from its previous projection of 8% in March.
FOX Business | Consumer Spending, Income Rise in May
Consumer spending rebounded in May and new applications for unemployment benefits fell last week, suggesting the economy remained on a moderate growth path.
Bloomberg | European Economic Confidence Improves More Than Forecast
Economic confidence in the euro area improved more than economists forecast in June, adding to indications the 17-nation economy is starting to recover from the longest recession since the debut of the common currency.
CNN Money | Mortgage rates soar to 4.46% - biggest jump in 26 years
Rates on 30-year, fixed-rate home loans spiked 0.53 percentage points to an average of 4.46% this week -- the largest weekly increase in more than 26 years, according to mortgage giant Freddie Mac.
Econ Comments & Analysis
Washington Times | Obama’s argle-bargle on Keystone
In delivering his Georgetown climate speech on Tuesday, Keystone seemed to be an afterthought. It was not in the 21-page climate “plan” the White House distributed or the shorter fact sheet. Reference to it appears in only one paragraph of his prepared text.
Investors | Weak Economy Exposes Obama's Upside-Down Priorities
After running for re-election vowing to make jobs and economic growth his top priority, President Obama has focused on everything but since winning. His misplaced priorities are costing plenty.
WSJ | Regulators Have Created a Mortgage Minefield
Bankers will soon step into a mortgage minefield—a no-win landscape in which every move will be fraught with peril, and in which the ultimate casualties will be the nascent housing recovery and the American home buyer.
Blogs
WSJ | Why Was GDP Revised Down so Much?
The Commerce Department offered an unpleasant surprise Wednesday in its latest estimate of U.S. economic growth: an unusually sharp downward revision to growth in the first quarter.
Thursday, June 27, 2013
Health Care
News
Politico | Bipartisan concern on DMEPOS
At a time when bipartisanship is rare in Washington, a majority of members of the U.S. House of Representatives recently came together in an attempt to ensure that the Centers for Medicare and Medicaid Services (CMS) does not put Medicare beneficiaries at risk, when implementing the Competitive Bidding Program for Durable Medical Equipment, Prosthetics, Orthotics and Supplies (DMEPOS).
Econ Comments & Analysis
CRS | Comparing Medicaid and Exchanges: Benefits and Costs for Individuals and Families
The Patient Protection and Affordable Care Act (ACA, P.L. 111-148, as amended) expands health insurance coverage primarily through two mechanisms: by expanding the existing Medicaid program and by establishing new health insurance exchanges where certain individuals and businesses can purchase private health insurance.
Politico | Bipartisan concern on DMEPOS
At a time when bipartisanship is rare in Washington, a majority of members of the U.S. House of Representatives recently came together in an attempt to ensure that the Centers for Medicare and Medicaid Services (CMS) does not put Medicare beneficiaries at risk, when implementing the Competitive Bidding Program for Durable Medical Equipment, Prosthetics, Orthotics and Supplies (DMEPOS).
Econ Comments & Analysis
CRS | Comparing Medicaid and Exchanges: Benefits and Costs for Individuals and Families
The Patient Protection and Affordable Care Act (ACA, P.L. 111-148, as amended) expands health insurance coverage primarily through two mechanisms: by expanding the existing Medicaid program and by establishing new health insurance exchanges where certain individuals and businesses can purchase private health insurance.
Monetary
News
Bloomberg | Dudley Says QE May Be Prolonged If Economy Misses Forecasts
Federal Reserve Bank of New York President William C. Dudley said the central bank may prolong its asset-purchase program if the economy’s performance fails to meet the Fed’s forecasts.
CNN Money | Fed officials: Tapering this year is no sure thing
The Federal Reserve's controversial stimulus program could continue at full blast if the job market doesn't keep improving, two key Fed officials said Thursday.
Bloomberg | Yellen Betting Defies 100-Year Jinx of Fed No. 2 Never Elevated
Janet Yellen, the favorite to lead the Federal Reserve in a survey of economists, would need to overcome 100 years of history in which the central bank’s No. 2 official has never risen to the top job.
Econ Comments & Analysis
Bloomberg | Bernanke Was Clear, Fed’s Crystal Ball Is Cloudy
Shoulda, woulda, coulda. It’s been a week since Federal Reserve Chairman Ben Bernanke “surprised” financial markets by telling them exactly what they expected, yet the whining is still going strong.
WSJ | Draghi Says Easy-Money Policy Remains
The European Central Bank's monetary policy will remain accommodative for the foreseeable future, ECB President Mario Draghi said Wednesday during a hearing at the French parliament.
Real Clear Markets | A Dollar Endgame Long Desired By Gold Investors
Gold has reached a new record low. Not in nominal terms, of course. The Coinage Act of 1792 defined the dollar as 24.75 grains of gold, or $17.72 per ounce, gold's original and lowest price. The first major change in the worth of the dollar occurred in 1933. President Roosevelt confiscated Americans' gold and then devalued the dollar to $35 per ounce.
Bloomberg | Dudley Says QE May Be Prolonged If Economy Misses Forecasts
Federal Reserve Bank of New York President William C. Dudley said the central bank may prolong its asset-purchase program if the economy’s performance fails to meet the Fed’s forecasts.
CNN Money | Fed officials: Tapering this year is no sure thing
The Federal Reserve's controversial stimulus program could continue at full blast if the job market doesn't keep improving, two key Fed officials said Thursday.
Bloomberg | Yellen Betting Defies 100-Year Jinx of Fed No. 2 Never Elevated
Janet Yellen, the favorite to lead the Federal Reserve in a survey of economists, would need to overcome 100 years of history in which the central bank’s No. 2 official has never risen to the top job.
Econ Comments & Analysis
Bloomberg | Bernanke Was Clear, Fed’s Crystal Ball Is Cloudy
Shoulda, woulda, coulda. It’s been a week since Federal Reserve Chairman Ben Bernanke “surprised” financial markets by telling them exactly what they expected, yet the whining is still going strong.
WSJ | Draghi Says Easy-Money Policy Remains
The European Central Bank's monetary policy will remain accommodative for the foreseeable future, ECB President Mario Draghi said Wednesday during a hearing at the French parliament.
Real Clear Markets | A Dollar Endgame Long Desired By Gold Investors
Gold has reached a new record low. Not in nominal terms, of course. The Coinage Act of 1792 defined the dollar as 24.75 grains of gold, or $17.72 per ounce, gold's original and lowest price. The first major change in the worth of the dollar occurred in 1933. President Roosevelt confiscated Americans' gold and then devalued the dollar to $35 per ounce.
Taxes
News
Politico | Max Baucus and Orrin Hatch tax reform plan: Wipe slate clean
Senate Finance Committee leaders are poised to soon deliver a message to the other 98 members in the chamber: Get prepared to defend your most cherished tax breaks.
CNN Money | Taxpayer advocate: IRS needs more money. Seriously.
The IRS has done itself no favors lately. It has botched how it reviews applications for tax-exempt status, thrown lavish conferences and failed to adequately oversee employee purchase card use.
Econ Comments & Analysis
CNBC | The Real Reason 1Q GDP Took a Hit
The economy grew more sluggishly in the first three months of the year than the government first reported, as higher taxes on payrolls dampened consumer spending and held overall growth down to just a 1.8 percent annual rate.
Blogs
Market Watch | Senators to be asked to defend tax breaks
The Senate Finance Committee’s top Democrat and top Republican will write to their 98 colleagues on Thursday and ask them to detail which tax breaks should be retained as part of an overhaul of the tax code, reports say.
Politico | Max Baucus and Orrin Hatch tax reform plan: Wipe slate clean
Senate Finance Committee leaders are poised to soon deliver a message to the other 98 members in the chamber: Get prepared to defend your most cherished tax breaks.
CNN Money | Taxpayer advocate: IRS needs more money. Seriously.
The IRS has done itself no favors lately. It has botched how it reviews applications for tax-exempt status, thrown lavish conferences and failed to adequately oversee employee purchase card use.
Econ Comments & Analysis
CNBC | The Real Reason 1Q GDP Took a Hit
The economy grew more sluggishly in the first three months of the year than the government first reported, as higher taxes on payrolls dampened consumer spending and held overall growth down to just a 1.8 percent annual rate.
Blogs
Market Watch | Senators to be asked to defend tax breaks
The Senate Finance Committee’s top Democrat and top Republican will write to their 98 colleagues on Thursday and ask them to detail which tax breaks should be retained as part of an overhaul of the tax code, reports say.
Employment
News
FOX Business | Jobless Claims Fall as Labor Market Continues Improving
The number of Americans filing new claims for unemployment benefits fell slightly last week in line with the recent moderate pace of jobs growth.
Econ Comments & Analysis
Forbes | Nosebleed Youth Unemployment: Will The U.S. Follow The Sclerotic Lead Of Europe?
When the last reports came out showing that youth unemployment had reached 16.2 % in the United States, alarm bells began to be heard in some quarters. This is more than double the rate of unemployment of the adult population. The rate is fast approaching the average youth unemployment rate in Europe which stands at approximately 24%.
NBER | The Global Decline of the Labor Share
The stability of the labor share of income is a key foundation in macroeconomic models. We document, however, that the global labor share has significantly declined since the early 1980s, with the decline occurring within the large majority of countries and industries.
Blogs
CATO | Why Is European Unemployment So High?
With youth unemployment running at 35% in Italy and annual net pay for a young leather-cutter starting at around €18,000 ($24,000), fashion firms ought to have applicants beating down their doors. …
WSJ | In Your Twenties? Have a Job? Chances Are You’re Feeling Pretty Good
Though the economy has been adding jobs at a steady pace, the effects of the recovery haven’t been spread evenly. According to Bankrate.com’s most recent monthly Financial Security Index, older Americans have seen less improvement in job security and savings over the past year than those in their twenties.
FOX Business | Jobless Claims Fall as Labor Market Continues Improving
The number of Americans filing new claims for unemployment benefits fell slightly last week in line with the recent moderate pace of jobs growth.
Econ Comments & Analysis
Forbes | Nosebleed Youth Unemployment: Will The U.S. Follow The Sclerotic Lead Of Europe?
When the last reports came out showing that youth unemployment had reached 16.2 % in the United States, alarm bells began to be heard in some quarters. This is more than double the rate of unemployment of the adult population. The rate is fast approaching the average youth unemployment rate in Europe which stands at approximately 24%.
NBER | The Global Decline of the Labor Share
The stability of the labor share of income is a key foundation in macroeconomic models. We document, however, that the global labor share has significantly declined since the early 1980s, with the decline occurring within the large majority of countries and industries.
Blogs
CATO | Why Is European Unemployment So High?
With youth unemployment running at 35% in Italy and annual net pay for a young leather-cutter starting at around €18,000 ($24,000), fashion firms ought to have applicants beating down their doors. …
WSJ | In Your Twenties? Have a Job? Chances Are You’re Feeling Pretty Good
Though the economy has been adding jobs at a steady pace, the effects of the recovery haven’t been spread evenly. According to Bankrate.com’s most recent monthly Financial Security Index, older Americans have seen less improvement in job security and savings over the past year than those in their twenties.
Budget
News
National Journal | Up Next in the Senate: A Fight Over Spending
The Senate’s attempt to pass landmark immigration reform has yet to clear the floor, and already senators are drawing battle lines in what is likely to be the next big fight: spending levels.
Econ Comments & Analysis
Forbes | Compromise: The Missing Policy Ingredient Amid Dysfunctional Budgeting
The “Framers” of our Constitution knew they had to abandon the powerless structure of the Articles of Confederation to create a stronger central government. But, at the same time, they wanted to protect state sovereignty and were terrified of too much central power.
National Journal | Up Next in the Senate: A Fight Over Spending
The Senate’s attempt to pass landmark immigration reform has yet to clear the floor, and already senators are drawing battle lines in what is likely to be the next big fight: spending levels.
Econ Comments & Analysis
Forbes | Compromise: The Missing Policy Ingredient Amid Dysfunctional Budgeting
The “Framers” of our Constitution knew they had to abandon the powerless structure of the Articles of Confederation to create a stronger central government. But, at the same time, they wanted to protect state sovereignty and were terrified of too much central power.
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