News
FOX News | US trade deficit widens to $45 billion, highest in 6 months, with auto imports at record
The U.S. trade deficit increased in May to the highest level in six months as a weak global economy depressed U.S. export sales while imports of autos and other nonpetroleum products hit an all-time high.
CNN Money | June car sales show industry's continuing recovery
Car sales kept on rolling in June, providing further evidence of the recovery in U.S. auto demand.
Market Watch | Barclays cuts U.S. Q2 GDP forecast after trade
Barclays said Wednesday that it cut its second-quarter GDP trading estimate to 1.0% from 1.6% after the trade deficit widened in May. In a note to clients, Barclays blamed the larger-than-expected increase in imports in the month for the downward revision.
CNBC | State of The American Dream is Uncertain
Ah, the enduring American Dream. The idea that anyone who works hard enough can climb the ladder and achieve success: a lovely home in the suburbs, luxury cars in the garage, the kids off to a good college and the retirement in a sunny locale.
Econ Comments & Analysis
USA Today | Focus on economy, not climate
How much longer will we hear empty claims from President Obama, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid that the United States has only 3% of the world's oil supplies and therefore, "we can't drill our way out of the problem"?
Washington Times | A step toward American energy independence
About seven years ago, I had the opportunity to tour Devil's Tower, an offshore drilling platform 140 miles southeast of New Orleans. It was an enriching experience learning how technology and human ingenuity come together to safely harvest resources from the depths of our oceans that are used to power our homes, cars and businesses.
WSJ | For Pension Funds, Higher Fees Don't Mean Higher Returns, Study Finds
Public-employee pension plans paying the highest investment fees aren't generating the highest returns, according to a new study by a pair of Maryland think tanks.
Wednesday, July 3, 2013
Health Care
News
Politico | 6 questions about the Obamacare mandate
The bombshell announcement came from the Treasury Department on Tuesday night, catching even the administration’s close allies by surprise: A key part of Obamacare will be postponed for one year.
FOX News | UnitedHealthcare to stop selling individual plans in Calif.
A second health insurer notified state regulators Tuesday that it will stop selling individual policies in California.
Blogs
CATO | And So the Obamacare Train Wreck Begins…
In postponing the implementation of the Affordable Care Act’s employer mandate until after the 2014 mid-term elections, the Obama administration has tacitly admitted what critics of the law have long contended: that Obamacare is unworkable and would be a significant burden for American business and the economy at large. Stay tuned for further dominoes falling.
Heritage Foundation | It’s Official: Administration Admits Obamacare Is a Job-Killer
Bloomberg News reported this evening that the Obama Administration is set to announce a one-year delay in enforcement of Obamacare’s employer mandate, a move the Treasury Department recently confirmed in a blog post.
CATO | Delaying the Employer Mandate Requires Delaying All of Obamacare
The IRS has announced it will postpone the start date of Obamacare’s “employer mandate” from 2014 to 2015. Most of the reaction has focused on how this move is an implicit acknowledgement that Obamacare is harmful, cannot work, and will prove a liability for Democrats going into the November 2014 elections.
Politico | 6 questions about the Obamacare mandate
The bombshell announcement came from the Treasury Department on Tuesday night, catching even the administration’s close allies by surprise: A key part of Obamacare will be postponed for one year.
FOX News | UnitedHealthcare to stop selling individual plans in Calif.
A second health insurer notified state regulators Tuesday that it will stop selling individual policies in California.
Blogs
CATO | And So the Obamacare Train Wreck Begins…
In postponing the implementation of the Affordable Care Act’s employer mandate until after the 2014 mid-term elections, the Obama administration has tacitly admitted what critics of the law have long contended: that Obamacare is unworkable and would be a significant burden for American business and the economy at large. Stay tuned for further dominoes falling.
Heritage Foundation | It’s Official: Administration Admits Obamacare Is a Job-Killer
Bloomberg News reported this evening that the Obama Administration is set to announce a one-year delay in enforcement of Obamacare’s employer mandate, a move the Treasury Department recently confirmed in a blog post.
CATO | Delaying the Employer Mandate Requires Delaying All of Obamacare
The IRS has announced it will postpone the start date of Obamacare’s “employer mandate” from 2014 to 2015. Most of the reaction has focused on how this move is an implicit acknowledgement that Obamacare is harmful, cannot work, and will prove a liability for Democrats going into the November 2014 elections.
Monetary
News
WSJ | Big U.S. Banks Face Tougher Standards
Financial regulators on Tuesday stated explicitly what they have been signaling for months: More action is needed to reduce risks posed by the nation's largest banks to the broader economy.
Blogs
Economist | Look both ways
Most stories on China over the past few months have included some variation on the chart below, which appeared in a recent Free Exchange column ("Taking credit for nothing").
WSJ | NY Fed’s Dudley: Fed In No Rush To Tighten Monetary Policy
A leading policy maker at the Federal Reserve said Tuesday that even as the economy’s underlying fundamentals improve, the central bank isn’t yet ready to begin tightening monetary policy.
WSJ | Big U.S. Banks Face Tougher Standards
Financial regulators on Tuesday stated explicitly what they have been signaling for months: More action is needed to reduce risks posed by the nation's largest banks to the broader economy.
Blogs
Economist | Look both ways
Most stories on China over the past few months have included some variation on the chart below, which appeared in a recent Free Exchange column ("Taking credit for nothing").
WSJ | NY Fed’s Dudley: Fed In No Rush To Tighten Monetary Policy
A leading policy maker at the Federal Reserve said Tuesday that even as the economy’s underlying fundamentals improve, the central bank isn’t yet ready to begin tightening monetary policy.
Taxes
News
FOX Business | Helping Banks Avert U.S. Tax Charges
The Swiss government agreed on Wednesday on a framework to allow the country's banks to pass data to U.S. authorities in a bid to save them from criminal charges for helping wealthy Americans evade taxes.
CNN Money | Eight states raise their gas tax
Eight states increased their gas tax this week, according to a report from the Institute on Taxation and Economic Policy.
Econ Comments & Analysis
Real Clear Markets | Let's Make Sure the Tax Code Works For Men
Congress is expected to take up comprehensive tax reform later this year or next. As we prepare for a potentially bruising partisan battle, it is incumbent upon leadership of both parties to ensure that the tax code incentivizes work for American families, many of whom have seen their fortunes decline as wages for low-skill workers continue to stagnate.
Blogs
FOX Business | Tax Code Reform
One story we have ignored for the last few days – new efforts to reform the tax code. This time around the reform minded are two senators, Max Baucus and Orrin Hatch, a Democrat and Republican respectively. I applaud their efforts. Goodness knows converting to a flat tax – squeezing out all the special gimmicks and breaks – would go a long way to setting this country on the right track.
FOX Business | Helping Banks Avert U.S. Tax Charges
The Swiss government agreed on Wednesday on a framework to allow the country's banks to pass data to U.S. authorities in a bid to save them from criminal charges for helping wealthy Americans evade taxes.
CNN Money | Eight states raise their gas tax
Eight states increased their gas tax this week, according to a report from the Institute on Taxation and Economic Policy.
Econ Comments & Analysis
Real Clear Markets | Let's Make Sure the Tax Code Works For Men
Congress is expected to take up comprehensive tax reform later this year or next. As we prepare for a potentially bruising partisan battle, it is incumbent upon leadership of both parties to ensure that the tax code incentivizes work for American families, many of whom have seen their fortunes decline as wages for low-skill workers continue to stagnate.
Blogs
FOX Business | Tax Code Reform
One story we have ignored for the last few days – new efforts to reform the tax code. This time around the reform minded are two senators, Max Baucus and Orrin Hatch, a Democrat and Republican respectively. I applaud their efforts. Goodness knows converting to a flat tax – squeezing out all the special gimmicks and breaks – would go a long way to setting this country on the right track.
Employment
News
CNN Money | Business hiring picks up
Businesses added 188,000 jobs in June, according to the ADP National Employment Report, up from 134,000 jobs added in May.
Bloomberg | Jobless Claims in U.S. Fall by 5,000 in Week to June 29
Jobless claims decreased by 5,000 to 343,000 in the week ended June 29 from a revised 348,000 in the prior period that was higher than initially reported, the Labor Department said today in Washington.
Washington Times | Immigrants account for all job gains since 2000: native-born workers’ employment has fallen
Immigrants — both legal and illegal — have accounted for all of the job gains in the U.S. labor market since 2000, according to a report that highlights the stiff competition for jobs in a tight economy as Congress debates adding more workers to the mix.
Econ Comments & Analysis
LA Times | For more jobs, fix the corporate tax code
The May jobs report shows that the American economy added 175,000 positions. Positive employment growth is welcome news, of course. But May's gains weren't big enough to make a dent in the national joblessness rate, which actually ticked up to 7.6%.
CNN Money | Business hiring picks up
Businesses added 188,000 jobs in June, according to the ADP National Employment Report, up from 134,000 jobs added in May.
Bloomberg | Jobless Claims in U.S. Fall by 5,000 in Week to June 29
Jobless claims decreased by 5,000 to 343,000 in the week ended June 29 from a revised 348,000 in the prior period that was higher than initially reported, the Labor Department said today in Washington.
Washington Times | Immigrants account for all job gains since 2000: native-born workers’ employment has fallen
Immigrants — both legal and illegal — have accounted for all of the job gains in the U.S. labor market since 2000, according to a report that highlights the stiff competition for jobs in a tight economy as Congress debates adding more workers to the mix.
Econ Comments & Analysis
LA Times | For more jobs, fix the corporate tax code
The May jobs report shows that the American economy added 175,000 positions. Positive employment growth is welcome news, of course. But May's gains weren't big enough to make a dent in the national joblessness rate, which actually ticked up to 7.6%.
Budget
News
Bloomberg | Debt Limit Be Damned as U.S. Content With Talkless Summer
Congress is increasingly unlikely to start talks on getting a budget deal and forestalling a debt limit impasse before the next five-week break in August.
Econ Comments & Analysis
Fortune | Why the student loan interest rate hike isn't that big a deal
There are a range of options on the table to bring down the new 6.8% rate on student loans, and despite all the political fervor there's not much difference between them.
Real Clear Markets | To Restrain Leviathan, Let's Outlaw Mandatory Spending Increases
Mandatory spending ensures there will never be a grand bargain to bring America's fiscal policy back into equilibrium. Despite our threatening fiscal affairs-a $650 billion deficit, publically held debt at an unprecedented 75% of GDP, entitlement growth that eats our economy alive, and no end in sight-the Democrats refuse to cut spending and reform entitlements and the Republicans refuse to raise taxes further.
Bloomberg | Debt Limit Be Damned as U.S. Content With Talkless Summer
Congress is increasingly unlikely to start talks on getting a budget deal and forestalling a debt limit impasse before the next five-week break in August.
Econ Comments & Analysis
Fortune | Why the student loan interest rate hike isn't that big a deal
There are a range of options on the table to bring down the new 6.8% rate on student loans, and despite all the political fervor there's not much difference between them.
Real Clear Markets | To Restrain Leviathan, Let's Outlaw Mandatory Spending Increases
Mandatory spending ensures there will never be a grand bargain to bring America's fiscal policy back into equilibrium. Despite our threatening fiscal affairs-a $650 billion deficit, publically held debt at an unprecedented 75% of GDP, entitlement growth that eats our economy alive, and no end in sight-the Democrats refuse to cut spending and reform entitlements and the Republicans refuse to raise taxes further.
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