News
Fortune | Bank of America profit rises 63%
Expenses fell, but a lack of growth in consumer lending may be a sign of bigger problems at the bank, and in the economy in general.
Politico | Increased U.S. oil production: How it's affecting you at the pump
The surge in U.S. oil production is making a difference in the energy market, even if American consumers aren’t necessarily seeing the savings at the pump, Adam Sieminski, head of the Energy Information Administration, told lawmakers Tuesday.
FOX Business | IMF: China Needs Reform Measures
China needs another round of "decisive measures" to make sure it continues its successful economic growth as its margins of safety are falling amid growing domestic problems, the International Monetary Fund said in its latest report.
CNN Money | Home building slows in June
The pace of home building slowed somewhat in June in the face of higher mortgage rates, but construction is still well above year ago levels.
Econ Comments & Analysis
Forbes | Americans Think Little Of Business, And That's Bad For The U.S. Economy
A recent poll by the Pew Research Center asks Americans to rank occupational groups according to how much they “contribute to society’s well-being,” and disturbingly, business executives rank quite low – indeed, below journalists (but above lawyers).
AEI | Like the past ones, Farm Bill 2013 is an American boondoggle
The House of Representatives has now passed a farm bill on an entirely partisan basis. No Democrat voted for the bill, not least because the House leadership voted out the nutrition title that would have reauthorized food stamps, or Supplementary Nutrition Assistance Program.
Wednesday, July 17, 2013
Health Care
News
National Journal | Obamacare Study: Employer Mandate May Not Matter Much, but the Individual Mandate Does
A new study published by the Urban Institute this week finds that removing the employer mandate from the Affordable Care Act will have little impact on either insurance coverage or government spending--but that removing the individual-mandate provision would significantly increase the number of uninsured individuals and affect government spending.
Econ Comments & Analysis
CRS | Delay in Implementation of Potential Employer Penalties Under ACA
The Patient Protection and Affordable Care Act (ACA, P.L. 111-148), as amended, attempts to increase access to health insurance coverage, expands federal private health insurance market requirements, and requires the creation of health insurance exchanges to provide certain individuals and small employers with access to insurance.
Blogs
Market Watch | House to vote on Obamacare-delay bills
House Republicans will take another whack at President Barack Obama’s signature health-care law on Wednesday, voting on a pair of bills to delay its requirements that individuals and employers buy health insurance or pay a fine.
National Journal | Obamacare Study: Employer Mandate May Not Matter Much, but the Individual Mandate Does
A new study published by the Urban Institute this week finds that removing the employer mandate from the Affordable Care Act will have little impact on either insurance coverage or government spending--but that removing the individual-mandate provision would significantly increase the number of uninsured individuals and affect government spending.
Econ Comments & Analysis
CRS | Delay in Implementation of Potential Employer Penalties Under ACA
The Patient Protection and Affordable Care Act (ACA, P.L. 111-148), as amended, attempts to increase access to health insurance coverage, expands federal private health insurance market requirements, and requires the creation of health insurance exchanges to provide certain individuals and small employers with access to insurance.
Blogs
Market Watch | House to vote on Obamacare-delay bills
House Republicans will take another whack at President Barack Obama’s signature health-care law on Wednesday, voting on a pair of bills to delay its requirements that individuals and employers buy health insurance or pay a fine.
Monetary
News
CNN Money | Fed dissenter argues for tapering QE3
The economy is improving, and now is the time for the Federal Reserve to start weaning the economy back off stimulus, according to one central bank policymaker.
CNN Money | Senate confirms consumer financial chief
Five years after the Wall Street meltdown, the agency that protects consumers finally has a confirmed chief.
CNBC | Will Bernanke taper talk rock the markets again?
Fed Chairman Ben Bernanke is not likely to say much new when he testifies before Congress Wednesday, but even so, he could rock the markets.
Econ Comments & Analysis
Bloomberg | Frantic Rule-Writing Won’t Avert New Banking Crisis
Five years after the great financial meltdown, have the U.S. and other advanced economies done enough to head off the next calamity? The short answer is no.
WSJ | Central Banking Needs Rethinking
The Federal Reserve did well to supply liquidity after Lehman Brothers failed in September 2008 and the world was plunged into financial crisis. But since then the Fed's monetary policy has been increasingly hazardous and bank supervision by the Fed and other regulators dangerously ineffectual.
Bloomberg | Bernanke Says Fed Bond Purchases Not on ‘Preset Course’
Federal Reserve Chairman Ben S. Bernanke said the central bank’s asset purchases “are by no means on a preset course” and could be reduced more quickly or expanded as economic conditions warrant.
Federal Reserve | Chairman Ben S. Bernanke: Semiannual Monetary Policy Report to the Congress
The economic recovery has continued at a moderate pace in recent quarters despite the strong headwinds created by federal fiscal policy.
CNN Money | Fed dissenter argues for tapering QE3
The economy is improving, and now is the time for the Federal Reserve to start weaning the economy back off stimulus, according to one central bank policymaker.
CNN Money | Senate confirms consumer financial chief
Five years after the Wall Street meltdown, the agency that protects consumers finally has a confirmed chief.
CNBC | Will Bernanke taper talk rock the markets again?
Fed Chairman Ben Bernanke is not likely to say much new when he testifies before Congress Wednesday, but even so, he could rock the markets.
Econ Comments & Analysis
Bloomberg | Frantic Rule-Writing Won’t Avert New Banking Crisis
Five years after the great financial meltdown, have the U.S. and other advanced economies done enough to head off the next calamity? The short answer is no.
WSJ | Central Banking Needs Rethinking
The Federal Reserve did well to supply liquidity after Lehman Brothers failed in September 2008 and the world was plunged into financial crisis. But since then the Fed's monetary policy has been increasingly hazardous and bank supervision by the Fed and other regulators dangerously ineffectual.
Bloomberg | Bernanke Says Fed Bond Purchases Not on ‘Preset Course’
Federal Reserve Chairman Ben S. Bernanke said the central bank’s asset purchases “are by no means on a preset course” and could be reduced more quickly or expanded as economic conditions warrant.
Federal Reserve | Chairman Ben S. Bernanke: Semiannual Monetary Policy Report to the Congress
The economic recovery has continued at a moderate pace in recent quarters despite the strong headwinds created by federal fiscal policy.
Taxes
Econ Comments & Analysis
Washington Times | Proportional taxation works because it’s fair to everyone
Many of the Founding Fathers fled to America because of the promise of freedom of speech and freedom of expression. In England and other monarchies, one could be imprisoned or killed for voicing opinions that differed from those of the rulers. If indeed we are willing to easily ignore government persecution of those who voice disagreement with its policies, then we are rapidly moving backward instead of forward in the quest for the freedom that was part of America’s promise.
Washington Times | Proportional taxation works because it’s fair to everyone
Many of the Founding Fathers fled to America because of the promise of freedom of speech and freedom of expression. In England and other monarchies, one could be imprisoned or killed for voicing opinions that differed from those of the rulers. If indeed we are willing to easily ignore government persecution of those who voice disagreement with its policies, then we are rapidly moving backward instead of forward in the quest for the freedom that was part of America’s promise.
Employment
Econ Comments & Analysis
Real Clear Markets | With Joblessness High, SEC Must Get Out Of the Way of JOBS
Last week, to great fanfare, the Securities and Exchange Commission finally voted into effect one of the overdue provisions of the JOBS Act-lifting the ban on advertising for certain private securities offerings that cannot be purchased by the general public. That change was doubly overdue.
Blogs
Economist | When the cyclical becomes structural
The OECD's annual employment report makes for sombre reading. Our correspondents say that policymakers in Europe, where projections remain especially poor, need to focus on creating demand
Real Clear Markets | With Joblessness High, SEC Must Get Out Of the Way of JOBS
Last week, to great fanfare, the Securities and Exchange Commission finally voted into effect one of the overdue provisions of the JOBS Act-lifting the ban on advertising for certain private securities offerings that cannot be purchased by the general public. That change was doubly overdue.
Blogs
Economist | When the cyclical becomes structural
The OECD's annual employment report makes for sombre reading. Our correspondents say that policymakers in Europe, where projections remain especially poor, need to focus on creating demand
Budget
News
Politico | Federal student loan debt tops $1 trillion
Federal student loan debt has topped $1 trillion, the Consumer Financial Protection Bureau will announce Wednesday, a milestone that will only intensify the debate in Congress over what to do about student loan interest rates.
Econ Comments & Analysis
CRS | The President's Budget Request: Overview and Timing of the Mid-Session Review
The Budget and Accounting Act of 1921 established for the first time the requirement that the President annually submit a budget proposal to Congress. Under current law (31 U.S.C. § 1105(a)), the President is required to submit this budget proposal to Congress on or after the first Monday in January, but no later than the first Monday in February.
Politico | Federal student loan debt tops $1 trillion
Federal student loan debt has topped $1 trillion, the Consumer Financial Protection Bureau will announce Wednesday, a milestone that will only intensify the debate in Congress over what to do about student loan interest rates.
Econ Comments & Analysis
CRS | The President's Budget Request: Overview and Timing of the Mid-Session Review
The Budget and Accounting Act of 1921 established for the first time the requirement that the President annually submit a budget proposal to Congress. Under current law (31 U.S.C. § 1105(a)), the President is required to submit this budget proposal to Congress on or after the first Monday in January, but no later than the first Monday in February.
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