News
Politico | House GOP takes another cut at food stamp bill
House Republicans are proposing to double their food stamp savings to nearly $40 billion by rolling back waivers for able-bodied adults and targeting funds to states that are willing to impose greater work requirements on the parents of young children.
CNN Money | U.S. oil reserves post record gain
U.S. oil reserves posted their biggest gain ever in 2011, largely thanks to the controversial hydraulic fracturing production technique, according to a new report.
Bloomberg | Consumer Spending in U.S. Rose in Line With Forecast in June
Consumer spending in the U.S. rose in line with forecasts in June as Americans’ incomes (PITLCHNG) grew, a sign the biggest part of the economy is withstanding fiscal headwinds.
WSJ | U.S. Factory Orders Rise 1.5%
Demand for U.S. factory goods rose in June, boosted by higher demand for aircraft, as businesses stepped up investments but at a slower pace than earlier in the spring.
Econ Comments & Analysis
Fortune | Investors still aren't betting on a better economy
Earlier this week, the Federal Reserve said in its monthly statement that while growth was still "modest," it expects the economy will pick up from its current pace. Indeed, on average, economists are expecting the GDP to grow at 2.8% next year, and 3% beyond that. That would be a welcome change from the 1.7% the government just reported that GDP grew in the second quarter of the year.
Washington Times | Too regulated to succeed
The United States’ financial sector has historically been extremely competitive globally, as is evident from the dominance of Wall Street in world financial markets. This competitive edge, however, can be lost all too easily if destructive regulatory and tax regimes are put into place. Decreasing transparency, increasing probability of bailouts and a higher regulatory burden can all work to erode competitiveness.
Forbes | Is Poverty In The World's Richest Country Simply Bad Luck?
There is a new study out with the finding that urban sprawl contributes to inequality, making it more difficult for the poor to climb the income ladder.
Blogs
WSJ | Vital Signs Chart: Manufacturing Production Soars
Factories ramped up production last month. An index from the Institute for Supply Management that tracks production leapt to 65 from June’s 53.4 — the highest level since May 2004. A broader index of overall activity hit the highest level in two years. With orders coming in faster than some factories can fill them, manufacturers are picking up the pace, a healthy sign for the economy.
Friday, August 2, 2013
Health Care
News
Politico | Ohio becomes latest battleground in Obamacare premium wars
Customers in the key swing state can expect to pay 41 percent more on average for individual health insurance coverage next year because of Obamacare, according to projections released by the state’s Republican insurance commissioner Thursday.
National Journal | How Obamacare Could Suffer Death by a Thousand Cuts
Republicans in Congress probably won’t be able to defund the entire law, but by cutting money for specific provisions, they have hampered implementation.
Blogs
Roll Call | Obama Solves Health Care Problem for Lawmakers, Staff
Just a day after President Barack Obama told Senate Democrats he had personally engaged in the issue of his signature health care law’s effect on lawmakers and their staff, it appears there’s a solution.
Politico | Ohio becomes latest battleground in Obamacare premium wars
Customers in the key swing state can expect to pay 41 percent more on average for individual health insurance coverage next year because of Obamacare, according to projections released by the state’s Republican insurance commissioner Thursday.
National Journal | How Obamacare Could Suffer Death by a Thousand Cuts
Republicans in Congress probably won’t be able to defund the entire law, but by cutting money for specific provisions, they have hampered implementation.
Blogs
Roll Call | Obama Solves Health Care Problem for Lawmakers, Staff
Just a day after President Barack Obama told Senate Democrats he had personally engaged in the issue of his signature health care law’s effect on lawmakers and their staff, it appears there’s a solution.
Monetary
Econ Comments & Analysis
Real Clear Markets | The Fed Is Opaque Because It's Flying Blind
On October 19, 1993, Alan Greenspan was doing what he did best, obfuscating. Called to testify before the House Banking Committee, Greenspan was questioned by Representative Toby Roth (R-WI) about rumors of verbatim transcripts of FOMC meetings. As would become his trademark later in the 1990's, Greenspan said a lot without saying anything.
Blogs
Economist | Past performance may not be predictive
I am going to hold off, for now, on offering detailed thoughts on the candidates for the chairmanship of the Federal Reserve. I am struck by the extent of the point-missing in much of debate on Larry Summers versus Janet Yellen.
Real Clear Markets | The Fed Is Opaque Because It's Flying Blind
On October 19, 1993, Alan Greenspan was doing what he did best, obfuscating. Called to testify before the House Banking Committee, Greenspan was questioned by Representative Toby Roth (R-WI) about rumors of verbatim transcripts of FOMC meetings. As would become his trademark later in the 1990's, Greenspan said a lot without saying anything.
Blogs
Economist | Past performance may not be predictive
I am going to hold off, for now, on offering detailed thoughts on the candidates for the chairmanship of the Federal Reserve. I am struck by the extent of the point-missing in much of debate on Larry Summers versus Janet Yellen.
Taxes
News
CNN Money | Greece slashes restaurant taxes
After years of austerity, government cuts and a deep recession, things in Greece are finally looking up -- at least for the restaurant industry.
Econ Comments & Analysis
Washington Times | A tax cut for everybody is the only way to go
HouseWays and Means Committee Chairman Dave Camp says President Obama’s proposal to enact a business-only tax-reform bill that would plow more money into public-works projects isn’t going anywhere in this Congress.
CNN Money | Greece slashes restaurant taxes
After years of austerity, government cuts and a deep recession, things in Greece are finally looking up -- at least for the restaurant industry.
Econ Comments & Analysis
Washington Times | A tax cut for everybody is the only way to go
HouseWays and Means Committee Chairman Dave Camp says President Obama’s proposal to enact a business-only tax-reform bill that would plow more money into public-works projects isn’t going anywhere in this Congress.
Employment
News
CNN Money | Want a job? Good luck finding full-time work
The number of Americans finding part-time jobs has surged this year, with more than three times as many getting only part-time work as opposed to full-time jobs, according to Labor Department data. That's the opposite of what happened last year, when full-time hires far outstripped part-time ones.
Politico | Another tepid jobs report
The trend of sluggish economic growth continued Friday, as federal economists reported that the economy added 162,000 jobs in July while the unemployment rate edged down from 7.6 percent to 7.4 percent.
Blogs
WSJ | Economists React: Jobs Data Disappoint on Multiple Fronts
Economists weigh in on jobs data that showed decline of the unemployment rate to near five year low, but weaker-than-expected job growth and the first decline in average hourly earnings in nine months.
WSJ | Five Takeaways From Jobs Report
The economy added 162,000 jobs in July, the fewest since March, but the unemployment rate ticked down to 7.4%. Economists are still digesting today’s report, but here are five initial takeaways
CNN Money | Want a job? Good luck finding full-time work
The number of Americans finding part-time jobs has surged this year, with more than three times as many getting only part-time work as opposed to full-time jobs, according to Labor Department data. That's the opposite of what happened last year, when full-time hires far outstripped part-time ones.
Politico | Another tepid jobs report
The trend of sluggish economic growth continued Friday, as federal economists reported that the economy added 162,000 jobs in July while the unemployment rate edged down from 7.6 percent to 7.4 percent.
Blogs
WSJ | Economists React: Jobs Data Disappoint on Multiple Fronts
Economists weigh in on jobs data that showed decline of the unemployment rate to near five year low, but weaker-than-expected job growth and the first decline in average hourly earnings in nine months.
WSJ | Five Takeaways From Jobs Report
The economy added 162,000 jobs in July, the fewest since March, but the unemployment rate ticked down to 7.4%. Economists are still digesting today’s report, but here are five initial takeaways
Budget
Econ Comments & Analysis
Forbes | Austerity In Europe: It Will Work If It's Ever Tried
The proponents of Keynesian-style deficit spending argue against austerity by claiming that it has failed in Europe. They point to the U.K., Italy, Greece, and onward, shouting that European government spending cuts have led to slow or negative growth and sky-high unemployment rates. The only problem with these arguments is that all the purported facts are misstated.
Bloomberg | More Bankruptcies Won’t Solve Cities’ Crises
In debating the meaning of Detroit’s collapse, commentators on the right and the left have found evidence for the benefits of municipal bankruptcy as a way to put distressed cities back on track.
NBER | Off-Balance-Sheet Federal Liabilities
Much attention has been given to the recent growth of the U.S. federal debt. This paper examines the growth of federal liabilities that are not included in the officially reported numbers. These take the form of implicit or explicit government guarantees and commitments.
Blogs
Economist | Multiplier maths
There used to be a popular quip that the IMF’s acronym stood for “It’s Mostly Fiscal”, because, whatever the problem, the fund’s economists would advocate tighter fiscal policy. How times change. In recent months, the IMF has been arguing for a more nuanced approach to austerity.
Forbes | Austerity In Europe: It Will Work If It's Ever Tried
The proponents of Keynesian-style deficit spending argue against austerity by claiming that it has failed in Europe. They point to the U.K., Italy, Greece, and onward, shouting that European government spending cuts have led to slow or negative growth and sky-high unemployment rates. The only problem with these arguments is that all the purported facts are misstated.
Bloomberg | More Bankruptcies Won’t Solve Cities’ Crises
In debating the meaning of Detroit’s collapse, commentators on the right and the left have found evidence for the benefits of municipal bankruptcy as a way to put distressed cities back on track.
NBER | Off-Balance-Sheet Federal Liabilities
Much attention has been given to the recent growth of the U.S. federal debt. This paper examines the growth of federal liabilities that are not included in the officially reported numbers. These take the form of implicit or explicit government guarantees and commitments.
Blogs
Economist | Multiplier maths
There used to be a popular quip that the IMF’s acronym stood for “It’s Mostly Fiscal”, because, whatever the problem, the fund’s economists would advocate tighter fiscal policy. How times change. In recent months, the IMF has been arguing for a more nuanced approach to austerity.
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