News
FOX Business | June Trade Deficit Narrowest Since ’09
The U.S. trade deficit narrowed sharply in June to its lowest level in more than 3-1/2 years as imports reversed the prior month's spike, suggesting an upward revision to second-quarter growth.
CNN Money | Mortgage closing costs up 6% this year
Homebuyers may have enjoyed record low mortgage rates over the past year, but they were paying a pretty penny when it came time to close the deal.
Market Watch | Obama calling for housing-finance reform
President Barack Obama is calling on Congress to move forward with legislation to reform the country's housing-finance system by increasing the role of private capital, cutting taxpayers' risks, and winding down federally controlled mortgage buyers Fannie Mae and Freddie Mac .
NY Times | Chicago Sees Pension Crisis Drawing Near
Corporations are moving in, and housing prices are looking better across the region. There has been a slight uptick in population. But a crushing problem lurks beneath the signs of economic recovery in Chicago: one of the most poorly funded pension systems among the nation’s major cities.
Econ Comments & Analysis
Bloomberg | Americans With Best Credit in Decades Drive U.S. Economy
Americans have made progress putting their finances in order and are ready to borrow again -- giving the world’s largest economy another driver of spending and growth.
Real Clear Energy | Washington Politics and High Gas Prices
High summertime gasoline prices aren’t anything new. As the temperature rises each year, without fail, so too, does the cost of a gallon of gasoline. While this summer is no exception, the price difference over the last year is startling. According to AAA, American drivers are paying 23 cents more per gallon this July than the same time last year.
WSJ | Obama's False History of Public Investment
For almost five years now, President Obama has been making the argument that government "investments" in infrastructure are crucial to economic recovery.
Forbes | We're In A Cultural War Between The Forces Of Economic Dynamism And Stasis
The fight for economic liberty is a moral and virtuous struggle—one I believe we can win. Just as a small amount of yeast raises a whole loaf of bread, victory does not require that we gain majorities, only that our cultures provide enough respect and support for the bourgeois virtues to ensure that entrepreneurs retain the freedom necessary to strive, and by so doing make the world better.
Blogs
WSJ | Vital Signs Chart: Nonmanufacturing Expansion
The ISM Nonmanufacturing Index climbed in July, but service-sector businesses expressed reservations about their economic prospects.
Tuesday, August 6, 2013
Health Care
News
CNN Money | Where Obamacare premiums will soar
Get ready to shell out more money for individual health insurance under Obamacare ... in some states, that is.
WSJ | Preparations for Health Exchanges on Tight Schedule
Opening day for the new health-insurance marketplaces is two months away, but efforts to recruit and train workers to help people enroll are barely off the ground in many states.
Investors | ObamaCare Spurs Shift Away From 30-34-Hour Workweek
Something odd is happening to the workweek, unpublished data from the Current Population Survey show.
Econ Comments & Analysis
CATO | Congress’s Obamacare Waiver
America has a two-party system. But it’s not Republicans versus Democrats. It’s the ruling class — Republicans and Democrats — against everyone else. Consider how President Obama just gave Congress its very own Obamacare waiver.
Blogs
Heritage Foundation | 900,000 Reasons Obamacare Is Bad: Moving Americans from Work to Welfare
Obamacare is not only hurting small businesses and economic growth. It might also give nearly a million low-income individuals a reason to leave work for welfare.
CNN Money | Where Obamacare premiums will soar
Get ready to shell out more money for individual health insurance under Obamacare ... in some states, that is.
WSJ | Preparations for Health Exchanges on Tight Schedule
Opening day for the new health-insurance marketplaces is two months away, but efforts to recruit and train workers to help people enroll are barely off the ground in many states.
Investors | ObamaCare Spurs Shift Away From 30-34-Hour Workweek
Something odd is happening to the workweek, unpublished data from the Current Population Survey show.
Econ Comments & Analysis
CATO | Congress’s Obamacare Waiver
America has a two-party system. But it’s not Republicans versus Democrats. It’s the ruling class — Republicans and Democrats — against everyone else. Consider how President Obama just gave Congress its very own Obamacare waiver.
Blogs
Heritage Foundation | 900,000 Reasons Obamacare Is Bad: Moving Americans from Work to Welfare
Obamacare is not only hurting small businesses and economic growth. It might also give nearly a million low-income individuals a reason to leave work for welfare.
Monetary
News
Bloomberg | Fed Loan Survey Shows Easier Lending for Mortgages, Businesses
U.S. banks are seeing an increase in demand for credit and are providing loans more readily to home buyers and businesses, according to a Federal Reserve survey.
CNBC | Higher bills? Thank the emerging middle class
Consumers trying to keep their budgets balanced will be dismayed to find that keeping up with the Joneses is getting pricier as the global middle class expands.
Econ Comments & Analysis
Washington Times | Making regulations that do more harm than good
Those in government are unlikely to start considering the consequences of their actions until citizens are empowered to bring suits against those who act in such irresponsible ways.
Politico | Dodd-Frank's panic problem
Last week, writing in POLITICO, former members of Congress Chris Dodd and Barney Frank touted the fact that the legislation that bears their names now forbids using public funding to keep failing banks in business.
Market Watch | Fed's Lockhart: Don't rule out Oct. for taper
The initial cut in the Federal Reserve's bond buying program could come at any of the three remaining policy meetings this year: September, October or December, said Dennis Lockhart, the president of the Atlanta Fed Bank on Tuesday.
AEI | Only Congress thinks Main Street banks are TBTF
No one is shedding tears over banks being designated systemically important under Dodd-Frank, but they should. Most designees had nothing to do with the financial crisis and don't pose a threat to economic stability, but they're subject to the full brunt of Dodd-Frank's rules.
Bloomberg | Fed Loan Survey Shows Easier Lending for Mortgages, Businesses
U.S. banks are seeing an increase in demand for credit and are providing loans more readily to home buyers and businesses, according to a Federal Reserve survey.
CNBC | Higher bills? Thank the emerging middle class
Consumers trying to keep their budgets balanced will be dismayed to find that keeping up with the Joneses is getting pricier as the global middle class expands.
Econ Comments & Analysis
Washington Times | Making regulations that do more harm than good
Those in government are unlikely to start considering the consequences of their actions until citizens are empowered to bring suits against those who act in such irresponsible ways.
Politico | Dodd-Frank's panic problem
Last week, writing in POLITICO, former members of Congress Chris Dodd and Barney Frank touted the fact that the legislation that bears their names now forbids using public funding to keep failing banks in business.
Market Watch | Fed's Lockhart: Don't rule out Oct. for taper
The initial cut in the Federal Reserve's bond buying program could come at any of the three remaining policy meetings this year: September, October or December, said Dennis Lockhart, the president of the Atlanta Fed Bank on Tuesday.
AEI | Only Congress thinks Main Street banks are TBTF
No one is shedding tears over banks being designated systemically important under Dodd-Frank, but they should. Most designees had nothing to do with the financial crisis and don't pose a threat to economic stability, but they're subject to the full brunt of Dodd-Frank's rules.
Taxes
News
CNN Money | Japan's tough choice on tax hike
Japan is beginning to emerge from 15 years of economic stagnation but a tax rise aimed at controlling sky-high borrowing could spoil the party.
CNN Money | Japan's tough choice on tax hike
Japan is beginning to emerge from 15 years of economic stagnation but a tax rise aimed at controlling sky-high borrowing could spoil the party.
Employment
News
CNN Money | Worker wages: Wendy's vs. Wal-Mart vs. Costco
Many aren't quite hitting the right balance. Hundreds of dissatisfied workers at major American companies like Wal-Mart, McDonald's and Wendy's have joined protests nationwide in the past year demanding higher wages and better benefits.
Econ Comments & Analysis
NBER | Immigrants Equilibrate Local Labor Markets: Evidence from the Great Recession
This paper demonstrates that low-skilled Mexican-born immigrants' location choices in the U.S. respond strongly to changes in local labor demand, and that this geographic elasticity helps equalize spatial differences in labor market outcomes for low-skilled native workers, who are much less responsive.
CNN Money | Worker wages: Wendy's vs. Wal-Mart vs. Costco
Many aren't quite hitting the right balance. Hundreds of dissatisfied workers at major American companies like Wal-Mart, McDonald's and Wendy's have joined protests nationwide in the past year demanding higher wages and better benefits.
Econ Comments & Analysis
NBER | Immigrants Equilibrate Local Labor Markets: Evidence from the Great Recession
This paper demonstrates that low-skilled Mexican-born immigrants' location choices in the U.S. respond strongly to changes in local labor demand, and that this geographic elasticity helps equalize spatial differences in labor market outcomes for low-skilled native workers, who are much less responsive.
Budget
News
WSJ | IMF Warns of Risk Unless Japan Reins In Its Debt
The International Monetary Fund on Monday made a fresh call on Japan's government to bring its flow of red ink under control, saying the central bank's monetary easing could backfire if investors believe it is "monetizing" the growing mountain of government debt, a step that often leads to financial turmoil.
Econ Comments & Analysis
Politico | Half of $1 trillion in federal student loan debt not repaid
About half of the outstanding $1 trillion in federal student loan debt in the U.S. isn’t being repaid. And 1 out of 8 borrowers are defaulting on their loans despite unprecedented federal attempts to help.
Blogs
Heritage Foundation | Two Years After Downgrade, U.S. Credit Rating Hasn’t Recovered—and Debt Is Worse
Two years ago today, Standard & Poor’s downgraded the U.S. credit rating—and it hasn’t recovered since.
WSJ | IMF Warns of Risk Unless Japan Reins In Its Debt
The International Monetary Fund on Monday made a fresh call on Japan's government to bring its flow of red ink under control, saying the central bank's monetary easing could backfire if investors believe it is "monetizing" the growing mountain of government debt, a step that often leads to financial turmoil.
Econ Comments & Analysis
Politico | Half of $1 trillion in federal student loan debt not repaid
About half of the outstanding $1 trillion in federal student loan debt in the U.S. isn’t being repaid. And 1 out of 8 borrowers are defaulting on their loans despite unprecedented federal attempts to help.
Blogs
Heritage Foundation | Two Years After Downgrade, U.S. Credit Rating Hasn’t Recovered—and Debt Is Worse
Two years ago today, Standard & Poor’s downgraded the U.S. credit rating—and it hasn’t recovered since.
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