News
Politico | BP’s traveling a different road to redemption
Three years after the worst offshore oil spill in U.S. history, BP’s post-disaster demeanor has gone from contrite to combative.
Businessweek | The Economy Is ‘Stuck in Second Gear.’ Does It Have a Third?
On the heels of Friday’s tepid jobs report, numerous references have been made to the U.S. economy being “stuck in second gear.”
Bloomberg | BofA Cuts Jobs as Mortgage Slump Traps JPMorgan, Wells Fargo
Mortgage lenders including Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM) that feasted on refinancings as interest rates reached all-time lows are now warning that the drop in demand may be steeper than expected.
Market Watch | China industrial output, retail sales top forecast
Chinese economic data released Tuesday showed a stronger-than-anticipated picture for the industrial and retail sectors, sending stocks higher.
Bloomberg | Development Banks Lend Record $108.9 Billion to Clean Energy
Development banks worldwide lent a record $108.9 billion to renewable energy and energy-efficient technology last year as they scale back investment in coal-fired power plants, Bloomberg New Energy Finance said.
Econ Comments & Analysis
WSJ | The Weak Recovery Explains Rising Inequality, Not Vice Versa
Last year at this time a debate raged about whether economic growth and job creation has been abnormally slow compared with previous recoveries from recessions in the United States. Now that the growth rate has declined to 1.6% over the past year from 2.8%, the debate is no longer about whether. It's about why.
NY Times | What Might Have Been, and the Fall of Lehman
As we observe the five-year anniversary of the financial crisis — Lehman Brothers filed for bankruptcy five years ago this coming weekend — the most intriguing hypothetical question about those fateful days is what would have happened had the government bailed out Lehman.
WSJ | More on Fracking and the Poor
Last week we reported on a study showing that the U.S. oil and natural gas revolution may be the country's best antipoverty program, and the evidence keeps coming. A new report from IHS Global Insight estimates that fracking added the equivalent of a cool $1,200 to real household disposable income on average in 2012.
CNN Money | Google's Schmidt: Technology can drive job growth
It's been debated since at least the days of the Luddites: Does technology create or destroy jobs?
WSJ | Mortgage Lenders, Home Buyers Feel Rate Squeeze
A rise in interest rates is slamming homeowners' demand for mortgages, prompting large and midsize banks to cut jobs and warn investors of declining profitability in the home-loan business.
Blogs
Economist | The protectionism that wasn't
“When it comes to international trade, actually it’s not the Great Depression, it’s worse.” So said Paul Krugman in 2009. Global markets were certainly rattled by the financial crisis. Trade plummeted. Credit seized up, investors became nervous and consumers tightened their belts. And it became harder to shift bikes to Belgium and cotton to Canada.
Tuesday, September 10, 2013
Health Care
News
National Journal | Maneuver on CR May Not Pacify Obamacare Critics
House Republican leaders plan to proceed with a vote Thursday on a stopgap spending bill to keep the government operating beyond Sept. 30, and they plan to include a rare procedural maneuver to force the Senate to vote on defunding President Obama’s health care law.
CNN Money | Big insurers ditch Obamacare exchanges
When Americans start shopping on the state-based exchanges next month, a couple of big insurers will likely be MIA.
Bloomberg | Development Banks Lend Record $108.9 Billion to Clean Energy
Development banks worldwide lent a record $108.9 billion to renewable energy and energy-efficient technology last year as they scale back investment in coal-fired power plants, Bloomberg New Energy Finance said.
Econ Comments & Analysis
Washington Times | Patient’s health insurance bill soars as Obamacare falters
Coping with advanced cancer, Bev Veals was in the hospital for chemotherapy this summer when she got a call that her health plan was shutting down. Then, the substitute insurance she was offered wanted her to pay up to $3,125, on top of premiums.
Mercatus | The Tax Exemption of Employer-Provided Health Insurance
The Federal government does not tax health insurance when employers provide it to their employees as part of a compensation package. This tax expenditure is the largest “loophole” in the federal tax code, resulting in nearly $300 billion in forgone revenue in Fiscal Year 2012, according to the Office of Management and Budget.
NBER | The Response of Drug Expenditures to Non-Linear Contract Design: Evidence from Medicare Part D
We study the demand response to non-linear price schedules using data on insurance contracts and prescription drug purchases in Medicare Part D.
Blogs
Heritage Foundation | 10 Ways Obamacare Isn’t Working
It’s obvious because the Administration keeps trying to “fix” it—to no avail. It has delayed parts of the law, ignored others, and carved out exemptions for its political allies.
National Journal | Maneuver on CR May Not Pacify Obamacare Critics
House Republican leaders plan to proceed with a vote Thursday on a stopgap spending bill to keep the government operating beyond Sept. 30, and they plan to include a rare procedural maneuver to force the Senate to vote on defunding President Obama’s health care law.
CNN Money | Big insurers ditch Obamacare exchanges
When Americans start shopping on the state-based exchanges next month, a couple of big insurers will likely be MIA.
Bloomberg | Development Banks Lend Record $108.9 Billion to Clean Energy
Development banks worldwide lent a record $108.9 billion to renewable energy and energy-efficient technology last year as they scale back investment in coal-fired power plants, Bloomberg New Energy Finance said.
Econ Comments & Analysis
Washington Times | Patient’s health insurance bill soars as Obamacare falters
Coping with advanced cancer, Bev Veals was in the hospital for chemotherapy this summer when she got a call that her health plan was shutting down. Then, the substitute insurance she was offered wanted her to pay up to $3,125, on top of premiums.
Mercatus | The Tax Exemption of Employer-Provided Health Insurance
The Federal government does not tax health insurance when employers provide it to their employees as part of a compensation package. This tax expenditure is the largest “loophole” in the federal tax code, resulting in nearly $300 billion in forgone revenue in Fiscal Year 2012, according to the Office of Management and Budget.
NBER | The Response of Drug Expenditures to Non-Linear Contract Design: Evidence from Medicare Part D
We study the demand response to non-linear price schedules using data on insurance contracts and prescription drug purchases in Medicare Part D.
Blogs
Heritage Foundation | 10 Ways Obamacare Isn’t Working
It’s obvious because the Administration keeps trying to “fix” it—to no avail. It has delayed parts of the law, ignored others, and carved out exemptions for its political allies.
Monetary
News
CNN Money | Fed official: Jobs report won't stop taper
At least one Federal Reserve member doesn't think last week's jobs report is reason enough for the Fed to put its tapering plans on hold.
Bloomberg | FDIC Adopts Rule Change for U.S. Bank Branches in U.K.
The Federal Deposit Insurance Corp. approved a rule responding to concerns that commercial depositors in overseas branches of U.S. banks could be disadvantaged in the event of a lender’s collapse.
Econ Comments & Analysis
Real Clear Markets | A Fed Study Acknowledges QE As a Costly Failure
In recent months economic commentators and financial markets have focused almost excessively on the Federal Reserve's quantitative easing ("QE") policy as the market's main driver. However, last month two senior economists at the Federal Reserve published a report entitled 'How Stimulating Are Large-Scale Asset Purchases' which calls this devotion into question.
CNN Money | Fed official: Jobs report won't stop taper
At least one Federal Reserve member doesn't think last week's jobs report is reason enough for the Fed to put its tapering plans on hold.
Bloomberg | FDIC Adopts Rule Change for U.S. Bank Branches in U.K.
The Federal Deposit Insurance Corp. approved a rule responding to concerns that commercial depositors in overseas branches of U.S. banks could be disadvantaged in the event of a lender’s collapse.
Econ Comments & Analysis
Real Clear Markets | A Fed Study Acknowledges QE As a Costly Failure
In recent months economic commentators and financial markets have focused almost excessively on the Federal Reserve's quantitative easing ("QE") policy as the market's main driver. However, last month two senior economists at the Federal Reserve published a report entitled 'How Stimulating Are Large-Scale Asset Purchases' which calls this devotion into question.
Taxes
News
CNN Money | Taxpayer guide to Obamacare
The Affordable Care Act adds or amends more than 40 provisions of the U.S. tax code.
Econ Comments & Analysis
AEI | 5 years of 'On the Margin'
On September 8, 2008, Tax Notes published the inaugural issue of the On the Margin column. Since the column's introduction, 35 articles, covering 279 Tax Notes pages (more than 200,000 words), have appeared.
CNN Money | Taxpayer guide to Obamacare
The Affordable Care Act adds or amends more than 40 provisions of the U.S. tax code.
Econ Comments & Analysis
AEI | 5 years of 'On the Margin'
On September 8, 2008, Tax Notes published the inaugural issue of the On the Margin column. Since the column's introduction, 35 articles, covering 279 Tax Notes pages (more than 200,000 words), have appeared.
Employment
News
Bloomberg | Job Openings in U.S. Fell in July to Lowest in Six Months
Job openings in the U.S. fell in July to the lowest level in six months, signaling uneven progress in employment.
Econ Comments & Analysis
Washington Times | Big Labor smackdown
Labor unions are skilled labor at driving up costs. They use their cozy connections with politicians to legislate schemes giving government agencies no choice but to pay inflated union prices for certain types of projects through “project labor agreements.” Those agreements may not be around much longer if a 6th U.S. Circuit Court of Appeals decision handed down Friday holds.
Blogs
WSJ | Unemployment Drops in Developed Countries
The rate of unemployment across 34 developed economies fell in July for the second month this year, and to its lowest level since September 2012, another indication that five years after the start of the financial crisis, rich economies are slowly mending.
WSJ | Job Creation Troubles Among Small Business to Be Lingering Problem
Continuing job creation problems at small businesses are likely to create lingering issues for the broader job market over the next few years, an economist working for the Federal Reserve Bank of San Francisco argues in a new paper.
Bloomberg | Job Openings in U.S. Fell in July to Lowest in Six Months
Job openings in the U.S. fell in July to the lowest level in six months, signaling uneven progress in employment.
Econ Comments & Analysis
Washington Times | Big Labor smackdown
Labor unions are skilled labor at driving up costs. They use their cozy connections with politicians to legislate schemes giving government agencies no choice but to pay inflated union prices for certain types of projects through “project labor agreements.” Those agreements may not be around much longer if a 6th U.S. Circuit Court of Appeals decision handed down Friday holds.
Blogs
WSJ | Unemployment Drops in Developed Countries
The rate of unemployment across 34 developed economies fell in July for the second month this year, and to its lowest level since September 2012, another indication that five years after the start of the financial crisis, rich economies are slowly mending.
WSJ | Job Creation Troubles Among Small Business to Be Lingering Problem
Continuing job creation problems at small businesses are likely to create lingering issues for the broader job market over the next few years, an economist working for the Federal Reserve Bank of San Francisco argues in a new paper.
Budget
News
FOX News | US consumer borrowing up $10.4 billion in July, but Americans cut back again on credit cards
Americans cut back on using their credit cards in July for the second straight month, while taking on more debt to buy cars and attend school.
Bloomberg | Boehner Seeks to Force Senate to Take Health Care Vote
House Republican leaders said they will try to force the Democratic-led Senate to vote on defunding President Barack Obama’s health-care law before the House will agree to enact a stopgap government-funding measure.
Econ Comments & Analysis
Fortune | Government banks $15 billion on Citigroup bailout
On Monday, the Federal Deposit Insurance Corp. said it was selling $2.4 billion in Citi bonds. The bank debt is the last remaining piece of Citi (C) that is owned by any government agency tied to the bailout of the firm in the wake of the financial crisis five years ago. The FDIC got the bonds in return for insurance it provided Citi in late 2008 against losses on $301 billion worth of toxic investments.
Washington Times | The other approaching war
Congressional insiders were surprised when the Treasury Department announced that the federal borrowing limit would be reached in mid-October. They had previously thought that they had at least until November, and probably until December, to air out their many arguments before finding a workable compromise.
Mercatus | The Budgetary Impact of Recent US Wars
Wars are always more expensive than officials and lawmakers promise. It is important to ask what any intervention by the United States in Syria would cost and how the bills would be paid.
Blogs
Roll Call | Can Republicans and Democrats Avoid a Shutdown?
Top Republicans and Democrats are hoping to find a way out of a shutdown showdown this month, with the likeliest scenario a short-term bill that funds the government at this year’s levels and leaves Obamacare unscathed.
FOX News | US consumer borrowing up $10.4 billion in July, but Americans cut back again on credit cards
Americans cut back on using their credit cards in July for the second straight month, while taking on more debt to buy cars and attend school.
Bloomberg | Boehner Seeks to Force Senate to Take Health Care Vote
House Republican leaders said they will try to force the Democratic-led Senate to vote on defunding President Barack Obama’s health-care law before the House will agree to enact a stopgap government-funding measure.
Econ Comments & Analysis
Fortune | Government banks $15 billion on Citigroup bailout
On Monday, the Federal Deposit Insurance Corp. said it was selling $2.4 billion in Citi bonds. The bank debt is the last remaining piece of Citi (C) that is owned by any government agency tied to the bailout of the firm in the wake of the financial crisis five years ago. The FDIC got the bonds in return for insurance it provided Citi in late 2008 against losses on $301 billion worth of toxic investments.
Washington Times | The other approaching war
Congressional insiders were surprised when the Treasury Department announced that the federal borrowing limit would be reached in mid-October. They had previously thought that they had at least until November, and probably until December, to air out their many arguments before finding a workable compromise.
Mercatus | The Budgetary Impact of Recent US Wars
Wars are always more expensive than officials and lawmakers promise. It is important to ask what any intervention by the United States in Syria would cost and how the bills would be paid.
Blogs
Roll Call | Can Republicans and Democrats Avoid a Shutdown?
Top Republicans and Democrats are hoping to find a way out of a shutdown showdown this month, with the likeliest scenario a short-term bill that funds the government at this year’s levels and leaves Obamacare unscathed.
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