News
Bloomberg | Retail Sales in U.S. Increase Less Than Forecast
Retail sales in the U.S. rose less than forecast and consumer confidence fell to a five-month low, signaling weakness in the world’s largest economy days before Federal Reserve policy makers meet to consider paring stimulus.
Bloomberg | Consumer Sentiment in U.S. Falls to Lowest Since April
Consumer confidence in the U.S. declined in September to the lowest level since April, indicating household spending may take time to pick up.
WSJ | Wealthy, Hispanics, Retirees Among the Most Content in America: Poll
Wealthier Americans are among those most content with their lives, the new Wall Street Journal/NBC News poll finds. So are retirees, Hispanics and Westerners. People in these groups disproportionately rate their lives a solid 10 on a 1-to-10 scale, with a 1 being the depths of personal disappointment.
Bloomberg | Business Inventories in U.S. Rose More Than Forecast in July
Inventories at U.S. companies increased more than forecast in July, trailing a gain in sales that signals a pickup in factory orders.
Econ Comments & Analysis
Fortune | Remembering the families at the center of the financial crisis - See more at: http://finance.fortune.cnn.com/2013/09/13/bair-crisis-lehman-anniversary/#sthash.IUmhiuTl.dpuf
The plight of the Americans that were hurt most has been largely forgotten in the power politics that have overcome financial reform. - See more at: http://finance.fortune.cnn.com/2013/09/13/bair-crisis-lehman-anniversary/#sthash.IUmhiuTl.dpuf
Forbes | There's No College Tuition 'Bubble': College Education Is Underpriced
Tuition increases are constantly in the news these days. Private colleges have become incredibly expensive (as I know personally, with a daughter currently attending one).
WSJ | How Emerging Markets Can Get Their Mojo Back
Over the past five years, developing economies have been responsible for over two-thirds of global economic growth. Over the past decade, the share of developed-country exports bought by their developing partners has increased to almost 50% from 25%. In recent years China alone has consumed about half the world's cement, iron ore, steel, coal and lead, lifting commodity prices.
Fortune | What should we do about income inequality?
There is no shortage of data about the problem, but when it comes to addressing income inequality, no one seems to have any good suggestions. - See more at: http://finance.fortune.cnn.com/2013/09/13/income-inequality/?iid=SF_F_River#sthash.AyOAGitS.dpuf
Mercatus | Average Is Over: Powering America Beyond the Age of the Great Stagnation
Written in the midst of the global financial and fiscal crisis, The Great Stagnation, outlined the causes of the world wide economic slow-down. Average is Over is the users guide to living and prospering in the age of the Great Stagnation.
Heritage Foundation | How to Reform Food Stamps
For decades, farm bills have combined agriculture policy with the food stamps program. These farm bills would have been better deemed “food stamp bills,” as food stamps account for about 80 percent of farm bill costs.
Blogs
Economist | Reasons to be bullish on Chinese banks
Lately there has been much talk among analysts and investors of crippling bad debts at Chinese banks. Although the banks keep reporting bad debts of only about 1% of their total loan balance, few people actually believe those figures. And I certainly don't.
WSJ | The Rebalancing of the World’s Manufacturing Sector
The wage gap between China and the U.S. is shrinking rapidly, and the one-way flow of manufacturing jobs to China has started to turn.
Friday, September 13, 2013
Health Care
News
FOX News | State-level unions demand ObamaCare fix, as Obama meets labor leaders
President Obama plans to meet face-to-face with labor leaders Friday to try and quell their opposition to Obamacare, as Republicans warn that the administration might offer a sweetheart deal to give their workers extra health care subsidies.
Econ Comments & Analysis
Washington Times | Obamacare’s regulatory nightmare
Three years ago, President Obama touted his 2,700-page health care plan as the solution to our nation’s health care needs. Promise after promise was made to the public: Obamacare will cut the cost of your health care. Obamacare will not increase the deficit. Obamacare will create jobs. Obamacare will allow you to keep your doctor and health plan if you like them.
Blogs
Heritage Foundation | Hospital Finds Obamacare Harmful to Its Health
Expanding health insurance coverage even as hospitals lay off staff—potentially reducing, not increasing, access to care—isn’t reform. For this and many other reasons, Congress needs to stop Obamacare now and focus on creating health care solutions that work.
FOX News | State-level unions demand ObamaCare fix, as Obama meets labor leaders
President Obama plans to meet face-to-face with labor leaders Friday to try and quell their opposition to Obamacare, as Republicans warn that the administration might offer a sweetheart deal to give their workers extra health care subsidies.
Econ Comments & Analysis
Washington Times | Obamacare’s regulatory nightmare
Three years ago, President Obama touted his 2,700-page health care plan as the solution to our nation’s health care needs. Promise after promise was made to the public: Obamacare will cut the cost of your health care. Obamacare will not increase the deficit. Obamacare will create jobs. Obamacare will allow you to keep your doctor and health plan if you like them.
Blogs
Heritage Foundation | Hospital Finds Obamacare Harmful to Its Health
Expanding health insurance coverage even as hospitals lay off staff—potentially reducing, not increasing, access to care—isn’t reform. For this and many other reasons, Congress needs to stop Obamacare now and focus on creating health care solutions that work.
Monetary
News
Bloomberg | Producer Prices in U.S. Rose 0.3% in August on Energy, Food
Wholesale prices in the U.S. rose more than forecast in August, reflecting higher costs for food and some fuels.
WSJ | Economists Expect Tapering Announcement Next Week
A majority of economists surveyed by The Wall Street Journal—66% of the 47 who responded—expect the Federal Reserve to say at next week's policy meeting that it will begin cutting back its bond purchases, a widely anticipated milestone in a period of extraordinary monetary policy.
Econ Comments & Analysis
Bloomberg | Fed Message Muddled as Misunderstood Taper Meets Slowing Growth
Federal Reserve Chairman Ben S. Bernanke and his colleagues meeting next week are poised to take two steps that appear inconsistent.
Mercatus | Bernanke’s Successor Will Have More Than Monetary Policy to Worry About
US Federal Reserve watchers have taken a break from trying to figure out when the Fed will cut off its bond-buying programme to speculate about who will succeed chairman Ben Bernanke when his second term finishes at the end of January 2014.
AEI | The global economy cannot afford higher US interest rates
Sir, David Rosenberg’s bold call that we are at the start of a secular bear market for US long-term bonds would seem to be questionable for both domestic and more importantly for international reasons (“Don’t bet against Bernanke’s quest for higher inflation”, Insight, September 10).
Bloomberg | Producer Prices in U.S. Rose 0.3% in August on Energy, Food
Wholesale prices in the U.S. rose more than forecast in August, reflecting higher costs for food and some fuels.
WSJ | Economists Expect Tapering Announcement Next Week
A majority of economists surveyed by The Wall Street Journal—66% of the 47 who responded—expect the Federal Reserve to say at next week's policy meeting that it will begin cutting back its bond purchases, a widely anticipated milestone in a period of extraordinary monetary policy.
Econ Comments & Analysis
Bloomberg | Fed Message Muddled as Misunderstood Taper Meets Slowing Growth
Federal Reserve Chairman Ben S. Bernanke and his colleagues meeting next week are poised to take two steps that appear inconsistent.
Mercatus | Bernanke’s Successor Will Have More Than Monetary Policy to Worry About
US Federal Reserve watchers have taken a break from trying to figure out when the Fed will cut off its bond-buying programme to speculate about who will succeed chairman Ben Bernanke when his second term finishes at the end of January 2014.
AEI | The global economy cannot afford higher US interest rates
Sir, David Rosenberg’s bold call that we are at the start of a secular bear market for US long-term bonds would seem to be questionable for both domestic and more importantly for international reasons (“Don’t bet against Bernanke’s quest for higher inflation”, Insight, September 10).
Taxes
Blogs
WSJ | Tensions Mount in Japan Over Sales Tax
Tensions are mounting between Prime Minister Shinzo Abe and the Ministry of Finance over how to buffet the economy from the effects of a sales tax increase.
WSJ | Tensions Mount in Japan Over Sales Tax
Tensions are mounting between Prime Minister Shinzo Abe and the Ministry of Finance over how to buffet the economy from the effects of a sales tax increase.
Employment
Econ Comments & Analysis
CNN Money | California poised to raise minimum wage to $10
California lawmakers are poised to raise the state's minimum wage by 25% -- a move that would make the state's hourly workers among the most highly paid in the country. - See more at: http://money.cnn.com/2013/09/12/news/california-minimum-wage/index.html?iid=SF_E_LN#sthash.Jk1kuJLq.dpuf
Blogs
WSJ | Job Security Strong, Job Opportunities Not So Much
U.S. jobless claims plunged to 292,000 last week, the lowest reading since April 2006. But even the Labor Department – -which compiles national claims data – -said the number was hokum. Computer changeovers in two states disrupted their reporting procedures. Filings weren’t received or processed, resulting in fewer claims reported.
CNN Money | California poised to raise minimum wage to $10
California lawmakers are poised to raise the state's minimum wage by 25% -- a move that would make the state's hourly workers among the most highly paid in the country. - See more at: http://money.cnn.com/2013/09/12/news/california-minimum-wage/index.html?iid=SF_E_LN#sthash.Jk1kuJLq.dpuf
Blogs
WSJ | Job Security Strong, Job Opportunities Not So Much
U.S. jobless claims plunged to 292,000 last week, the lowest reading since April 2006. But even the Labor Department – -which compiles national claims data – -said the number was hokum. Computer changeovers in two states disrupted their reporting procedures. Filings weren’t received or processed, resulting in fewer claims reported.
Budget
News
CNN Money | Pessimism deepens over budget standoff
Budget experts are worried: The chances of a government shutdown and a harrowing ride to raising the debt limit have gone up in the past few weeks. - See more at: http://money.cnn.com/2013/09/12/news/economy/budget-showdown/index.html?iid=SF_E_LN#sthash.3wvWc1NP.dpuf
Econ Comments & Analysis
National Journal | What (or Who) Is 'Responsible' in Today's Fiscal Reality?
With the end of the fiscal year just weeks away, Congress is feeling the pressure on passing legislation to keep the government from shutting down that makes both parties happy, or at least, something both sides can tolerate. So far, Democrats and Republicans remain gridlocked. But according to Sen. Orrin Hatch, R-Utah, it's not for lack of trying.
Blogs
WSJ | Budget Deficit on Track for Smallest Shortfall Since 2008
The U.S. government is on track to lock in its lowest budget deficit since 2008, new Treasury Department data said Thursday, as the gap between spending and revenue continues to contract.
CATO | Now Playing: Budget Brawl 2013
The current budget showdown in Washington has become so painful to watch that, were it a movie script, even M. Night Shyamalan would pass it up. Alas, it’s my job to comment on the latest budget mess just as it’s a film critic’s job to review the latest stinker served up by Hollywood (I’m looking at you Man of Steel).
CNN Money | Pessimism deepens over budget standoff
Budget experts are worried: The chances of a government shutdown and a harrowing ride to raising the debt limit have gone up in the past few weeks. - See more at: http://money.cnn.com/2013/09/12/news/economy/budget-showdown/index.html?iid=SF_E_LN#sthash.3wvWc1NP.dpuf
Econ Comments & Analysis
National Journal | What (or Who) Is 'Responsible' in Today's Fiscal Reality?
With the end of the fiscal year just weeks away, Congress is feeling the pressure on passing legislation to keep the government from shutting down that makes both parties happy, or at least, something both sides can tolerate. So far, Democrats and Republicans remain gridlocked. But according to Sen. Orrin Hatch, R-Utah, it's not for lack of trying.
Blogs
WSJ | Budget Deficit on Track for Smallest Shortfall Since 2008
The U.S. government is on track to lock in its lowest budget deficit since 2008, new Treasury Department data said Thursday, as the gap between spending and revenue continues to contract.
CATO | Now Playing: Budget Brawl 2013
The current budget showdown in Washington has become so painful to watch that, were it a movie script, even M. Night Shyamalan would pass it up. Alas, it’s my job to comment on the latest budget mess just as it’s a film critic’s job to review the latest stinker served up by Hollywood (I’m looking at you Man of Steel).
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