News
Market Watch | 30-year-mortgage rate declines to 4.50%
The average rate for the 30-year fixed-rate mortgage declined to 4.50% in the week that ended Sept. 19 from 4.57% in the prior week, according to a Thursday report from Freddie Mac.
Bloomberg | Sales of U.S. Existing Homes Rise in August to Six-Year High
Sales of previously owned U.S. homes unexpectedly rose in August to the highest level in more than six years as buyers rushed to lock in interest rates before they rise further.
Market Watch | Leading indicators climbs 0.7% in August
The leading economic index for the U.S. rose 0.7% in August to 96.6, the Conference Board said Thursday.
Bloomberg | Philadelphia Fed Factory Index Increased to 22.3 in September
The Federal Reserve Bank of Philadelphia’s general economic index rose to 22.3 in September from 9.3 a month earlier. Readings greater than zero signal growth in the area, which covers eastern Pennsylvania, southern New Jersey and Delaware.
Econ Comments & Analysis
NY Times | America’s Sinking Middle Class
In some respects, 1988 has the feel of an alien, distant era. There was no such thing as the World Wide Web then. The Soviet Union was still around; the Berlin Wall still standing. Americans elected a Republican president who would raise taxes to help tame the budget deficit.
Washington Times | Drilling to prosperity
Ordinary Americans are searching desperately for a way up and out of the crater of high unemployment and stagnant growth, and the Obama administration’s only strategy is to borrow and borrow until the economy rises to life. The resurrection strategy hasn’t worked; the way out lies right under our feet.
CATO | Capitalism’s Triumph
‘Entrepreneurial capitalism takes more people out of poverty than aid.” That statement came not from a tea-party leader or a congressional Republican, but from Bono, singer, celebrity, and global anti-poverty activist, speaking to Georgetown’s Global Social Enterprise Initiative last year.
Blogs
WSJ | As U.S. Imports Less Oil, Current Account Deficit Narrows
The U.S. current account deficit narrowed to a four-year low, partly reflecting the country’s diminishing appetite for foreign oil.
CATO | House Food Stamps Legislation
Farm bills traditionally contain both farm subsidies and food subsidies (e.g., food stamps). Unable to pass a traditional farm bill passed this year, the House Republican leadership separated the two components. The House passed a stand-alone farm subsidy bill in the summer and now it’s set to vote on a bill that would trim the Supplemental Nutrition Assistance Program (a.k.a., food stamps) by $39 billion over ten years.
Nerighborhood Effects | How are the states doing with pension funded ratios?
The Tax Foundation has a new pension map. It shows the funding levels of plans in the states, based on a risk-free discount rate. The numbers were crunched by State Budget Solutions, using a yield on (notional) 15-year Treasury bonds of 3.2 percent.
Library of Economics | When Does Changing Household Size Resurrect American Economic Performance?
Changing household size was a huge deal between 1970 and 1990, and no deal at all between 1990 and 2010. Since stagnationists like Tyler usually start their tale of woe in 1973, critics can and should complain that household income is a biased measure of individual income.
Thursday, September 19, 2013
Health Care
News
Politico | White House, GOP battle over Obamacare fraud
With less than two weeks to go before millions can start enrolling in Obamacare, the White House and congressional opponents of the health law on Wednesday stepped up a battle over whether consumers can trust the new insurance marketplaces being built by the feds and the states.
WSJ | Big Insurers Skip Health Exchanges
When the consumer marketplaces for insurance go live Oct. 1, don't expect to see much of familiar names like Cigna Corp. or Aetna Inc.
Econ Comments & Analysis
Fortune | Most employees still in the dark about health care reform
Despite an October 1 deadline for getting the word out, 70% of workers say their employers haven't yet told them how their benefits could change.
WSJ | The Perils of Out-of-Pocket Health Costs
Small businesses offering health insurance tend to require their employees to cover significantly more out-of-pocket than do big companies—and new limits imposed by the health-care law likely won't ease the pain.
Politico | White House, GOP battle over Obamacare fraud
With less than two weeks to go before millions can start enrolling in Obamacare, the White House and congressional opponents of the health law on Wednesday stepped up a battle over whether consumers can trust the new insurance marketplaces being built by the feds and the states.
WSJ | Big Insurers Skip Health Exchanges
When the consumer marketplaces for insurance go live Oct. 1, don't expect to see much of familiar names like Cigna Corp. or Aetna Inc.
Econ Comments & Analysis
Fortune | Most employees still in the dark about health care reform
Despite an October 1 deadline for getting the word out, 70% of workers say their employers haven't yet told them how their benefits could change.
WSJ | The Perils of Out-of-Pocket Health Costs
Small businesses offering health insurance tend to require their employees to cover significantly more out-of-pocket than do big companies—and new limits imposed by the health-care law likely won't ease the pain.
Monetary
News
USA Today | Fed delay is risky business: Our view
Wall Street wasted no time breaking out the champagne Wednesday when the Federal Reserve unexpectedly said it would continue jolting the economy with $85 billion per month in bond buying. And why not? Everyone likes easy money.
Econ Comments & Analysis
Washington Post | The Fed takes the country further into uncharted waters
Americans may never agree on who or what caused the financial crisis that began five years ago with the collapse of Lehman Brothers. But at least one consequence of the crisis is indisputable: the assumption of massive economic power by the Federal Reserve.
Fortune | The Fed has lost all credibility
The Federal Reserve's exit from its bond-buying experiment in monetary policy was never going to be pretty. It just got a lot messier.
Blogs
Economist | Septaper surprise
As my colleague notes, the Federal Reserve surprised many of us yesterday by deciding to maintain its current pace of asset purchases, at $85 billion per month, rather than "taper". Ben Bernanke, the chairman, also made a number of interesting remarks that push policy in a decidedly more dovish direction. All in all it was a complex policy decision, and it's worth going through it piece by piece.
USA Today | Fed delay is risky business: Our view
Wall Street wasted no time breaking out the champagne Wednesday when the Federal Reserve unexpectedly said it would continue jolting the economy with $85 billion per month in bond buying. And why not? Everyone likes easy money.
Econ Comments & Analysis
Washington Post | The Fed takes the country further into uncharted waters
Americans may never agree on who or what caused the financial crisis that began five years ago with the collapse of Lehman Brothers. But at least one consequence of the crisis is indisputable: the assumption of massive economic power by the Federal Reserve.
Fortune | The Fed has lost all credibility
The Federal Reserve's exit from its bond-buying experiment in monetary policy was never going to be pretty. It just got a lot messier.
Blogs
Economist | Septaper surprise
As my colleague notes, the Federal Reserve surprised many of us yesterday by deciding to maintain its current pace of asset purchases, at $85 billion per month, rather than "taper". Ben Bernanke, the chairman, also made a number of interesting remarks that push policy in a decidedly more dovish direction. All in all it was a complex policy decision, and it's worth going through it piece by piece.
Taxes
Econ Comments & Analysis
Bloomberg | States Income-Tax Revenue Reaches Post-Recession Peak
U.S. state income-tax collections rose the most since the recession in the three months ending in June, the Nelson A. Rockefeller Institute of Government said.
Forbes | When The Republicans Get Serious About Leading, They Will Lead With The Fair Tax
The Republican Party had complete control of the federal government from 2001 through 2006, and they were in command of the executive branch for another two years after that. During this time, they used their power to produce an economic catastrophe—the worst recession since the Great Depression.
Bloomberg | States Income-Tax Revenue Reaches Post-Recession Peak
U.S. state income-tax collections rose the most since the recession in the three months ending in June, the Nelson A. Rockefeller Institute of Government said.
Forbes | When The Republicans Get Serious About Leading, They Will Lead With The Fair Tax
The Republican Party had complete control of the federal government from 2001 through 2006, and they were in command of the executive branch for another two years after that. During this time, they used their power to produce an economic catastrophe—the worst recession since the Great Depression.
Employment
News
CNN Money | BlackBerry to lay off 40% of workforce - report
Another week, another spot of bad news for BlackBerry -- and its employees. The company's shares tanked Wednesday on a report that BlackBerry will soon lay off up to 40% of its workforce.
Bloomberg | Jobless Claims in U.S. Increase Less Than Forecast
Jobless claims in the U.S. rose less than forecast last week as two states began working through a backlog of applications that were caused by computer-system changeovers.
Bloomberg | Women Waiting Tables Provide Most of Female Gains in U.S.
It’s almost 6 p.m. on a Friday and the tables near the bar at The Hamilton in downtown Washington are getting crowded. That means waitress Victoria Honard is busy.
Econ Comments & Analysis
WSJ | Tales from Ohio State: How the Class of '08 Found Jobs
Megan Abady wasn't thrilled to move to Wisconsin after graduating from Ohio State University in the spring of 2008. But a job was a job, and this one, a supply-chain position at Kimberly-Clark Corp., paid fairly well. So the marketing major signed the contract and expressed relief that, unlike many of her classmates, she was employed.
CRS | Unemployment Insurance: Programs and Benefits
Various benefits may be available to unemployed workers to provide income support. When eligible workers lose their jobs, the Unemployment Compensation (UC) program may provide up to 26 weeks of income support through the payment of regular UC benefits.
CNN Money | BlackBerry to lay off 40% of workforce - report
Another week, another spot of bad news for BlackBerry -- and its employees. The company's shares tanked Wednesday on a report that BlackBerry will soon lay off up to 40% of its workforce.
Bloomberg | Jobless Claims in U.S. Increase Less Than Forecast
Jobless claims in the U.S. rose less than forecast last week as two states began working through a backlog of applications that were caused by computer-system changeovers.
Bloomberg | Women Waiting Tables Provide Most of Female Gains in U.S.
It’s almost 6 p.m. on a Friday and the tables near the bar at The Hamilton in downtown Washington are getting crowded. That means waitress Victoria Honard is busy.
Econ Comments & Analysis
WSJ | Tales from Ohio State: How the Class of '08 Found Jobs
Megan Abady wasn't thrilled to move to Wisconsin after graduating from Ohio State University in the spring of 2008. But a job was a job, and this one, a supply-chain position at Kimberly-Clark Corp., paid fairly well. So the marketing major signed the contract and expressed relief that, unlike many of her classmates, she was employed.
CRS | Unemployment Insurance: Programs and Benefits
Various benefits may be available to unemployed workers to provide income support. When eligible workers lose their jobs, the Unemployment Compensation (UC) program may provide up to 26 weeks of income support through the payment of regular UC benefits.
Budget
News
National Journal | Congress Is Finding a Way to Avoid a Shutdown
The path to averting a government shutdown at the end of the month is becoming clearer on Capitol Hill. Whether it is a bona fide cliff-hanger or a step-by-step dance carefully choreographed by House and Senate leaders to appease partisans on both sides matters less than the outcome.
Bloomberg | Current-Account Deficit in U.S. Narrowed 5.7% in Second Quarter
The current-account deficit in the U.S. narrowed in the second quarter to the lowest in almost four years, helped by a pickup in exports and a bigger income surplus.
MSN Money | Caution: Budget fight dead ahead
With the Federal Reserve's decision to keep stimulus going, stocks are moving on up. But the looming fight over the federal budget, taxes and spending could end the party for all of us.
Econ Comments & Analysis
National Journal | Congress’s Budget Guru Weighs In on Shutdown
With lawmakers facing a Sept. 30 deadline to pass a continuing resolution and keep government running, Congressional Budget Office Director Douglas Elmendorf stands on the political sidelines as Congress' budget oracle and cost arbiter.
Blogs
Heritage Foundation | What You Need to Know About the Debt Limit
The Congressional Budget Office just dropped a budget update on Washington, and it’s not good. The U.S. government is spending recklessly—and Obamacare is adding fuel to the fire.
National Journal | Congress Is Finding a Way to Avoid a Shutdown
The path to averting a government shutdown at the end of the month is becoming clearer on Capitol Hill. Whether it is a bona fide cliff-hanger or a step-by-step dance carefully choreographed by House and Senate leaders to appease partisans on both sides matters less than the outcome.
Bloomberg | Current-Account Deficit in U.S. Narrowed 5.7% in Second Quarter
The current-account deficit in the U.S. narrowed in the second quarter to the lowest in almost four years, helped by a pickup in exports and a bigger income surplus.
MSN Money | Caution: Budget fight dead ahead
With the Federal Reserve's decision to keep stimulus going, stocks are moving on up. But the looming fight over the federal budget, taxes and spending could end the party for all of us.
Econ Comments & Analysis
National Journal | Congress’s Budget Guru Weighs In on Shutdown
With lawmakers facing a Sept. 30 deadline to pass a continuing resolution and keep government running, Congressional Budget Office Director Douglas Elmendorf stands on the political sidelines as Congress' budget oracle and cost arbiter.
Blogs
Heritage Foundation | What You Need to Know About the Debt Limit
The Congressional Budget Office just dropped a budget update on Washington, and it’s not good. The U.S. government is spending recklessly—and Obamacare is adding fuel to the fire.
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