News
Bloomberg | Demand for U.S. Capital Goods Increases Less Than Forecast
Orders for U.S. equipment such as computers and machinery climbed less than forecast in August, indicating a strengthening in business spending will take time to develop.
CNN Money | China rebound? Not so fast
Official statistics suggest that growth is stabilizing in China and manufacturing is on the upswing in the world's second-biggest economy.
Bloomberg | Americans in Poll Doubt Economy Rebound in Defiance of Forecasts
Americans are losing faith in the nation’s economic recovery even as forecasters expect growth to accelerate, according to a Bloomberg National Poll.
CNN Money | How income inequality hurts America
It's not just income inequality. It's lifespan inequality. And education inequality. And declining economic growth.
Bloomberg | Sales of New U.S. Homes Rose in August Following July Plunge
Purchases of new U.S. homes rose in August, capping the weakest two months this year, showing the fallout from mortgage rates at a two-year high is cooling the real-estate rebound.
Econ Comments & Analysis
Bloomberg | Lew Says Investors May Be Too Hopeful on Debt-Limit Debate
U.S. Treasury Secretary Jacob J. Lew said investor confidence that a deal can be struck to raise the debt limit is “a bit greater than it should be” and the government probably will have less than $50 billion in cash by mid-October.
Washington Times | The spreading war on seniors
In his 1994 book “Beyond Peace,” Richard Nixon predicted that our nation’s biggest challenge would not be war with a foreign enemy, but rather an internal “war” over how to allocate money within our borders. With our national debt about to exceed $17 trillion and another budget fight looming, his prediction is being realized.
Fortune | 3 reasons to save the 30-year fixed mortgage
As Washington talks about the future of mortgage finance giants Freddie Mac and Fannie Mae, some are asking if Americans should continue having easy access to a popular mortgage -- the 30-year, fixed-rate home loan.
Blogs
WSJ | Want to Know Where Home Prices Are Headed? Read the Papers
If policymakers had wanted to see signs of the housing bubble at the time it was inflating, perhaps they should have read local newspapers.
Economist | What we talk about when we talk about bubbles
Since March of last year the Case-Shiller 20-city home-price index has risen by 21%. Some of the markets within that index have risen even more; the Los Angeles index has doubled from its post-crisis bottom. Rising prices have many financial-market observers worried that the bubble is reinflating, helped along by low interest rates and a pipeline of mortgage credit owing to the Federal Reserve's purchases of mortgage-backed securities.
Wednesday, September 25, 2013
Health Care
News
National Journal | Federal Employees Will Pay 4.4 Percent More Toward Health Care Premiums in 2014
Federal employees will pay 4.4 percent more toward their health insurance premiums in 2014, the Office of Personnel Management announced Tuesday.
National Journal | Obamacare Will Give Free Health Insurance to Some
Health insurance will be free for some Americans on the new Affordable Care Act exchanges, according to a Health and Human Services analysis released Wednesday on insurance costs.
Econ Comments & Analysis
Politico | Securing the health exchange network
It’s ironic this year that National Cybersecurity Awareness Month falls in October, because come Oct. 1, the new health insurance exchanges established under the Affordable Care Act go “live” — and they will unleash a host of new cyberactivity and cybersecurity threats that our health care system is not yet equipped to handle.
Washington Times | The grit and gumption to resist Obamacare
Today, the freedom of Americans to control their own health care needs is being threatened by massive governmental interference. Those attempting to fundamentally change America are attempting to take control of the most important thing any of us possesses: our health.
CATO | Three Defunding Myths
In less than a week, the continuing resolution (CR) that is currently funding the government will expire, possibly precipitating what one and all refer to as a “government shutdown.” This term is usually uttered in terms that suggest an event falling in severity somewhere between Hurricane Katrina and the zombie apocalypse.
Blogs
Heritage Foundation | What the Administration Didn’t Tell You About Obamacare Exchange Plans
Today the Department of Health and Human Services (HHS) released a report regarding premiums and plan offerings in Obamacare’s exchanges for next year. Despite the Administration’s claims, premiums are going up due to Obamacare—and the quality of the “coverage” is, in many cases, going down.
National Journal | Federal Employees Will Pay 4.4 Percent More Toward Health Care Premiums in 2014
Federal employees will pay 4.4 percent more toward their health insurance premiums in 2014, the Office of Personnel Management announced Tuesday.
National Journal | Obamacare Will Give Free Health Insurance to Some
Health insurance will be free for some Americans on the new Affordable Care Act exchanges, according to a Health and Human Services analysis released Wednesday on insurance costs.
Econ Comments & Analysis
Politico | Securing the health exchange network
It’s ironic this year that National Cybersecurity Awareness Month falls in October, because come Oct. 1, the new health insurance exchanges established under the Affordable Care Act go “live” — and they will unleash a host of new cyberactivity and cybersecurity threats that our health care system is not yet equipped to handle.
Washington Times | The grit and gumption to resist Obamacare
Today, the freedom of Americans to control their own health care needs is being threatened by massive governmental interference. Those attempting to fundamentally change America are attempting to take control of the most important thing any of us possesses: our health.
CATO | Three Defunding Myths
In less than a week, the continuing resolution (CR) that is currently funding the government will expire, possibly precipitating what one and all refer to as a “government shutdown.” This term is usually uttered in terms that suggest an event falling in severity somewhere between Hurricane Katrina and the zombie apocalypse.
Blogs
Heritage Foundation | What the Administration Didn’t Tell You About Obamacare Exchange Plans
Today the Department of Health and Human Services (HHS) released a report regarding premiums and plan offerings in Obamacare’s exchanges for next year. Despite the Administration’s claims, premiums are going up due to Obamacare—and the quality of the “coverage” is, in many cases, going down.
Monetary
News
WSJ | IMF Calls for Euro Zone to Create Central Budget Authority
The International Monetary Fund in a report Wednesday called for the euro zone to create a central budget authority to help absorb the shock of future economic crises that hit one part of the single currency area but not others.
Washington Times | Fed concerned about early trading after its recent meeting
The Federal Reserve is concerned about suspiciously heavy trading of gold futures after its meeting last week that may have been triggered by a premature release of market-sensitive information.
CNBC | Did the Fed just pop the stock market bubble?
You know it's a rough market when even Warren Buffett can't find a bargain. History's most famous value investor told CNBC a few days ago that stocks are now "fairly priced" and that a good buy is hard to find.
WSJ | IMF Calls for Euro Zone to Create Central Budget Authority
The International Monetary Fund in a report Wednesday called for the euro zone to create a central budget authority to help absorb the shock of future economic crises that hit one part of the single currency area but not others.
Washington Times | Fed concerned about early trading after its recent meeting
The Federal Reserve is concerned about suspiciously heavy trading of gold futures after its meeting last week that may have been triggered by a premature release of market-sensitive information.
CNBC | Did the Fed just pop the stock market bubble?
You know it's a rough market when even Warren Buffett can't find a bargain. History's most famous value investor told CNBC a few days ago that stocks are now "fairly priced" and that a good buy is hard to find.
Taxes
News
Politico | Tax reform’s status: Heard the latest rumors?
With lawmakers tight-lipped on their plans for the biggest overhaul of the Tax Code in a generation, lobbyists, staffers and others who collectively make up Washington’s tax world are resorting to the next best thing: swapping rumors.
Politico | IRS claim to regulate tax preparers has rough day in court
The push by the Internal Revenue Service to convince three appellate judges that congressional ambiguity grants the agency authority to regulate tax-return preparers may end up falling on the word “and.”
WSJ | French Budget Relies on Tax Rises
The French government Wednesday unveiled a 2014 budget that still relies on tax increases, threatening to dent household spending power and President François Hollande's record low popularity.
Politico | Tax reform’s status: Heard the latest rumors?
With lawmakers tight-lipped on their plans for the biggest overhaul of the Tax Code in a generation, lobbyists, staffers and others who collectively make up Washington’s tax world are resorting to the next best thing: swapping rumors.
Politico | IRS claim to regulate tax preparers has rough day in court
The push by the Internal Revenue Service to convince three appellate judges that congressional ambiguity grants the agency authority to regulate tax-return preparers may end up falling on the word “and.”
WSJ | French Budget Relies on Tax Rises
The French government Wednesday unveiled a 2014 budget that still relies on tax increases, threatening to dent household spending power and President François Hollande's record low popularity.
Employment
Blogs
Library of Economics | Optimal Minimum Wage?
David Lee of Princeton University and Emmanual Saez of University of California, Berkeley have an article in the Journal of Public Economics titled "Optimum Minimum Wage Policy in Competitive Labor Markets." It has two strange results, one that I understand and that depends crucially on a strong assumption that they don't even attempt to justify and the other that I don't understand unless the concept of "Pareto improvement" has changed dramatically.
Library of Economics | Optimal Minimum Wage?
David Lee of Princeton University and Emmanual Saez of University of California, Berkeley have an article in the Journal of Public Economics titled "Optimum Minimum Wage Policy in Competitive Labor Markets." It has two strange results, one that I understand and that depends crucially on a strong assumption that they don't even attempt to justify and the other that I don't understand unless the concept of "Pareto improvement" has changed dramatically.
Budget
News
National Journal | Fiscal Solution Continues to Crawl Forward
As Sen. Ted Cruz vowed to talk on the Senate floor about defunding Obamacare till he can no longer stand, Senate Democrats said they now want a Nov. 15 expiration date for legislation to fund the government and avoid a shutdown.
Bloomberg | Europe Sharing Fiscal Risks Would Avert Crises, IMF Says
Euro area countries should be prepared to lose some degree of control over their budget, pool resources to set up an insurance program and do common borrowing, economists at the International Monetary Fund said.
Econ Comments & Analysis
Real Clear Markets | It's Groundhog Day Over the Debt Ceiling
If you recently heard the news that Congress is debating the merits of raising the debt ceiling, don't think you have time-traveled back to 2011 or to 2012. In the absence of Congressional action, and barring some extraordinary measures, the debt ceiling is set to be breached sometime in the next several weeks, and the U.S. stands to gain nothing by not raising it.
WSJ | Happy Deficit Day, Uncle Sam
'Deficit Day" is here again, marking the day the U.S. government runs out of money and begins adding to the nation's already-enormous debt. Despite the $2.7 trillion the federal government collects every year from Americans in the form of income, payroll, corporate, estate and excise taxes, as well as tariffs, fees and other sources, on a calendar year basis the money runs out Sept. 25, at around 3 p.m.
National Journal | Fiscal Solution Continues to Crawl Forward
As Sen. Ted Cruz vowed to talk on the Senate floor about defunding Obamacare till he can no longer stand, Senate Democrats said they now want a Nov. 15 expiration date for legislation to fund the government and avoid a shutdown.
Bloomberg | Europe Sharing Fiscal Risks Would Avert Crises, IMF Says
Euro area countries should be prepared to lose some degree of control over their budget, pool resources to set up an insurance program and do common borrowing, economists at the International Monetary Fund said.
Econ Comments & Analysis
Real Clear Markets | It's Groundhog Day Over the Debt Ceiling
If you recently heard the news that Congress is debating the merits of raising the debt ceiling, don't think you have time-traveled back to 2011 or to 2012. In the absence of Congressional action, and barring some extraordinary measures, the debt ceiling is set to be breached sometime in the next several weeks, and the U.S. stands to gain nothing by not raising it.
WSJ | Happy Deficit Day, Uncle Sam
'Deficit Day" is here again, marking the day the U.S. government runs out of money and begins adding to the nation's already-enormous debt. Despite the $2.7 trillion the federal government collects every year from Americans in the form of income, payroll, corporate, estate and excise taxes, as well as tariffs, fees and other sources, on a calendar year basis the money runs out Sept. 25, at around 3 p.m.
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