News
FOX Business | Midwest Manufacturing Sector Heats up in September
The pace of business activity in the U.S. Midwest increased in September, though input prices dipped from a nine-month high, a report showed on Monday.
Reuters | U.S. data gives conflicting signals on economy's health
Contracts to buy previously owned U.S. homes fell for the third straight month in August but fewer Americans filed new claims for jobless benefits last week, giving conflicting signals on the health of the economy.
Econ Comments & Analysis
Real Clear Markets | Are the Producers Losing to the Predators?
We are, I fear, slowly moving from "the affluent society" toward a "spoils society." In 1958, Harvard economist John Kenneth Galbraith published his bestseller, "The Affluent Society," which profoundly influenced national thinking for decades. To the Great Depression's survivors, post-World War II prosperity dazzled. Suburbia offered a quiet alternative to crowded and noisy cities. New technologies impressed - television, frozen foods, automatic washers and dryers. Never, it seemed, had so much been enjoyed by so many.
NY Times | Housing Market Is Heating Up, if Not Yet Bubbling
Home prices have been rising rapidly, so much so that there is talk that we are entering another national bubble.
Bloomberg | IMF Says Domestic Investors Can Curb Capital Flow Volatility
Emerging markets can better resist capital flow volatility by taking measures to encourage their residents to invest abroad in good times and repatriate the funds when needed, according to a study by the International Monetary Fund.
Washington Post | Impact of a government shutdown
A government shutdown next week would interrupt some services and potentially jeopardize the paychecks of more than 800,000 federal workers. The Office of Management and Budget has asked agencies to begin making contingency plans.
Blogs
Market Watch | Damaging ripple effects seen if government shuts down
The direct economic hit from a government shutdown, which looks increasingly likely, may be relatively small but could have damaging ripple effects, analysts said Monday.
WSJ | Secondary Sources: QE3, Housing Bubble?, Fat Taxes
A roundup of economic news from around the Web.
CATO | Maybe the Real Lesson Is That It’s Best to Shut Down the Federal Government Before a New Fiscal Year Begins
The politicians, bureaucrats, lobbyists and interest groups in Washington are hyperventilating that the federal gravy train may get sidetracked for a day or two by a shutdown fight between Republicans and Democrats.
Monday, September 30, 2013
Health Care
News
Politico | Poll: Most will get health insurance
Asked whether they plan to get insurance when the requirement takes effect or pay the fine for not doing so, 65 percent of uninsured Americans said they would get health insurance, according to a Gallup poll out Monday. Twenty-five percent said they would pay the fine.
CNN Money | Not all Obamacare exchanges will open Oct. 1
The Obamacare insurance exchanges open for business on Tuesday ... sorta.
Econ Comments & Analysis
Washington Times | On the brink of Obamacare
Less than a week before Obamacare is to go live, the administration finally showed its hand — sort of — on the premiums in the 36 federally run exchanges — places where insurance exchanges are run in whole or part by the federal government. Even a cursory glance at the numbers reveals several noteworthy shortcomings.
Politico | Despite claims, Obamacare gives Congress no special treatment
Some health reform opponents claim the Obama administration is giving members of Congress and their staffs special treatment under the Affordable Care Act. The claim, which a number of media stories have repeated uncritically, is simply false: Although they will be required to enroll in health plans offered within the new health-insurance exchanges established under the law, members of Congress and their staffs will not receive extra financial help to pay for their medical care.
FOX Business | Expert Gives Obamacare Rollout a B-Minus
Health care reform -- now almost universally called Obamacare -- kicks into high gear in October, when millions of consumers begin shopping for health insurance on new state and federal exchanges.
CATO | Obamacare Launch Will be Ugly
ObamaCare officially opens for business Tuesday. Unfortunately, it’s already falling short of promise.
Politico | Poll: Most will get health insurance
Asked whether they plan to get insurance when the requirement takes effect or pay the fine for not doing so, 65 percent of uninsured Americans said they would get health insurance, according to a Gallup poll out Monday. Twenty-five percent said they would pay the fine.
CNN Money | Not all Obamacare exchanges will open Oct. 1
The Obamacare insurance exchanges open for business on Tuesday ... sorta.
Econ Comments & Analysis
Washington Times | On the brink of Obamacare
Less than a week before Obamacare is to go live, the administration finally showed its hand — sort of — on the premiums in the 36 federally run exchanges — places where insurance exchanges are run in whole or part by the federal government. Even a cursory glance at the numbers reveals several noteworthy shortcomings.
Politico | Despite claims, Obamacare gives Congress no special treatment
Some health reform opponents claim the Obama administration is giving members of Congress and their staffs special treatment under the Affordable Care Act. The claim, which a number of media stories have repeated uncritically, is simply false: Although they will be required to enroll in health plans offered within the new health-insurance exchanges established under the law, members of Congress and their staffs will not receive extra financial help to pay for their medical care.
FOX Business | Expert Gives Obamacare Rollout a B-Minus
Health care reform -- now almost universally called Obamacare -- kicks into high gear in October, when millions of consumers begin shopping for health insurance on new state and federal exchanges.
CATO | Obamacare Launch Will be Ugly
ObamaCare officially opens for business Tuesday. Unfortunately, it’s already falling short of promise.
Monetary
News
Bloomberg | Fed Too Familiar With Lost Workers Seeks New Guideposts: Economy
It’s becoming increasingly clear why Federal Reserve Chairman Ben S. Bernanke should have avoided linking the central bank’s policy decisions to specific unemployment rates.
Econ Comments & Analysis
Forbes | The Federal Reserve Is Now Badly Hooked On Its Quantitative Easing
The Federal Reserve surprised most by not changing its present policy of buying $85 billion of government debt a month with the printing press. I suspect that Ben Bernanke himself is not too unhappy with this; nor is his Princeton Keynesian counterpart Paul Krugman.
Bloomberg | Fed Too Familiar With Lost Workers Seeks New Guideposts: Economy
It’s becoming increasingly clear why Federal Reserve Chairman Ben S. Bernanke should have avoided linking the central bank’s policy decisions to specific unemployment rates.
Econ Comments & Analysis
Forbes | The Federal Reserve Is Now Badly Hooked On Its Quantitative Easing
The Federal Reserve surprised most by not changing its present policy of buying $85 billion of government debt a month with the printing press. I suspect that Ben Bernanke himself is not too unhappy with this; nor is his Princeton Keynesian counterpart Paul Krugman.
Taxes
News
Politico | Obamacare medical device tax assumes big role in spending battle
Along with a one-year delay in the president’s health law, House Republicans have included provisions repealing the 2.3 percent tax on medical devices in their bill to fund federal agencies into the next fiscal year. And some have suggested the move to wipe out that tax might — at some point— become a path to compromise with the Senate. But Senate Democratic leaders have so far opposed the device tax as part of a short-term spending bill.
Politico | Obamacare medical device tax assumes big role in spending battle
Along with a one-year delay in the president’s health law, House Republicans have included provisions repealing the 2.3 percent tax on medical devices in their bill to fund federal agencies into the next fiscal year. And some have suggested the move to wipe out that tax might — at some point— become a path to compromise with the Senate. But Senate Democratic leaders have so far opposed the device tax as part of a short-term spending bill.
Employment
News
CNN Money | Key report on jobs at risk in shutdown
The closely-watched monthly jobs report set for release on Friday could be delayed if the federal government shuts down.
FOX Business | Siemens to Slash 15,000 Jobs
Siemens (SI) revealed plans to cut a total of 15,000 jobs worldwide before the end of its next fiscal year, as the German industrial company moves forward with a two-year restructuring program.
CNN Money | Is Obamacare a jobs killer?
Nine out of 14 economists polled by CNNMoney said businesses are putting off hiring in light of health care reform, which stipulates that employers with 50 or more workers provide affordable health insurance starting in 2015.
Econ Comments & Analysis
Mercatus | Tale of Two Labor Markets in Virginia
Virginia has weathered the labor market turmoil of the past five years much better than other states have. Its mid-year unemployment rate was 5.5 percent, compared to 7.6 percent nationally. But there are two distinct labor markets in Virginia — (1) persons employed directly or indirectly by the public sector, and (2) Virginia’s “real” private sector. While the former — highly concentrated in the suburbs of D.C. — prospered during the Great Recession and continues to flourish, the latter is struggling.
CNN Money | Key report on jobs at risk in shutdown
The closely-watched monthly jobs report set for release on Friday could be delayed if the federal government shuts down.
FOX Business | Siemens to Slash 15,000 Jobs
Siemens (SI) revealed plans to cut a total of 15,000 jobs worldwide before the end of its next fiscal year, as the German industrial company moves forward with a two-year restructuring program.
CNN Money | Is Obamacare a jobs killer?
Nine out of 14 economists polled by CNNMoney said businesses are putting off hiring in light of health care reform, which stipulates that employers with 50 or more workers provide affordable health insurance starting in 2015.
Econ Comments & Analysis
Mercatus | Tale of Two Labor Markets in Virginia
Virginia has weathered the labor market turmoil of the past five years much better than other states have. Its mid-year unemployment rate was 5.5 percent, compared to 7.6 percent nationally. But there are two distinct labor markets in Virginia — (1) persons employed directly or indirectly by the public sector, and (2) Virginia’s “real” private sector. While the former — highly concentrated in the suburbs of D.C. — prospered during the Great Recession and continues to flourish, the latter is struggling.
Budget
News
Bloomberg | First U.S. Shutdown in 17 Years Imminent With No Talks
The U.S. government stands poised for its first partial shutdown in 17 years at midnight tonight, after a weekend with no signs of negotiations or compromise from the Congress or the White House.
National Journal | State of Play: Setting Up a Government Shutdown
The Senate is scheduled to come back today at 2:00 p.m. At that point, as Senate Majority Leader Harry Reid has indicated, the Senate will reject the continuing resolution to fund the government passed by the House on Sunday morning. That resolution would delay Obamacare for one year and repeal the medical-device tax. If no measure to fund the government is agreed to by the House and Senate by tonight, the government will shut down.
CNN Money | Rating agencies an afterthought in debt ceiling fight
Standard & Poor's made headlines and roiled world markets following the last debt ceiling crisis, in 2011, when it cut the United States' sterling AAA rating to AA+. The rating agency cited concerns about the nation's long-term debt and its dysfunctional policy making.
Econ Comments & Analysis
Fortune | 3 ways to abolish the debt ceiling
As the nation braces for a partial government shutdown, lawmakers have another mess to tackle: The debt ceiling, which must be raised by Oct. 17 or the Treasury will run out of borrowing option to pay the federal government's bills.
NBER | Advance Refundings of Municipal Bonds
Municipal bonds are often "advance refunded." Bonds that are not yet callable are defeased by creating a trust that pays the interest up to the call date, and pays the call price.
Blogs
Heritage Foundation | Obama Debt Limit Proposal: We Spend More, You Pay More
During remarks given after the passage of the Senate continuing resolution today, President Obama stressed once again his unwillingness to work with Republicans to find spending cuts before increasing the debt ceiling, while suggesting that he was otherwise eager to find a solution to America’s fiscal future.
Bloomberg | First U.S. Shutdown in 17 Years Imminent With No Talks
The U.S. government stands poised for its first partial shutdown in 17 years at midnight tonight, after a weekend with no signs of negotiations or compromise from the Congress or the White House.
National Journal | State of Play: Setting Up a Government Shutdown
The Senate is scheduled to come back today at 2:00 p.m. At that point, as Senate Majority Leader Harry Reid has indicated, the Senate will reject the continuing resolution to fund the government passed by the House on Sunday morning. That resolution would delay Obamacare for one year and repeal the medical-device tax. If no measure to fund the government is agreed to by the House and Senate by tonight, the government will shut down.
CNN Money | Rating agencies an afterthought in debt ceiling fight
Standard & Poor's made headlines and roiled world markets following the last debt ceiling crisis, in 2011, when it cut the United States' sterling AAA rating to AA+. The rating agency cited concerns about the nation's long-term debt and its dysfunctional policy making.
Econ Comments & Analysis
Fortune | 3 ways to abolish the debt ceiling
As the nation braces for a partial government shutdown, lawmakers have another mess to tackle: The debt ceiling, which must be raised by Oct. 17 or the Treasury will run out of borrowing option to pay the federal government's bills.
NBER | Advance Refundings of Municipal Bonds
Municipal bonds are often "advance refunded." Bonds that are not yet callable are defeased by creating a trust that pays the interest up to the call date, and pays the call price.
Blogs
Heritage Foundation | Obama Debt Limit Proposal: We Spend More, You Pay More
During remarks given after the passage of the Senate continuing resolution today, President Obama stressed once again his unwillingness to work with Republicans to find spending cuts before increasing the debt ceiling, while suggesting that he was otherwise eager to find a solution to America’s fiscal future.
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