News
CNN Money | Shutdown: What happens next
Congress failed to pass a funding bill on Monday night. And so began a series of complex procedures to power down the federal government.
Bloomberg | U.S. ISM Manufacturing Index Rose in September
Manufacturing expanded in September at a faster pace than forecast, indicating U.S. factories will provide a bigger boost to the expansion.
Washington Times | Short-term shutdown would pose little threat to national economy
The U.S. economy is likely to take a brief government shutdown lasting a day or two in stride, but the longer it goes on, the harder it will hit.
Econ Comments & Analysis
Real Clear Markets | The GOP Should Aggressively Seek Credit For the Shutdown
The Republican Party didn't blink, and as a result non-essential aspects of the federal government are soon to be shut down. Republican politicians and members of the Party should cheer, as the ‘stupid' Party actually revealed a political and economic savvy that will serve it well in 2014 and beyond.
Fortune | How long will the shutdown last?
If our history of government shutdowns is any indication, this one probably won't last more than six or seven days. And investors shouldn't worry too much.
WSJ | Millennials Face Uphill Climb
The on-ramp to adulthood is delayed and harder to reach for young people today, a reality that is changing the country's society and economy, according to a new report.
The Nation | Government Shutdown Will Hit Federal Workers, Poor Americans - See more at: http://www.thenation.com/blog/176427/government-shutdown-will-hit-federal-workers-poor-americans#sthash.9N2qpKwM.dpuf
Shortly after 2 pm today the Senate stripped several of the House GOP’s amendments from a short-term funding bill and sent the legislation back, making it all but certain that a partial government shutdown will occur at midnight. - See more at: http://www.thenation.com/blog/176427/government-shutdown-will-hit-federal-workers-poor-americans#sthash.9N2qpKwM.dpuf
Blogs
Market Watch | Home builders at risk from government shutdown, analyst says
If the federal government’s shutdown is prolonged, home builders that generate much of their business from entry-level buyers such as first-time purchasers face the most risk, according to an analyst note.
CATO | Thoughts on the Government Shutdown
All eyes are on the government shutdown battle over Obamacare. Here are a few thoughts
Tuesday, October 1, 2013
Health Care
News
CNN Money | Obamacare: How do I sign up?
People can now enroll in health care coverage in the Affordable Care Act insurance exchanges -- the centerpiece of Obama's landmark legislation. Coverage begins in 2014, but folks must sign up by Dec. 15 if they want coverage to begin Jan. 1.
Real Clear Markets | Calling Obama's Bluff On Obamacare
With the closure of the government on Tuesday, President Obama on Monday said he is open to fresh ideas on health care reform.
Econ Comments & Analysis
National Journal | Health Care's Knowledge Problem
If the problem is ignorance, the solution could be knowledge. The ACA devoted funding and created a new agency—the Patient-Centered Outcomes Research Institute—to study such questions and issue recommendations to the public.
CATO | Americans Now Lab Mice for One of the Greatest Experiments in US Government History
Obamacare officially debuts today with the opening of health care exchanges in all 50 states. Some of these exchanges may be more ready than others — exchanges in Colorado, Oregon, Vermont, and the District of Columbia, for example, will not be fully operational. Still, the opening of exchanges will give most Americans the first view of Obamacare in operation.
CNN Money | Obamacare: How do I sign up?
People can now enroll in health care coverage in the Affordable Care Act insurance exchanges -- the centerpiece of Obama's landmark legislation. Coverage begins in 2014, but folks must sign up by Dec. 15 if they want coverage to begin Jan. 1.
Real Clear Markets | Calling Obama's Bluff On Obamacare
With the closure of the government on Tuesday, President Obama on Monday said he is open to fresh ideas on health care reform.
Econ Comments & Analysis
National Journal | Health Care's Knowledge Problem
If the problem is ignorance, the solution could be knowledge. The ACA devoted funding and created a new agency—the Patient-Centered Outcomes Research Institute—to study such questions and issue recommendations to the public.
CATO | Americans Now Lab Mice for One of the Greatest Experiments in US Government History
Obamacare officially debuts today with the opening of health care exchanges in all 50 states. Some of these exchanges may be more ready than others — exchanges in Colorado, Oregon, Vermont, and the District of Columbia, for example, will not be fully operational. Still, the opening of exchanges will give most Americans the first view of Obamacare in operation.
Monetary
Econ Comments & Analysis
Forbes | For Struggling Middle Class Families, The Gold Standard Is No Fairy Tale
Once upon a time — September 17th — Reuters published a delightfully preposterous blunderbuss of a blog. It served up a one-sided attack on conservatives. It did so as part of what it calls The Great Debate. Well, a debate has two sides. Here’s the side Reuters declined to publish.
Forbes | For Struggling Middle Class Families, The Gold Standard Is No Fairy Tale
Once upon a time — September 17th — Reuters published a delightfully preposterous blunderbuss of a blog. It served up a one-sided attack on conservatives. It did so as part of what it calls The Great Debate. Well, a debate has two sides. Here’s the side Reuters declined to publish.
Taxes
News
CNN Money | Japan hikes sales tax as economy recovers
Japanese Prime Minister Shinzo Abe will press ahead with a planned tax hike next year as he looks to take advantage of an economic recovery to start tackling the country's runaway government debt.
CNN Money | Japan hikes sales tax as economy recovers
Japanese Prime Minister Shinzo Abe will press ahead with a planned tax hike next year as he looks to take advantage of an economic recovery to start tackling the country's runaway government debt.
Employment
News
CNN Money | Merck to cut 8,500 more jobs
Drug maker Merck announced Tuesday that it will cut 8,500 more jobs worldwide.
Market Watch | No September job report if shutdown persists: BLS
The unemployment report for September will not be released if the government remains shut down, the Bureau of Labor Statistics said Tuesday.
CNN Money | Amazon to hire 70,000 seasonal workers
It's the most wonderful time of the year ... for people seeking seasonal work. Amazon is planning to hire 70,000 workers to help out for the holiday season.
Econ Comments & Analysis
Washington Times | How Obamacare will make it harder for blacks to find jobs
Jobs in America remain hard to find. That’s especially true in Black America, and Obamacare is poised to make the jobs picture even worse. More than twice as many black men are unemployed as white men — 13 percent versus 6.4 percent. More than 10.5 percent of black women are jobless — again, nearly double the 5.5 percent of white women without jobs
CNN Money | Merck to cut 8,500 more jobs
Drug maker Merck announced Tuesday that it will cut 8,500 more jobs worldwide.
Market Watch | No September job report if shutdown persists: BLS
The unemployment report for September will not be released if the government remains shut down, the Bureau of Labor Statistics said Tuesday.
CNN Money | Amazon to hire 70,000 seasonal workers
It's the most wonderful time of the year ... for people seeking seasonal work. Amazon is planning to hire 70,000 workers to help out for the holiday season.
Econ Comments & Analysis
Washington Times | How Obamacare will make it harder for blacks to find jobs
Jobs in America remain hard to find. That’s especially true in Black America, and Obamacare is poised to make the jobs picture even worse. More than twice as many black men are unemployed as white men — 13 percent versus 6.4 percent. More than 10.5 percent of black women are jobless — again, nearly double the 5.5 percent of white women without jobs
Budget
News
Bloomberg | Government Shutdown Begins as Deadlocked Congress Flails
The U.S. government began its first partial shutdown in 17 years, idling as many as 800,000 federal employees, closing national parks and halting some services after Congress failed to break a partisan deadlock by a midnight deadline.
WSJ | Breakdown Is New Norm in Spending Showdowns
After three years of last-minute deals, delayed decisions, and acrimonious finger pointing, the process for one of Congress's most basic functions—spending money—finally buckled and broke down Monday night.
Bloomberg | Student-Loan Defaults Rise in U.S. as Borrowers Struggle
About one in seven borrowers defaulted on their federal student loans, showing how former students are buckling under higher-education costs in a weak economy.
Econ Comments & Analysis
WSJ | Fiscal Monkey Business
As the budget histrionics continue, both parties are slyly doing what Congress does best—spend more money. We reported last week that the GOP House has already agreed with Senate Democrats to raise spending in 2014 by $19 billion over the Budget Control Act caps—to $986 billion from $967 billion. But now Senate budget experts have identified in the spending bill some $18 billion more of mostly phantom savings from "changes in mandatory spending programs," also known appropriately enough as Chimps.
Washington Times | Bankrupt ideas lead to bankrupt governments
“There is nothing left to cut,” said House Minority Leader Nancy Pelosi last week when referring to the federal budget. Again, she displayed a complete disconnect with reality — a disconnect reinforced by all those other fantasyland souls who make her their leader.
WSJ | Obama's Detroit Bailout
The White House announced on Friday a $320 million bailout, er, aid package for the bankrupt city of Detroit because of "exceptional" circumstances. But to adapt President Obama, every broke city believes in its own exceptionalism, and now others will want a financial infusion too.
Bloomberg | Government Shutdown Begins as Deadlocked Congress Flails
The U.S. government began its first partial shutdown in 17 years, idling as many as 800,000 federal employees, closing national parks and halting some services after Congress failed to break a partisan deadlock by a midnight deadline.
WSJ | Breakdown Is New Norm in Spending Showdowns
After three years of last-minute deals, delayed decisions, and acrimonious finger pointing, the process for one of Congress's most basic functions—spending money—finally buckled and broke down Monday night.
Bloomberg | Student-Loan Defaults Rise in U.S. as Borrowers Struggle
About one in seven borrowers defaulted on their federal student loans, showing how former students are buckling under higher-education costs in a weak economy.
Econ Comments & Analysis
WSJ | Fiscal Monkey Business
As the budget histrionics continue, both parties are slyly doing what Congress does best—spend more money. We reported last week that the GOP House has already agreed with Senate Democrats to raise spending in 2014 by $19 billion over the Budget Control Act caps—to $986 billion from $967 billion. But now Senate budget experts have identified in the spending bill some $18 billion more of mostly phantom savings from "changes in mandatory spending programs," also known appropriately enough as Chimps.
Washington Times | Bankrupt ideas lead to bankrupt governments
“There is nothing left to cut,” said House Minority Leader Nancy Pelosi last week when referring to the federal budget. Again, she displayed a complete disconnect with reality — a disconnect reinforced by all those other fantasyland souls who make her their leader.
WSJ | Obama's Detroit Bailout
The White House announced on Friday a $320 million bailout, er, aid package for the bankrupt city of Detroit because of "exceptional" circumstances. But to adapt President Obama, every broke city believes in its own exceptionalism, and now others will want a financial infusion too.
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