News
Politico | 1973 Arab oil embargo shaped energy policy
James Schlesinger was sitting at his desk in the Pentagon when the Saudi oil minister’s cable arrived: “According to his Majesty King Faisal,” it read, “I am instructed to cut off all oil supplies to the Sixth Fleet in the Mediterranean and to your forces in Europe.”
FOX Business | New York Manufacturing Hits Lowest Level Since May
The pace of growth in New York state's manufacturing sector slipped this month to its slowest since May, but business optimism stayed strong, a report from the New York Federal Reserve showed on Tuesday.
Econ Comments & Analysis
Real Clear Markets | The Rich Don't Care For the Poor? What a Laugh
The old joke goes: "If you can't win on the merits of your argument, attack your opponent." Thus Republicans in Congress are accused of having bad ideas without the slightest examination of their ideas, but simply based on assertion that Republicans are ignoble. Such ad hominem attacks seem to be the gist of many recent attacks on congressional Republicans in the budget battle with President Obama.
WSJ | Why OPEC No Longer Calls the Shots
Forty years ago, on Oct. 17, 1973, the world experienced its first "oil shock" as Arab exporters declared an embargo on shipments to Western countries. The OPEC embargo was prompted by America's military support for Israel, which was repelling a coordinated surprise attack by Arab countries that had begun on Oct. 6, the sacred Jewish holiday of Yom Kippur.
Washington Times | Government waste stifling growth worldwide
The International Monetary Fund announced this past week that it expects world GDP growth to be only 2.9 percent this year. This is below the 3.2 percent in 2012, which was below the 30-year average of about 3.6 percent, and far below the one-of-the-best recent four-year periods, from 2004 to 2007, when it averaged 5.1 percent. The differences may seem small, but the rate of GDP growth determines how quickly global poverty declines and real incomes rise.
CATO | The Transatlantic Trade and Investment Partnership: A Roadmap for Success
The potential upside of a comprehensive Transatlantic Trade and Investment Partnership agreement to liberalize trade, investment, and regulatory barriers between the United States and the European Union is substantial. The economic benefits are estimated to be in the range of a $125 billion annual boost to GDP on each side of the Atlantic.
Tuesday, October 15, 2013
Health Care
News
National Journal | Obamacare May Be More Political Than You Think
As members of Congress continue to argue over the Affordable Care Act, one impact of the law on partisan politics has largely been left out of the conversation: voter registration.
CNN Money | Doctor choice in Obamacare? Not so much
Premiums and deductibles may not be the only surprises awaiting Americans shopping for health insurance on the Obamacare exchanges.
Econ Comments & Analysis
WSJ | State-Run Health Exchanges Gain Some Traction
At least 38,000 people have signed up for new health plans in the state-run insurance exchanges that opened Oct. 1, while more than 100,000 have completed applications and are close to finishing the process, according to state data.
Mercatus | The American Health System: Principles for Successful Reform
An ideal health care system will provide better health to more people at lower cost on a continuous basis. This should be the ultimate goal of health care reform. Yet decades of legislative attempts have failed to achieve this aim. Why?
Blogs
Heritage Foundation | Obamacare’s Secret Is Out
Timing is everything. And just as Congress’s focus seems to be drifting from Obamacare’s ravages on the economy, Americans are learning the reason this law’s implementation was postponed until after the presidential election.
National Journal | Obamacare May Be More Political Than You Think
As members of Congress continue to argue over the Affordable Care Act, one impact of the law on partisan politics has largely been left out of the conversation: voter registration.
CNN Money | Doctor choice in Obamacare? Not so much
Premiums and deductibles may not be the only surprises awaiting Americans shopping for health insurance on the Obamacare exchanges.
Econ Comments & Analysis
WSJ | State-Run Health Exchanges Gain Some Traction
At least 38,000 people have signed up for new health plans in the state-run insurance exchanges that opened Oct. 1, while more than 100,000 have completed applications and are close to finishing the process, according to state data.
Mercatus | The American Health System: Principles for Successful Reform
An ideal health care system will provide better health to more people at lower cost on a continuous basis. This should be the ultimate goal of health care reform. Yet decades of legislative attempts have failed to achieve this aim. Why?
Blogs
Heritage Foundation | Obamacare’s Secret Is Out
Timing is everything. And just as Congress’s focus seems to be drifting from Obamacare’s ravages on the economy, Americans are learning the reason this law’s implementation was postponed until after the presidential election.
Monetary
Econ Comments & Analysis
NBER | How Much Do Official Price Indexes Tell Us about Inflation?
Official price indexes, such as the CPI, are imperfect indicators of inflation calculated using ad hoc price formulae different from the theoretically well-founded inflation indexes favored by economists.
Forbes | We All Know Who Janet Yellen Is, And That's Terrifying
The acclaim in the media sends a shiver down the spine. Janet Yellen, just nominated by President Obama as the next head of his Federal Reserve, will be “the most powerful woman in the planet”.
FOX Business | Dudley: QE Not Nearly as Harmful as Bad Fiscal Policy
Unconventional monetary policy poses a small risk to central bank independence but a far larger threat comes from fiscal authorities if they insist on policies that harm the economy, a senior U.S. Federal Reserve official said on Tuesday.
Blogs
Economist | Of doves and dovishness
I enjoyed the brief back-and-forth between my colleague and Peter Hooper, on whether Janet Yellen (Federal Reserve chair-apparent) is a hawk or a dove. But while both authors have sensible things to say, the discussion mostly demonstrates the weakness of the hawk and dove framework.
NBER | How Much Do Official Price Indexes Tell Us about Inflation?
Official price indexes, such as the CPI, are imperfect indicators of inflation calculated using ad hoc price formulae different from the theoretically well-founded inflation indexes favored by economists.
Forbes | We All Know Who Janet Yellen Is, And That's Terrifying
The acclaim in the media sends a shiver down the spine. Janet Yellen, just nominated by President Obama as the next head of his Federal Reserve, will be “the most powerful woman in the planet”.
FOX Business | Dudley: QE Not Nearly as Harmful as Bad Fiscal Policy
Unconventional monetary policy poses a small risk to central bank independence but a far larger threat comes from fiscal authorities if they insist on policies that harm the economy, a senior U.S. Federal Reserve official said on Tuesday.
Blogs
Economist | Of doves and dovishness
I enjoyed the brief back-and-forth between my colleague and Peter Hooper, on whether Janet Yellen (Federal Reserve chair-apparent) is a hawk or a dove. But while both authors have sensible things to say, the discussion mostly demonstrates the weakness of the hawk and dove framework.
Taxes
News
Politico | Medical device makers flex muscle, arm way into debt limit fight
Several key lawmakers advocating a medical device tax repeal deal to end the current fiscal standoff could be rewarded by more than just a peacemaker reputation.
Politico | Arthur Laffer is back as GOP tax man
Four decades ago at the Washington Hotel, a quirky economist made a pitch on the back of a napkin to Ford administration officials Dick Cheney and Donald Rumsfeld: Cutting taxes would create an economic boom.
Politico | Medical device makers flex muscle, arm way into debt limit fight
Several key lawmakers advocating a medical device tax repeal deal to end the current fiscal standoff could be rewarded by more than just a peacemaker reputation.
Politico | Arthur Laffer is back as GOP tax man
Four decades ago at the Washington Hotel, a quirky economist made a pitch on the back of a napkin to Ford administration officials Dick Cheney and Donald Rumsfeld: Cutting taxes would create an economic boom.
Employment
News
CNN Money | Half of fast food workers need public aid
More than half of fast food workers have to rely on public assistance programs since their wages aren't enough to support them, a new report found.
CNN Money | Half of fast food workers need public aid
More than half of fast food workers have to rely on public assistance programs since their wages aren't enough to support them, a new report found.
Budget
News
Politico | Budget battle escalates
In a closed-party meeting Tuesday morning, the House GOP leadership announced a plan to reopen the government until Jan. 15 and lift the debt ceiling until Feb. 7. The legislation would also delay Obamacare’s tax on medical devices for two years; cancel health-insurance subsidies for members of Congress, the president, vice president and the cabinet; and beef up income verification requirements for Affordable Care Act subsidies.
CNN Money | Debt ceiling crisis could leave millions in lurch
Social Security recipients. Doctors who treat Medicare patients. Military pensioners. Companies with federal contracts. Government workers. Bond investors.
Econ Comments & Analysis
Fortune | Just how ugly would a default be for the dollar? Very.
In a long-awaited breakthrough, Congress is inching closer to a deal that would increase the nation's borrowing limit and end a two-week-old government shutdown. The U.S. may just barely miss a default days before the U.S. Treasury exhausts its ability to borrow, but the sigh of relief could be short lived.
Politico | A subtle solution to debt dilemma
Republicans and Democrats are deeply entrenched at the moment, as the country slides toward default. The two parties stand opposed on principle. But the real problem at this point is pride. The leaders and parties involved have internalized this situation as winning or losing. Ordinary Americans are the real losers of this debacle.
CRS | The Debt Limit: History and Recent Increases
Total federal debt can increase in two ways. First, debt increases when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations. This increases debt held by the public.
Politico | Budget battle escalates
In a closed-party meeting Tuesday morning, the House GOP leadership announced a plan to reopen the government until Jan. 15 and lift the debt ceiling until Feb. 7. The legislation would also delay Obamacare’s tax on medical devices for two years; cancel health-insurance subsidies for members of Congress, the president, vice president and the cabinet; and beef up income verification requirements for Affordable Care Act subsidies.
CNN Money | Debt ceiling crisis could leave millions in lurch
Social Security recipients. Doctors who treat Medicare patients. Military pensioners. Companies with federal contracts. Government workers. Bond investors.
Econ Comments & Analysis
Fortune | Just how ugly would a default be for the dollar? Very.
In a long-awaited breakthrough, Congress is inching closer to a deal that would increase the nation's borrowing limit and end a two-week-old government shutdown. The U.S. may just barely miss a default days before the U.S. Treasury exhausts its ability to borrow, but the sigh of relief could be short lived.
Politico | A subtle solution to debt dilemma
Republicans and Democrats are deeply entrenched at the moment, as the country slides toward default. The two parties stand opposed on principle. But the real problem at this point is pride. The leaders and parties involved have internalized this situation as winning or losing. Ordinary Americans are the real losers of this debacle.
CRS | The Debt Limit: History and Recent Increases
Total federal debt can increase in two ways. First, debt increases when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations. This increases debt held by the public.
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