News
Politico | U.S. carbon emissions keep falling
The U.S. energy sector’s carbon dioxide emissions fell last year to their lowest level in almost two decades, continuing a trend that has both supporters and opponents of President Barack Obama’s climate policies claiming to be vindicated.
Bloomberg | Construction Spending in U.S. Increases for Fifth Straight Month
Construction spending in the U.S. rose in August for a fifth consecutive month, propelled by the strongest outlays on homebuilding in five years.
FOX News | US existing home sales drop 1.9 percent in September due to higher mortgage rates, prices
Americans bought fewer existing homes in September than the previous month, held back by higher mortgage rates and rising prices.
CNN Money | 2 numbers that could cause another shutdown
Forget a grand bargain. Most people will be relieved if Congress can just agree on funding for fiscal year 2014, which started three weeks ago.
Bloomberg | Lockheed Forecasts Higher Profit as Net Income Rises 16%
Lockheed Martin Corp. (LMT), the biggest U.S. government contractor, raised its full-year forecast as third-quarter profit jumped 16 percent, defying Pentagon budget cuts.
Econ Comments & Analysis
WSJ | Treasury's Latest Financial Power Grab
On Friday, Prudential Financial Inc. dropped its fight against being designated as a "systemically important financial institution" by the Treasury Department's Financial Stability Oversight Council. When the oversight council in June named Prudential and AIG as " SIFIs, " it marked the first time in American history that federal government would directly regulate the solvency of state-licensed insurers as to all lines of insurance.
Washington Times | Solving the financial crisis by causing another
The House Financial Services Committee’s top Democrat, Rep. Maxine Waters, recently scolded bankers in the industry’s flagship newspaper, the American Banker. The op-ed, titled “How to prevent another financial crisis,” underscores how difficult it will be. She, like many hard-left Democrats, clings to the false narrative that insufficient regulation, greed and risky private-sector behavior caused the crisis and that Washington should continue to prop up the housing market.
Market Watch | U.S. economy faces host of big new problems
The end of the latest kerfuffle in Washington marks the beginning of new problems for the U.S. economy.
CATO | Five Lessons from the Shutdown
Greece is now suffering through a very deep recession, with record unemployment and unimaginably harsh economic conditions. To make matters worse, there’s not much light at the end of the tunnel.
Blogs
WSJ | U.S. Economic Mobility Improving Very Slowly
A new report by Opportunity Nation, a network of over 250 nonprofit, business and other organizations, analyzed 16 economic and demographic indicators and found that America’s overall “Opportunity Score” — a broad measure of economic mobility — is now 50.9, barely higher than 50 in 2012 and 49.59 in 2011.
Tuesday, October 22, 2013
Health Care
News
Politico | Ohio OKs Obamacare Medicaid expansion
An obscure Ohio board has approved Obamacare’s Medicaid expansion, but a likely legal fight by furious conservatives is looming.
National Journal | Obama: ‘There’s No Sugarcoating’ the Health Care Insurance Exchange
It was a bit like an infomercial: The satisfied customers gave testimonials. The manufacturer assured viewers that the product will make life easier. And the product is great, and cleanup of any glitches will be a breeze.
Econ Comments & Analysis
Washington Times | The continuing train wreck
The Obama administration has finally conceded what everyone expected to happen, that the Obamacare rollout is a train wreck, or, as the bureaucrats put it, “has not lived up to the expectations of the American people.” President Obama tried Monday to get in front of the crisis his signature health care law has written across the front pages. “There’s no sugarcoating it,” he said at the Rose Garden photo op. “The website has been too slow.”
Politico | Ohio OKs Obamacare Medicaid expansion
An obscure Ohio board has approved Obamacare’s Medicaid expansion, but a likely legal fight by furious conservatives is looming.
National Journal | Obama: ‘There’s No Sugarcoating’ the Health Care Insurance Exchange
It was a bit like an infomercial: The satisfied customers gave testimonials. The manufacturer assured viewers that the product will make life easier. And the product is great, and cleanup of any glitches will be a breeze.
Econ Comments & Analysis
Washington Times | The continuing train wreck
The Obama administration has finally conceded what everyone expected to happen, that the Obamacare rollout is a train wreck, or, as the bureaucrats put it, “has not lived up to the expectations of the American people.” President Obama tried Monday to get in front of the crisis his signature health care law has written across the front pages. “There’s no sugarcoating it,” he said at the Rose Garden photo op. “The website has been too slow.”
Monetary
News
Politico | A chance to reshape the Federal Reserve
In the coming months, President Barack Obama will have the opportunity to make over the Federal Reserve Board of Governors and put his stamp on the U.S. central bank for years to come.
Bloomberg | Fed Got in Trouble With Transparency, Ferguson Says
Roger W. Ferguson, a former U.S. Federal Reserve vice chairman, said the Fed’s push for transparency amid quantitative easing tripped up the central bank this year.
CNBC | Alan Greenspan: ' The system is broken'
For 18½ years as Federal Reserve chairman, he was celebrated for helping drive a robust U.S. economy. Yet in the years after he stepped down in 2006, he was engulfed by accusations that he helped cause the 2008 financial crisis—the worst since the 1930s.
Politico | A chance to reshape the Federal Reserve
In the coming months, President Barack Obama will have the opportunity to make over the Federal Reserve Board of Governors and put his stamp on the U.S. central bank for years to come.
Bloomberg | Fed Got in Trouble With Transparency, Ferguson Says
Roger W. Ferguson, a former U.S. Federal Reserve vice chairman, said the Fed’s push for transparency amid quantitative easing tripped up the central bank this year.
CNBC | Alan Greenspan: ' The system is broken'
For 18½ years as Federal Reserve chairman, he was celebrated for helping drive a robust U.S. economy. Yet in the years after he stepped down in 2006, he was engulfed by accusations that he helped cause the 2008 financial crisis—the worst since the 1930s.
Taxes
News
Washington Times | IRS paid out $132 billion in bogus tax credits over last decade
The IRS paid as much as $13.6 billion in bogus claims for the Earned Income Tax Credit last year, according to a report the agency’s internal auditor released Tuesday morning.
Econ Comments & Analysis
Politico | Comprehensive tax reform now
Twenty-seven years ago today, Republicans and Democrats came together for a comprehensive tax reform package that strengthened economic growth and helped American companies compete in the global marketplace.
Fiscal Times | A Tax Reform Plan that Both Parties Can Like
Notwithstanding its entertainment value, Americas hate party politics and political gridlock. They are desperate to get our country's problems fixed. And one area that needs immediate fixing is our tax system. - See more at: http://www.thefiscaltimes.com/Columns/2013/10/20/Tax-Reform-Plan-Both-Parties-Can#sthash.5JXnzeQY.dpuf
Washington Times | IRS paid out $132 billion in bogus tax credits over last decade
The IRS paid as much as $13.6 billion in bogus claims for the Earned Income Tax Credit last year, according to a report the agency’s internal auditor released Tuesday morning.
Econ Comments & Analysis
Politico | Comprehensive tax reform now
Twenty-seven years ago today, Republicans and Democrats came together for a comprehensive tax reform package that strengthened economic growth and helped American companies compete in the global marketplace.
Fiscal Times | A Tax Reform Plan that Both Parties Can Like
Notwithstanding its entertainment value, Americas hate party politics and political gridlock. They are desperate to get our country's problems fixed. And one area that needs immediate fixing is our tax system. - See more at: http://www.thefiscaltimes.com/Columns/2013/10/20/Tax-Reform-Plan-Both-Parties-Can#sthash.5JXnzeQY.dpuf
Employment
News
CNN Money | Why young people are saying 'no' to the workforce
A job used to be the next step after a diploma. But now, young people aren't in any rush to start working.
Bloomberg | Payrolls in U.S. Rise Less Than Forecast
Employers in the U.S. added fewer workers to payrolls than projected in September, indicating the world’s largest economy had little momentum leading up to the federal government shutdown.
Econ Comments & Analysis
Real Clear Markets | America: One-Time Home of the 'Employment Miracle'
The government shutdown and the nation's near-default captured headlines, but they are unlikely to have huge consequences for the economic recovery. The current expansion has been slow but comparatively steady. It has been too sluggish to end the misery of the long-term unemployed but strong enough to add about 160,000 jobs a month since payroll employment began to rise in March 2010
Mercatus | Raising the Minimum Wage Is No Free Lunch
While the minimum wage debate usually plays out at the federal level, there is now a grassroots push across the country to raise wages beyond the federally mandated $7.25 per hour. Unfortunately, success won't guarantee a happy ending for workers.
Blogs
WSJ | Five Takeaways From September Jobs Report
U.S. employers added 148,000 jobs in September, and the unemployment rate ticked down to 7.2%, the Labor Department said Tuesday. Economists are still digesting today’s report, but here are five initial takeaways
CNN Money | Why young people are saying 'no' to the workforce
A job used to be the next step after a diploma. But now, young people aren't in any rush to start working.
Bloomberg | Payrolls in U.S. Rise Less Than Forecast
Employers in the U.S. added fewer workers to payrolls than projected in September, indicating the world’s largest economy had little momentum leading up to the federal government shutdown.
Econ Comments & Analysis
Real Clear Markets | America: One-Time Home of the 'Employment Miracle'
The government shutdown and the nation's near-default captured headlines, but they are unlikely to have huge consequences for the economic recovery. The current expansion has been slow but comparatively steady. It has been too sluggish to end the misery of the long-term unemployed but strong enough to add about 160,000 jobs a month since payroll employment began to rise in March 2010
Mercatus | Raising the Minimum Wage Is No Free Lunch
While the minimum wage debate usually plays out at the federal level, there is now a grassroots push across the country to raise wages beyond the federally mandated $7.25 per hour. Unfortunately, success won't guarantee a happy ending for workers.
Blogs
WSJ | Five Takeaways From September Jobs Report
U.S. employers added 148,000 jobs in September, and the unemployment rate ticked down to 7.2%, the Labor Department said Tuesday. Economists are still digesting today’s report, but here are five initial takeaways
Budget
News
Bloomberg | Foreigners Sold U.S. Assets as China Reduces Treasuries
Foreign investors were net sellers of U.S. long-term portfolio assets in August as China reduced its holdings of Treasuries to a six-month low.
Econ Comments & Analysis
AEI | Demilitarize the debt ceiling
The debt limit has been raised. After weeks and weeks of open conflict, intense infighting, and yes, some passive-aggressive sitting around as well, the president and Congress have managed to avert U.S. default and reopen the federal government. The PandaCam is back! Plus, a global financial crisis has been averted or at least postponed, and all should be pleased.
Blogs
CBO | CBO's Next Monthly Budget Review Will Be Published Early in November
Because CBO largely shut down its operations during the recent lapse in appropriated funds, the agency will not issue its Monthly Budget Review in October. The next issue of that report will come out early in November and will discuss the budgetary results for fiscal year 2013.
Bloomberg | Foreigners Sold U.S. Assets as China Reduces Treasuries
Foreign investors were net sellers of U.S. long-term portfolio assets in August as China reduced its holdings of Treasuries to a six-month low.
Econ Comments & Analysis
AEI | Demilitarize the debt ceiling
The debt limit has been raised. After weeks and weeks of open conflict, intense infighting, and yes, some passive-aggressive sitting around as well, the president and Congress have managed to avert U.S. default and reopen the federal government. The PandaCam is back! Plus, a global financial crisis has been averted or at least postponed, and all should be pleased.
Blogs
CBO | CBO's Next Monthly Budget Review Will Be Published Early in November
Because CBO largely shut down its operations during the recent lapse in appropriated funds, the agency will not issue its Monthly Budget Review in October. The next issue of that report will come out early in November and will discuss the budgetary results for fiscal year 2013.
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