News
Bloomberg | Retail Sales in U.S. Climb Excluding Auto Dealers
Retail sales in the U.S. outside of auto dealers climbed in September, indicating households were sustaining the economic expansion before the government shutdown shook confidence.
WSJ | Unemployed Jersey Boys
One reason most states in the Northeast keep losing ground to other parts of the country is that politicians keep thinking they can suspend the basic laws of economics. This is the region with the highest tax rates, the heaviest regulatory burden and now the highest minimum wages. New York recently raised its minimum wage to $9 in 2016 from the federal rate of $7.25, and waiting in line is New Jersey.
Bloomberg | Coffee Heads for Longest Slump Since 1972 on Brazil Crop Outlook
Coffee futures headed for the worst rout in more than four decades as wet weather signaled bigger crops than forecast in Brazil, the world’s largest grower.
Econ Comments & Analysis
Daily Caller | The shale revolution is remaking our economic future
The revolution in shale drilling is transforming the U.S. from a major fuel importer to a major exporter of oil and natural gas. In fact, the Wall Street Journal recently reported that the U.S. is about to overtake Russia as the number one producer of oil and gas in the world.
WSJ | Economic Failure Causes Political Polarization
It is a common view that the shutdown, the debt-limit debacle and the repeated failure to enact entitlement and pro-growth tax reform reflect increased political polarization. I believe this gets the causality backward. Today's governance failures are closely connected to economic policy changes, particularly those growing out of the 2008 financial crisis.
Washington Times | The heavy price of regulations
The Environmental Protection Agency (EPA) recently proposed onerous new limits carbon-dioxide emissions from coal-fired power plants. The standards would prevent construction of new facilities, gradually close older ones and, eventually, affect even gas-fired units.
Politico | Seize moment on entitlement reform
With the twin debacles of a government shutdown and a debt limit showdown behind us for a mere three months, we have little time before we face the prospect of yet another manufactured meltdown in the early days of 2014. Unfortunately, Congress is currently scheduled to be in session for only a small fraction of those days, given the Thanksgiving, Christmas and New Year holiday breaks.
Bloomberg | China Can’t Talk Its Way Out of Slowing Growth
If imitation really is the greatest form of flattery, Shinzo Abe should be thrilled the Chinese are copying his “Abenomics” strategy to excite investors. The rest of the world shouldn’t be.
Washington Times | Throw the rascals out
Polls indicate that the public is so disgusted with Washington politicians of both parties that a surprisingly large proportion of the people would like to get rid of the whole lot of them.
AEI | Getting used to anemic growth
If the government shutdown really did slow the U.S. economy, it was an encumbrance on an already lethargic growth rate. New data suggest real GDP grew just 1.8 percent or so the past three months. For the year, says Goldman Sachs, it’s shaping up to be an anemic 1.6 percent.
Blogs
WSJ | Global Regulation Curbing Growth, World Bank Finds
Many emerging markets have dramatically improved their business climates in the last year, but a tangle of onerous regulations the world over is curbing much-needed growth from the private sector, the World Bank said in a new report published late Monday.
Tuesday, October 29, 2013
Health Care
News
Politico | Medicaid enrollment surges ahead of ACA sign-ups
New Medicaid enrollment is far outpacing new insurance customers under Obamacare so far, a subtle sign that the program could play a greater role in the law’s coverage expansion than first anticipated. Some people are signing up for the Medicaid expansion created by the president’s health law. Others were already eligible for their state’s current Medicaid program, but until this outreach campaign about health coverage, they had never signed up.
Econ Comments & Analysis
Real Clear Markets | Governments Face a Bigger Challenge Than Public Pensions
While many commentators have expressed concerns about the large deficits of public pension plans, few have rung the alarm about the large deficits of retiree healthcare plans (RHPs) of local governments. In fact, the funding gaps for RHPs are usually at least 20% higher than those for public pensions. For example, the Mass Taxpayers Foundation has recently reported that Massachusetts local governments - cities and towns ( not the State ) - are saddled with $15 billion in pension deficits as compared to $30 billion in RHP deficits.
Washington Times | The Affordable Care Act isn’t
That’s the question, really, as Obamacare begins taking effect, and the stories pour in from around the country: how much your premiums are going up, not if they are going up.
CBO | Raising the Age of Eligibility for Medicare to 67: An Updated Estimate of the Budgetary Effects
Medicare, one of the federal government’s largest programs, provides health care benefits primarily to elderly people. The usual age of eligibility for those benefits is 65, although certain people qualify for the program earlier.
Politico | Medicaid enrollment surges ahead of ACA sign-ups
New Medicaid enrollment is far outpacing new insurance customers under Obamacare so far, a subtle sign that the program could play a greater role in the law’s coverage expansion than first anticipated. Some people are signing up for the Medicaid expansion created by the president’s health law. Others were already eligible for their state’s current Medicaid program, but until this outreach campaign about health coverage, they had never signed up.
Econ Comments & Analysis
Real Clear Markets | Governments Face a Bigger Challenge Than Public Pensions
While many commentators have expressed concerns about the large deficits of public pension plans, few have rung the alarm about the large deficits of retiree healthcare plans (RHPs) of local governments. In fact, the funding gaps for RHPs are usually at least 20% higher than those for public pensions. For example, the Mass Taxpayers Foundation has recently reported that Massachusetts local governments - cities and towns ( not the State ) - are saddled with $15 billion in pension deficits as compared to $30 billion in RHP deficits.
Washington Times | The Affordable Care Act isn’t
That’s the question, really, as Obamacare begins taking effect, and the stories pour in from around the country: how much your premiums are going up, not if they are going up.
CBO | Raising the Age of Eligibility for Medicare to 67: An Updated Estimate of the Budgetary Effects
Medicare, one of the federal government’s largest programs, provides health care benefits primarily to elderly people. The usual age of eligibility for those benefits is 65, although certain people qualify for the program earlier.
Monetary
News
CNN Money | This could be the largest Fed stimulus yet
QE3 is on track to be its largest bond-buying program yet, if it follows the path predicted by Wall Street.
Econ Comments & Analysis
FOX News | Falling food costs pulled wholesale prices down 0.1 percent in September; energy costs up
A big decline in food costs helped hold down wholesale prices in September, contributing to a 0.1 percent decline, the first drop since April.
CNN Money | This could be the largest Fed stimulus yet
QE3 is on track to be its largest bond-buying program yet, if it follows the path predicted by Wall Street.
Econ Comments & Analysis
FOX News | Falling food costs pulled wholesale prices down 0.1 percent in September; energy costs up
A big decline in food costs helped hold down wholesale prices in September, contributing to a 0.1 percent decline, the first drop since April.
Taxes
News
WSJ | Weak Tax Base Hurts Renewal
Like hundreds of other American cities, this faded hub has struggled for decades as people and businesses flocked to the suburbs. The flight hollowed out the city center and pushed property values to among the lowest nationwide.
Econ Comments & Analysis
Heritage Foundation | Leave Tax Reform and Tax Increases Out of Budget Conference
The recent deal to end the government shutdown and lift the debt ceiling requires the House and Senate to convene a conference committee, where they will seek to reconcile the respective budgets each chamber passed this year. Conferees will face strong pressure to strike a “grand bargain” to lower the deficit by both cutting spending and raising taxes.
WSJ | Weak Tax Base Hurts Renewal
Like hundreds of other American cities, this faded hub has struggled for decades as people and businesses flocked to the suburbs. The flight hollowed out the city center and pushed property values to among the lowest nationwide.
Econ Comments & Analysis
Heritage Foundation | Leave Tax Reform and Tax Increases Out of Budget Conference
The recent deal to end the government shutdown and lift the debt ceiling requires the House and Senate to convene a conference committee, where they will seek to reconcile the respective budgets each chamber passed this year. Conferees will face strong pressure to strike a “grand bargain” to lower the deficit by both cutting spending and raising taxes.
Employment
Econ Comments & Analysis
WSJ | Who Really Employs Minimum-Wage Workers?
The only thing standing between minimum wage employees and a generous salary with paid time off is the greed of the large corporations they work for. That's the argument voters in SeaTac, Wash., will consider Nov. 5 when they vote on a referendum to create a $15 minimum wage—more than twice the federal minimum of $7.25.
Blogs
WSJ | Overly Easy Monetary Policy Abets Bubble Creation, Economists Contend
Inappropriately easy central bank policy often contributes to asset market bubbles that will eventually pop and cause broader economic trouble, a new paper contends.
WSJ | Who Really Employs Minimum-Wage Workers?
The only thing standing between minimum wage employees and a generous salary with paid time off is the greed of the large corporations they work for. That's the argument voters in SeaTac, Wash., will consider Nov. 5 when they vote on a referendum to create a $15 minimum wage—more than twice the federal minimum of $7.25.
Blogs
WSJ | Overly Easy Monetary Policy Abets Bubble Creation, Economists Contend
Inappropriately easy central bank policy often contributes to asset market bubbles that will eventually pop and cause broader economic trouble, a new paper contends.
Budget
News
Roll Call | The Incredible Shrinking Budget Talks
Grand bargains are out. Tax hikes are out. Short-term and stopgap solutions are very much in. That’s the reality in Washington this week, as budget conferees meet for the first time Wednesday to try to hammer out a deal.
Roll Call | The Incredible Shrinking Budget Talks
Grand bargains are out. Tax hikes are out. Short-term and stopgap solutions are very much in. That’s the reality in Washington this week, as budget conferees meet for the first time Wednesday to try to hammer out a deal.
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