News
Bloomberg | PricewaterhouseCoopers Agrees to Purchase Booz
PricewaterhouseCoopers LLP, the closely held accounting firm, agreed to acquire consultant Booz & Co. to expand its advisory business.
Bloomberg | Retirees Replaced by Lower Paid Weigh on U.S. Growth: Economy
Retired Ford Motor Co. worker Tony Fransetta scrimps on every expense after earning about a third of his previous pay since leaving the auto company in 1990.
Econ Comments & Analysis
Real Clear Markets | Stumping Patent Trolls Is The Path To Innovation
At a time when gridlock in Washington has been at an all-time high, there is one high-profile issue where Democrats and Republicans are quickly coming together: defeating "patent trolling," which is a growing area of litigation abuse vexing America's high-tech economy.
Real Clear Markets | Calm Before The Gathering Storm In Europe
Despite the present calm in European financial markets, all is far from well in the Eurozone's political economy. Yet, true to form, European policymakers are showing no sign of taking advantage of this calm to adopt those measures that might place the Euro on a surer footing for the day when global financial conditions are no longer as favorable as they are right now.
CBO | H.R. 2767, Protecting American Taxpayers and Homeowners Act of 2013
H.R. 2767 would require the Federal Housing Finance Agency (FHFA) to repeal the charters of Fannie Mae and Freddie Mac and end the operations of those firms five years after enactment of the bill (and subject to certain conditions). Thus, after 2018, those two government-sponsored enterprises (GSEs) would cease to guarantee new mortgages.
Wednesday, October 30, 2013
Health Care
News
CNN Money | Obamacare deadlines clarified
Listen up, procrastinators: March 31 is now the only date to circle on your Obamacare calendar.
National Journal | Sebelius to Congress: 'Hold Me Accountable' for Health Care Website
In her long-awaited remarks on the Affordable Care Act website's rocky rollout, Sebelius apologized to the millions of uninsured Americans who encountered numerous error messages while trying to sign up for health plans through HealthCare.Gov.
Econ Comments & Analysis
WSJ | The ObamaCare Awakening
For all of the Affordable Care Act's technical problems, at least one part is working on schedule. The law is systematically dismantling the individual insurance market, as its architects intended from the start.
WSJ | The Outrage Arrives
The White House has issued a clarification. When the president said if you like your insurance plan you can keep it, what he meant was you can keep it if he likes it.
NBER | The Impact of Medicaid on Labor Force Activity and Program Participation: Evidence from the Oregon Health Insurance Experiment
In 2008, a group of uninsured low-income adults in Oregon was selected by lottery for the chance to apply for Medicaid.
CNN Money | Obamacare deadlines clarified
Listen up, procrastinators: March 31 is now the only date to circle on your Obamacare calendar.
National Journal | Sebelius to Congress: 'Hold Me Accountable' for Health Care Website
In her long-awaited remarks on the Affordable Care Act website's rocky rollout, Sebelius apologized to the millions of uninsured Americans who encountered numerous error messages while trying to sign up for health plans through HealthCare.Gov.
Econ Comments & Analysis
WSJ | The ObamaCare Awakening
For all of the Affordable Care Act's technical problems, at least one part is working on schedule. The law is systematically dismantling the individual insurance market, as its architects intended from the start.
WSJ | The Outrage Arrives
The White House has issued a clarification. When the president said if you like your insurance plan you can keep it, what he meant was you can keep it if he likes it.
NBER | The Impact of Medicaid on Labor Force Activity and Program Participation: Evidence from the Oregon Health Insurance Experiment
In 2008, a group of uninsured low-income adults in Oregon was selected by lottery for the chance to apply for Medicaid.
Monetary
News
Bloomberg | Consumer Prices in U.S. Rise as Forecast on Gain in Fuel
The consumer price index increased 0.2 percent, matching the median forecast of 86 economists surveyed by Bloomberg, after rising 0.1 percent the prior month, Labor Department data showed today in Washington. Stripping out volatile food and fuel, the so-called core measure climbed 0.1 percent for a second month, less than projected.
Econ Comments & Analysis
Fortune | Why the Fed should worry about deflation
As Federal Reserve policy makers wrap up their two-day meeting Wednesday, some have called on the central bank to do more to avoid threats of deflation.
AEI | Europe's deflation challenge
Easy global liquidity from quantitative easing in the United States has masked deflation and public debt vulnerability in the European periphery, and the European Central Bank shows little sign of pursuing policies to address these threats.
Blogs
WSJ | Fed Balance Sheet Not Seen Returning to Normal Until at Least 2019
The Federal Reserve’s balance sheet, which is fast approaching $4 trillion in total assets, won’t return to normal until sometime between mid-2019 and mid-2021, according to new projections prepared by central bank researchers.
WSJ | What to Watch for From the Fed
The Federal Reserve concludes its two-day policy meeting Wednesday, and while no policy changes are expected, officials are likely to debate what to do next and when to do it.
Bloomberg | Consumer Prices in U.S. Rise as Forecast on Gain in Fuel
The consumer price index increased 0.2 percent, matching the median forecast of 86 economists surveyed by Bloomberg, after rising 0.1 percent the prior month, Labor Department data showed today in Washington. Stripping out volatile food and fuel, the so-called core measure climbed 0.1 percent for a second month, less than projected.
Econ Comments & Analysis
Fortune | Why the Fed should worry about deflation
As Federal Reserve policy makers wrap up their two-day meeting Wednesday, some have called on the central bank to do more to avoid threats of deflation.
AEI | Europe's deflation challenge
Easy global liquidity from quantitative easing in the United States has masked deflation and public debt vulnerability in the European periphery, and the European Central Bank shows little sign of pursuing policies to address these threats.
Blogs
WSJ | Fed Balance Sheet Not Seen Returning to Normal Until at Least 2019
The Federal Reserve’s balance sheet, which is fast approaching $4 trillion in total assets, won’t return to normal until sometime between mid-2019 and mid-2021, according to new projections prepared by central bank researchers.
WSJ | What to Watch for From the Fed
The Federal Reserve concludes its two-day policy meeting Wednesday, and while no policy changes are expected, officials are likely to debate what to do next and when to do it.
Taxes
News
WSJ | White House Hints at Flexibility on Taxes
The White House has cracked open the door to a budget compromise with congressional Republicans by signaling it might not insist on raising taxes as part of a deal to replace some scheduled spending cuts, people familiar with the matter said.
Econ Comments & Analysis
Washignton Times | Income tax turns 100
In all this excitement over the Internal Revenue Service scandal, a key milestone in American history has passed with little notice. This year, the income tax turns 100, and that brings up issues of major importance.
Blogs
NY Times | A New View of the Corporate Income Tax
One of the least well-known aspects of tax policy-making is the distribution table, which is produced by the Joint Committee on Taxation, a Congressional committee, for every major tax bill. The tables show how the legislation affects taxpayers at different income levels. It is a generally understood, if unstated, rule that tax cuts should be evenly distributed in percentage terms while tax increases should primarily fall on the well to do.
Heritage Foundation | 3 Trillion Reasons Not to Raise Taxes Again
Today, a special congressional committee will meet to start hashing out what the next budget could look like—and members of this committee will face a lot of pressure to raise taxes again.
WSJ | White House Hints at Flexibility on Taxes
The White House has cracked open the door to a budget compromise with congressional Republicans by signaling it might not insist on raising taxes as part of a deal to replace some scheduled spending cuts, people familiar with the matter said.
Econ Comments & Analysis
Washignton Times | Income tax turns 100
In all this excitement over the Internal Revenue Service scandal, a key milestone in American history has passed with little notice. This year, the income tax turns 100, and that brings up issues of major importance.
Blogs
NY Times | A New View of the Corporate Income Tax
One of the least well-known aspects of tax policy-making is the distribution table, which is produced by the Joint Committee on Taxation, a Congressional committee, for every major tax bill. The tables show how the legislation affects taxpayers at different income levels. It is a generally understood, if unstated, rule that tax cuts should be evenly distributed in percentage terms while tax increases should primarily fall on the well to do.
Heritage Foundation | 3 Trillion Reasons Not to Raise Taxes Again
Today, a special congressional committee will meet to start hashing out what the next budget could look like—and members of this committee will face a lot of pressure to raise taxes again.
Employment
News
CNN Money | Private sector hiring slowest in 6 months
Private sector employers added just 130,000 jobs in October -- their lowest level of job growth since April, according to a report by payroll processor ADP. The pace of hiring has been slowing since June, but the government shutdown earlier this month appears to be a main reason for the sluggish hiring in October.
Blogs
Library of Economics | Do We Work Too Much?
A student sent me a link to this article claiming that we would be better off with a thirty-hour as opposed to forty-hour workweek. I'm sympathetic to the argument: I think a lot of us are on the wrong side of the effort-outcome Laffer Curve, and we probably would do better if we followed the old adage and worked "smarter, not harder." While it seems simple to wave a magic wand, say "make it so," and get the world we want, reality is a lot more complicated.
CNN Money | Private sector hiring slowest in 6 months
Private sector employers added just 130,000 jobs in October -- their lowest level of job growth since April, according to a report by payroll processor ADP. The pace of hiring has been slowing since June, but the government shutdown earlier this month appears to be a main reason for the sluggish hiring in October.
Blogs
Library of Economics | Do We Work Too Much?
A student sent me a link to this article claiming that we would be better off with a thirty-hour as opposed to forty-hour workweek. I'm sympathetic to the argument: I think a lot of us are on the wrong side of the effort-outcome Laffer Curve, and we probably would do better if we followed the old adage and worked "smarter, not harder." While it seems simple to wave a magic wand, say "make it so," and get the world we want, reality is a lot more complicated.
Budget
News
Politico | Setting a low bar for budget talks
Don’t expect the budget negotiating committee convening on Capitol Hill Wednesday to arrive at any sweeping resolution that tackles long-term government spending, entitlement programs or the Tax Code.
CNN Money | Aiming for more than bupkis on the budget
The 29 lawmakers chosen to negotiate a way out of another budget stalemate and government shutdown will meet officially -- and publicly -- for the first time on Wednesday.
Econ Comments & Analysis
Washington Times | Your govt. is morbidly obese
In 2010, statistics available from the Internal Revenue Service demonstrate that individuals earning $69,000 or more, which encompasses much of the middle class and everyone in upper classes, had a combined gross adjusted income of $5.1 trillion. That is an enormous sum of money, and it gives us some idea of the power of the economic engine that this nation possesses. The problem is that the federal budget was $3.5 trillion, which is almost two-thirds of that amount.
Politico | Setting a low bar for budget talks
Don’t expect the budget negotiating committee convening on Capitol Hill Wednesday to arrive at any sweeping resolution that tackles long-term government spending, entitlement programs or the Tax Code.
CNN Money | Aiming for more than bupkis on the budget
The 29 lawmakers chosen to negotiate a way out of another budget stalemate and government shutdown will meet officially -- and publicly -- for the first time on Wednesday.
Econ Comments & Analysis
Washington Times | Your govt. is morbidly obese
In 2010, statistics available from the Internal Revenue Service demonstrate that individuals earning $69,000 or more, which encompasses much of the middle class and everyone in upper classes, had a combined gross adjusted income of $5.1 trillion. That is an enormous sum of money, and it gives us some idea of the power of the economic engine that this nation possesses. The problem is that the federal budget was $3.5 trillion, which is almost two-thirds of that amount.
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