News
National Journal | Does the President Alone Have the Power to Heal the Economy?
Two years ago, President Obama declared to the residents of an eastern Las Vegas neighborhood, "We can't wait for an increasingly dysfunctional Congress to do its job. Where they won't act, I will." Weeks earlier, GOP lawmakers had blocked Obama's $447 billion American Jobs Act.
FOX News | After last month’s shopping frenzy, Louisiana governor looks to strip food stamps from abusers
The Louisiana governor's office said Wednesday night that it would strip food stamp benefits from anyone who took advantage of an EBT card malfunction that in some cases caused an all-out shopping frenzy in some stores across the state, The Advocate reported.
Market Watch | Consumer sentiment hits lowest level since 2011
A gauge of consumer sentiment fell this month to the lowest level in almost two years, surprising economists who had expected sunnier views now that the government shutdown is over, according to data released Friday.
Econ Comments & Analysis
WSJ | Fracking, Poverty and the New Liberal Gentry
The transformation of American liberalism over the past half-century is nowhere more apparent than in the disputes now roiling a relatively obscure section of upstate New York. In 1965, as part of his "war on poverty," President Lyndon Johnson created the Appalachian Regional Commission. Among the areas to be served by the commission were the Southern Tier counties of New York state, including Broome, Tioga and Chemung. The commission's central aim was to "Increase job opportunities and per capita income in Appalachia to reach parity with the nation."
Forbes | First We Must Adopt A Flat Tax, Then Need To Return To The Gold Standard
Between 2000 and 2010, the number of countries which adopted some kind of “flat tax” income tax system expanded from nine to over forty.
Fortune | Europe likely to get worse before it gets better
Slashing interest rates won't be enough to fend off Europe's deflationary demons for very long. The surprising move by the European Central Bank Thursday to decrease refinancing and marginal lending rates in the eurozone is the economic equivalent of giving Tylenol to a patient suffering from the flu -- it might lower the fever, but it's no cure.
Real Clear Markets | Obamacare Isn't President Obama's Only Broken Promise
We are five years out from one of the worst financial crashes since the Great Depression. During the crash several banks were identified as "too big to fail" and Congress approved $700 billion to bail them out. Shortly after passage of the bank bailout, the Obama Administration stepped up the populist rhetoric in anticipation of an extreme power grab over the private sector.
Blogs
Economist | What can we learn from the Depression?
Since the start of what some now call the “Great Recession” in 2007, economists have been unable to avoid comparing it with the Depression of the early 1930s. For some, the comparisons are explicit. Economists like Paul Krugman and Barry Eichengreen have drawn parallels between the two slumps. Olivier Blanchard, chief economist of the International Monetary Fund (IMF), warned several times over the last few years that the world risked falling into a new “Great Depression”.
Friday, November 8, 2013
Health Care
News
Politico | Uninsured not surfing health sites
Less than a quarter of uninsured Americans who plan to get health insurance through the Affordable Care Act exchanges have been to an exchange website, a new poll shows.
Econ Comments & Analysis
Politico | States respond to fears of Jan. 1 health coverage lapses
The Obama administration’s high-wire act to repair HealthCare.gov now includes a safety net: the states.
CNN Money | What's next for retiree health care
Companies have been cutting back on retiree health benefits for years. Indeed, the latest survey by the Kaiser Family Foundation (KFF) found that among large firms with employee health coverage, just 28% offer some form of retiree benefits, down from 66% in 1988. Among smaller firms, help is even scarcer.
Politico | Uninsured not surfing health sites
Less than a quarter of uninsured Americans who plan to get health insurance through the Affordable Care Act exchanges have been to an exchange website, a new poll shows.
Econ Comments & Analysis
Politico | States respond to fears of Jan. 1 health coverage lapses
The Obama administration’s high-wire act to repair HealthCare.gov now includes a safety net: the states.
CNN Money | What's next for retiree health care
Companies have been cutting back on retiree health benefits for years. Indeed, the latest survey by the Kaiser Family Foundation (KFF) found that among large firms with employee health coverage, just 28% offer some form of retiree benefits, down from 66% in 1988. Among smaller firms, help is even scarcer.
Monetary
News
Bloomberg | Fed Anxiety Rises as QE Raises Risk of Loss With Political Cost
The longer the Federal Reserve continues its bond-buying stimulus, the higher the odds it will face a year without any money to give the U.S. Treasury after taxpayers received a record $88.4 billion profit in 2012.
Econ Comments & Analysis
Real Clear Markets | Dueling Central Banks, Devaluing Together
On December 13, 1990, the Federal Reserve Board amended Regulation D to change the reserve requirement on all "nontransaction liabilities" at FR2900 weekly reporters from 3% to 1.5%. That was the first step in three that removed all reserve requirements for these types of accounts at all styles of regulated banks, as by January 17, 1991, even FR2900 quarterly reporters were allowed into the ruling.
WSJ | Europe and the Zero Bound
The European Central Bank turned heads by cutting its benchmark interest rates by 0.25 percentage points on Thursday, though calling it a dovish move would imply that the ECB has been hawkish. The main refinancing rate sat at 0.5% for six months before this week.
Bloomberg | Fed Anxiety Rises as QE Raises Risk of Loss With Political Cost
The longer the Federal Reserve continues its bond-buying stimulus, the higher the odds it will face a year without any money to give the U.S. Treasury after taxpayers received a record $88.4 billion profit in 2012.
Econ Comments & Analysis
Real Clear Markets | Dueling Central Banks, Devaluing Together
On December 13, 1990, the Federal Reserve Board amended Regulation D to change the reserve requirement on all "nontransaction liabilities" at FR2900 weekly reporters from 3% to 1.5%. That was the first step in three that removed all reserve requirements for these types of accounts at all styles of regulated banks, as by January 17, 1991, even FR2900 quarterly reporters were allowed into the ruling.
WSJ | Europe and the Zero Bound
The European Central Bank turned heads by cutting its benchmark interest rates by 0.25 percentage points on Thursday, though calling it a dovish move would imply that the ECB has been hawkish. The main refinancing rate sat at 0.5% for six months before this week.
Taxes
News
FOX Business | 2013 Tax Planning: Start Preparing Now
With the end of 2013 right around the corner, now is the time to undertake a bit of tax planning to ensure your liability will be covered come April 15.
Econ Comments & Analysis
Fortune | Twitter's other tax loophole
As Wall Street toasted Twitter this week, a very different view toward the company took hold in Washington, D.C., where Senators John McCain (R-AZ) and Carl Levin (D-MI) accused Twitter of exploiting a massive tax loophole.
FOX Business | 2013 Tax Planning: Start Preparing Now
With the end of 2013 right around the corner, now is the time to undertake a bit of tax planning to ensure your liability will be covered come April 15.
Econ Comments & Analysis
Fortune | Twitter's other tax loophole
As Wall Street toasted Twitter this week, a very different view toward the company took hold in Washington, D.C., where Senators John McCain (R-AZ) and Carl Levin (D-MI) accused Twitter of exploiting a massive tax loophole.
Employment
News
Politico | Senate Dems begin minimum-wage push
Shortly after passing the Employment Non-Discrimination Act, Senate Democrats immediately turned their attention to raising the minimum wage.
Bloomberg | Payrolls Jump 204,000 as U.S. Economy Weathers Shutdown
American employers added more workers to payrolls in October than forecast by economists, betting that the world’s largest economy would weather the impact of the federal government shutdown.
Econ Comments & Analysis
Bloomberg | U.S. Manufacturing Only Has Jobs for the Skilled Few
Even with the recent strength in the U.S. manufacturing sector, labor-intensive industries won’t return to the U.S. as long as the huge labor compensation gaps persist with Asian and other developing countries. Sure, there will be niches created when quick delivery, changes in fashion and other developments require production to be close by.
Blogs
Market Watch | Temporary layoffs spike 448,000, and government says that still doesn’t capture shutdown impact
The jobs report was a stunner, and one reason it was so surprising is that the government shutdown evidently had such little impact on payrolls growth, which doubled expectations.
WSJ | Are New Jobs Good Jobs?
America’s job market appears to be picking up—but let’s not get carried away: A disproportionate share of the new jobs is in lower-paying sectors.
Politico | Senate Dems begin minimum-wage push
Shortly after passing the Employment Non-Discrimination Act, Senate Democrats immediately turned their attention to raising the minimum wage.
Bloomberg | Payrolls Jump 204,000 as U.S. Economy Weathers Shutdown
American employers added more workers to payrolls in October than forecast by economists, betting that the world’s largest economy would weather the impact of the federal government shutdown.
Econ Comments & Analysis
Bloomberg | U.S. Manufacturing Only Has Jobs for the Skilled Few
Even with the recent strength in the U.S. manufacturing sector, labor-intensive industries won’t return to the U.S. as long as the huge labor compensation gaps persist with Asian and other developing countries. Sure, there will be niches created when quick delivery, changes in fashion and other developments require production to be close by.
Blogs
Market Watch | Temporary layoffs spike 448,000, and government says that still doesn’t capture shutdown impact
The jobs report was a stunner, and one reason it was so surprising is that the government shutdown evidently had such little impact on payrolls growth, which doubled expectations.
WSJ | Are New Jobs Good Jobs?
America’s job market appears to be picking up—but let’s not get carried away: A disproportionate share of the new jobs is in lower-paying sectors.
Budget
News
CNN Money | Tallying the costs of the government shutdown
Tourist sites like national parks and the Smithsonian Museum were closed, reducing visitor spending by over $500 million. Preschool students in the Head Start program missed up to nine days of school, and nearly 1,400 workplace safety inspections were suspended, and will not be fully made up.
Econ Comments & Analysis
CRS | Votes on Measures to Adjust the Statutory Debt Limit, 1978 to Present
Almost all borrowing by the federal government is conducted by the Treasury Department, within the restrictions established by a single, statutory limit (ceiling) on the total amount of debt that may be outstanding at any time.
CBO | Monthly Budget Review—Summary for Fiscal Year 2013
The federal government incurred a budget deficit of $680 billion in fiscal year 2013, which was $409 billion less than the deficit in fiscal year 2012. The fiscal year that just ended marked the first since 2008 that the deficit was under $1 trillion. As a share of the nation’s gross domestic product (GDP), the deficit declined from 6.8 percent in 2012 to 4.1 percent in 2013.
CNN Money | Tallying the costs of the government shutdown
Tourist sites like national parks and the Smithsonian Museum were closed, reducing visitor spending by over $500 million. Preschool students in the Head Start program missed up to nine days of school, and nearly 1,400 workplace safety inspections were suspended, and will not be fully made up.
Econ Comments & Analysis
CRS | Votes on Measures to Adjust the Statutory Debt Limit, 1978 to Present
Almost all borrowing by the federal government is conducted by the Treasury Department, within the restrictions established by a single, statutory limit (ceiling) on the total amount of debt that may be outstanding at any time.
CBO | Monthly Budget Review—Summary for Fiscal Year 2013
The federal government incurred a budget deficit of $680 billion in fiscal year 2013, which was $409 billion less than the deficit in fiscal year 2012. The fiscal year that just ended marked the first since 2008 that the deficit was under $1 trillion. As a share of the nation’s gross domestic product (GDP), the deficit declined from 6.8 percent in 2012 to 4.1 percent in 2013.
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