News
CNN Money | Cyber Monday sales surge 20% to record high
Cyber Monday sales jumped 20.6% year-to-year, making it the biggest online shopping day in history, according to an analysis released by IBM Tuesday.
Bloomberg | Americans Due to Replace Oldest Goods Since JFK; Jewelry? FDR
Americans have been holding on to their wobbly washing machines and sagging sofas even longer than their grandparents did 50 years ago, setting the stage for a rebound in consumer spending as old household goods wear out.
Mass Live | Editorial: Will 2013 stock rally spread to rest of U.S. economy?
Stocks this year have been up. And up and up. The Dow Jones Industrial Average has hit 43 new all-time highs. The S&P 500 has also been regularly setting new records.
Econ Comments & Analysis
Washington Times | Obama’s obesity epidemic
Federal food programs are now feeding more than 100 million Americans. The number of recipients has soared in recent years, thanks in part to Barack Obama’s 2008 campaign pledge to abolish childhood hunger by 2015. The food-aid explosion is worsening the nation’s obesity epidemic, though, and making a mockery of Michelle Obama’s “Let’s Move” campaign.
WSJ | Illinois's Fake Pension Fix
Democrats in Illinois have dug a $100 billion pension hole, and now they want Republicans to rescue them by voting for a plan that would merely delay the fiscal reckoning while helping to re-elect Governor Pat Quinn. The cuckolded GOP seems happy to oblige on this quarter-baked reform.
Washington Times | From protector to destroyer
Did you ever buy a game or device for which the rule book or instruction manual was so thick and detailed that you were not able to comprehend it in a reasonable period of time, so you either discarded or failed to use the product?
Fortune | Giant pool of money that ate the U.S. not as awful as initially thought
You would think that having an extra $70 trillion dollars lying around would be a good thing. But then NPR had to go and ruin that.
CATO | How States Talk Back to Washington and Strengthen American Federalism
Effective federalism requires that state officials be able to secure relief from national directives that impose undue burdens on state governments or improper constraints on state policy discretion. Many analysts focus on clearly legitimate and occasionally effective tactics such as lobbying or lawsuits.
Blogs
WSJ | Secondary Sources: Regulation, Next Debt Battle, EU Red Tape
A roundup of economic news from around the Web.
Library of Economics | College Economics: Incomplete, But Not Taught "Backwards"
What should students learn in their introductory economics courses? Are we, as Mike Konczal argues, "teaching economics backwards" (HT: Justin Wolfers via Twitter)? I'm sympathetic to Konczal's argument that we need to focus more of our attention on the institutions that make markets possible in the first place, but I think starting with a complex economy operating below it's potential would be a mistake.
Heritage Foundation | Tea Party Supporters Should Continue to Back Free Trade
Recent media reports have questioned whether “Tea Party” members support free trade. Historically, the record is clear: Tea partiers were America’s original free traders.
Library of Economics | Ryan Avent on Economic Growth and Jim Crow Laws
Neither did economic growth magically free American slaves or end Jim Crow. There was nothing inevitable about the end of institutionalised racism in America, and without the end of institutionalised racism in America growth would manifestly not have led to greater justice and inclusiveness in the world.
Tuesday, December 3, 2013
Health Care
News
National Journal | Poll: Young Adults Least Familiar With Obamacare
Individuals under the age of 30 continue to be the least familiar with the health care law, according to the poll. Nationally, 72 percent of adults are familiar with the law, while 28 percent are unfamiliar. Among 18-to-29-year-olds, however, only 63 percent are familiar, while 37 percent are unfamiliar.
CNN Money | Insurers still reporting errors on Obamacare applications
Consumers may have an easier time signing up on the federal Obamacare website, but insurers are still reporting problems with applicants' forms.
Econ Comments & Analysis
Politico | The Big Fix
Today, the world's most public beta test continues at HealthCare.gov, as Americans across the country log on to see if the technical issues that have plagued the rollout of the Affordable Care Act are still preventing them from shopping for and enrolling in health insurance plans. After more than a month of intense effort under fierce political scrutiny and intense media coverage, the Obama administration successfully crossed a finish line of its own making: HealthCare.gov is working more smoothly.
Politico | Medicaid, insurance fixes may be big trouble later
Although Medicaid sign-ups through HealthCare.gov have been considered a rare bright spot in the flawed Obamacare rollout, the federal portal has been unable to send those Medicaid applications to the states for final processing. If states can’t receive and complete their work on Medicaid applications by the end of the year, people could go without Medicaid coverage in early 2014 despite having an eligibility determination.
National Journal | Poll: Young Adults Least Familiar With Obamacare
Individuals under the age of 30 continue to be the least familiar with the health care law, according to the poll. Nationally, 72 percent of adults are familiar with the law, while 28 percent are unfamiliar. Among 18-to-29-year-olds, however, only 63 percent are familiar, while 37 percent are unfamiliar.
CNN Money | Insurers still reporting errors on Obamacare applications
Consumers may have an easier time signing up on the federal Obamacare website, but insurers are still reporting problems with applicants' forms.
Econ Comments & Analysis
Politico | The Big Fix
Today, the world's most public beta test continues at HealthCare.gov, as Americans across the country log on to see if the technical issues that have plagued the rollout of the Affordable Care Act are still preventing them from shopping for and enrolling in health insurance plans. After more than a month of intense effort under fierce political scrutiny and intense media coverage, the Obama administration successfully crossed a finish line of its own making: HealthCare.gov is working more smoothly.
Politico | Medicaid, insurance fixes may be big trouble later
Although Medicaid sign-ups through HealthCare.gov have been considered a rare bright spot in the flawed Obamacare rollout, the federal portal has been unable to send those Medicaid applications to the states for final processing. If states can’t receive and complete their work on Medicaid applications by the end of the year, people could go without Medicaid coverage in early 2014 despite having an eligibility determination.
Monetary
News
Bloomberg | Volcker Rule Said Set for Dec. 10 Approval by Regulators
At least three U.S. regulators will meet on Dec. 10 to adopt the final version of the Volcker rule banning banks from making speculative bets with their own money, according to three people familiar with the planning.
WSJ | OECD Global Inflation Rate Falls Further
The annual rate of inflation across the world's largest economies fell for a third straight month in October, a development that suggests central banks may have to provide more stimulus, or at least not withdraw existing stimulus, to avert the threat of deflation.
Econ Comments & Analysis
Mercatus | The Fed Is Biting Off More Than It Can Chew
With the full Senate likely voting to confirm her nomination later this month, Janet Yellen is now poised to take over as chair of the Federal Reserve when current chairman Ben Bernanke's term expires on Jan. 31.
Blogs
Market Watch | Lawmakers to investigate burdens on small banks, credit unions
A House committee will hold a hearing Tuesday morning examining the impact of post-recession reforms on small banks and credit unions.
WSJ | Fed Official: Tests of New Tool Are Going Well
An official responsible for implementing Federal Reserve monetary policy said Monday that tests of a new tool, designed to help the central bank control short-term interest rates when the time comes to tighten monetary policy, appear to be going well.
Bloomberg | Volcker Rule Said Set for Dec. 10 Approval by Regulators
At least three U.S. regulators will meet on Dec. 10 to adopt the final version of the Volcker rule banning banks from making speculative bets with their own money, according to three people familiar with the planning.
WSJ | OECD Global Inflation Rate Falls Further
The annual rate of inflation across the world's largest economies fell for a third straight month in October, a development that suggests central banks may have to provide more stimulus, or at least not withdraw existing stimulus, to avert the threat of deflation.
Econ Comments & Analysis
Mercatus | The Fed Is Biting Off More Than It Can Chew
With the full Senate likely voting to confirm her nomination later this month, Janet Yellen is now poised to take over as chair of the Federal Reserve when current chairman Ben Bernanke's term expires on Jan. 31.
Blogs
Market Watch | Lawmakers to investigate burdens on small banks, credit unions
A House committee will hold a hearing Tuesday morning examining the impact of post-recession reforms on small banks and credit unions.
WSJ | Fed Official: Tests of New Tool Are Going Well
An official responsible for implementing Federal Reserve monetary policy said Monday that tests of a new tool, designed to help the central bank control short-term interest rates when the time comes to tighten monetary policy, appear to be going well.
Taxes
Blogs
CATO | The Dangers of a Soda Tax
Discussing the problems with a soda tax is both easy and difficult. It is easy because the main argument is fairly obvious: If taxing soda in the name of public health is a legitimate function of government, then there is no functional limit on what government can do under the guise of public health.
CATO | The Dangers of a Soda Tax
Discussing the problems with a soda tax is both easy and difficult. It is easy because the main argument is fairly obvious: If taxing soda in the name of public health is a legitimate function of government, then there is no functional limit on what government can do under the guise of public health.
Employment
News
CNN Money | D.C. to vote on $11.50 minimum wage
The District of Columbia is set Tuesday to become the latest local government to move to raise the minimum wage.
Econ Comments & Analysis
Market Watch | How to increase unemployment
No one wants to boost the jobless rate, but, by advocating an increase in the minimum wage, many are opting for just that.
NY Post | Get ready for lies and Labor Department statistics
The Labor Department will release its latest unemployment data this Friday. But it won’t put a note in the news release saying that its jobless figures might have been fabricated.
Blogs
Heritage Foundation | Congress Has Already Raised the Minimum Wage Above $10
Congress will soon vote on raising the federal minimum wage to over $10 per hour. Few realize that, from the perspective of many employers, the government has already done this.
Economist | What sort of floor?
Around the world, momentum is building for increases in minimum wage rates. SeaTac, Washington, a Seattle suburb that is home to a large metropolitan airport, backed a $15 per hour minimum wage law last week.
CNN Money | D.C. to vote on $11.50 minimum wage
The District of Columbia is set Tuesday to become the latest local government to move to raise the minimum wage.
Econ Comments & Analysis
Market Watch | How to increase unemployment
No one wants to boost the jobless rate, but, by advocating an increase in the minimum wage, many are opting for just that.
NY Post | Get ready for lies and Labor Department statistics
The Labor Department will release its latest unemployment data this Friday. But it won’t put a note in the news release saying that its jobless figures might have been fabricated.
Blogs
Heritage Foundation | Congress Has Already Raised the Minimum Wage Above $10
Congress will soon vote on raising the federal minimum wage to over $10 per hour. Few realize that, from the perspective of many employers, the government has already done this.
Economist | What sort of floor?
Around the world, momentum is building for increases in minimum wage rates. SeaTac, Washington, a Seattle suburb that is home to a large metropolitan airport, backed a $15 per hour minimum wage law last week.
Budget
Econ Comments & Analysis
Politico | Paul Ryan, Patty Murray closer to budget deal
House and Senate negotiators are pushing to finalize a small-scale deal to set spending levels and replace sequester cuts for the next two years, a potential respite in the bitter budget wars consuming Congress.
Politico | Paul Ryan, Patty Murray closer to budget deal
House and Senate negotiators are pushing to finalize a small-scale deal to set spending levels and replace sequester cuts for the next two years, a potential respite in the bitter budget wars consuming Congress.
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