News
CNN Money | Federal workers outraged by pension squeeze
Federal workers are outraged that a possible bipartisan budget deal expected by Friday could require workers to pay more into their pensions to offset other budget cuts.
CNBC | US mortgage applications rise in latest week: MBA
Applications for U.S. home mortgages rose slightly last week after five consecutive weeks of declines, an industry group said on Wednesday.
Bloomberg | Americans Say Dream Fading as Income Gap Hurts Chances
By almost two to one -- 64 percent to 33 percent -- Americans say the U.S. no longer offers everyone an equal chance to get ahead, according to a Bloomberg National Poll. And some say the government isn’t doing much to help.
Econ Comments & Analysis
Politico | No farm bill in 2013
Farm bill negotiators conceded Tuesday that they will not finish their work before Congress goes home for the year, but insisted that they are close to a final deal and working toward floor action in early January.
Investors | How Much Redistribution Is Enough?
Income Gap: As President Obama laments America's growing income inequality, a new government report shows the futility of his calls for ever-more wealth redistribution.
Washington Times | The dark lining to the silver cloud of Obamanomics
The government’s latest reports that the economy grew at a 3.6 percent annual rate in the third quarter and created 203,000 new jobs last month left out a lot of caveats.
Washington Times | Raising the bottom rung on the success ladder
Hike the minimum wage. For politicians trying to show their concern for those on the lower rungs of the economic ladder, it’s a simple solution. It’s catching on again, with several states and municipalities approving local hikes, and a proposal before Congress to hike it by an unprecedented amount, from $7.25 to $10.10 per hour over the next two years.
Blogs
WSJ | Millennial Women Make Nearly as Much as Men, but Still Have Dim View of Equality
Young women just entering the work force have the narrowest pay gap with men they likely will have in their careers — but that hasn’t brightened their view of overall equality in the work place.
Wednesday, December 11, 2013
Health Care
News
National Journal | Permanent ‘Doc-Fix’ Isn’t Happening, and Short-Term Solution Isn’t Ready
A permanent repeal of the Sustainable Growth Rate formula—the flawed payment model for Medicare physicians—won't happen before the holiday recess, according to an official with the House Ways and Means Committee.
CNN Money | Obamacare sign-ups hit 365,000, but there's a long way to go
Nearly 365,000 people have signed up for Obamacare in its first two months, but that's still a far cry from the 7 million projected to ultimately enroll for 2014.
National Journal | Obamacare Enrollment: Climbing, but Still Falling Far Short
Roughly 264,000 people signed up for private insurance coverage last month through state and federal exchanges by the end of the month, according to data from the Health and Human Services Department. That brings the total to about 364,000 for October and November.
National Journal | Permanent ‘Doc-Fix’ Isn’t Happening, and Short-Term Solution Isn’t Ready
A permanent repeal of the Sustainable Growth Rate formula—the flawed payment model for Medicare physicians—won't happen before the holiday recess, according to an official with the House Ways and Means Committee.
CNN Money | Obamacare sign-ups hit 365,000, but there's a long way to go
Nearly 365,000 people have signed up for Obamacare in its first two months, but that's still a far cry from the 7 million projected to ultimately enroll for 2014.
National Journal | Obamacare Enrollment: Climbing, but Still Falling Far Short
Roughly 264,000 people signed up for private insurance coverage last month through state and federal exchanges by the end of the month, according to data from the Health and Human Services Department. That brings the total to about 364,000 for October and November.
Monetary
Econ Comments & Analysis
WSJ | The Fed Plan to Revive High-Powered Money
Unless you are part of the tiny portion of humanity that dotes on every utterance of the Federal Open Market Committee, you probably missed an important statement regarding the arcane world of "excess reserves" buried deep in the minutes of its Oct. 29-30 policy meeting. It reads: "[M]ost participants thought that a reduction by the Board of Governors in the interest rate paid on excess reserves could be worth considering at some stage."
Fortune | Volcker loopholes: Here are all the crazy trades big banks can still make
You would think that the trades that busted MF Global and Long-Term Capital Management would be barred under Volcker. Think again.
Market Watch | Central banks will move goal posts to keep QE forever
Forget the reforms in China, whether the euro survives, or whether Apple ever gets around to launching that incredibly expensive watch that sends e-mails, plays games, and possibly even tells you what time it is.
Blogs
WSJ | Inflation Likely to Continue Below 2%, Fed Paper Suggests
The Federal Reserve‘s preferred inflation measure has been undershooting the central bank’s official 2% target in recent months, hovering at about half that level. A new paper from the San Francisco Fed suggests the trend is likely to continue despite policy makers’ hopes that the decline would be temporary.
WSJ | The Fed Plan to Revive High-Powered Money
Unless you are part of the tiny portion of humanity that dotes on every utterance of the Federal Open Market Committee, you probably missed an important statement regarding the arcane world of "excess reserves" buried deep in the minutes of its Oct. 29-30 policy meeting. It reads: "[M]ost participants thought that a reduction by the Board of Governors in the interest rate paid on excess reserves could be worth considering at some stage."
Fortune | Volcker loopholes: Here are all the crazy trades big banks can still make
You would think that the trades that busted MF Global and Long-Term Capital Management would be barred under Volcker. Think again.
Market Watch | Central banks will move goal posts to keep QE forever
Forget the reforms in China, whether the euro survives, or whether Apple ever gets around to launching that incredibly expensive watch that sends e-mails, plays games, and possibly even tells you what time it is.
Blogs
WSJ | Inflation Likely to Continue Below 2%, Fed Paper Suggests
The Federal Reserve‘s preferred inflation measure has been undershooting the central bank’s official 2% target in recent months, hovering at about half that level. A new paper from the San Francisco Fed suggests the trend is likely to continue despite policy makers’ hopes that the decline would be temporary.
Taxes
News
CNBC | Best and worst US cities for travelers taxes
Chicago, New York City and Minneapolis rank as cities with the highest travel-related taxes, according to a new study commissioned by the Global Business Travel Association Federation.
Blogs
CATO | Progress on the Laffer Curve*
The title of this piece has an asterisk because, unfortunately, we’re not talking about progress on the Laffer Curve in the United States.
CNBC | Best and worst US cities for travelers taxes
Chicago, New York City and Minneapolis rank as cities with the highest travel-related taxes, according to a new study commissioned by the Global Business Travel Association Federation.
Blogs
CATO | Progress on the Laffer Curve*
The title of this piece has an asterisk because, unfortunately, we’re not talking about progress on the Laffer Curve in the United States.
Employment
News
CNN Money | 1.3 million set to lose jobless benefits
It's not looking good for 1.3 million long-term unemployed workers who were overlooked by a budget deal reached by key lawmakers late Tuesday.
Econ Comments & Analysis
AEI | More than the minimum wage
Minimum-wage fever is gripping the nation — again. President Obama proposed an increase in the minimum wage from its current level, $7.25 per hour, to $9 per hour in his 2013 State of the Union address, and in his December 4 speech on economic mobility he pledged “to keep pushing until we get a higher minimum wage for hard-working Americans across the entire country.”
Blogs
WSJ | Is Job Market Stronger Than Fed Thinks?
Sustaining the recent pace of payrolls gains into 2014 will depend on consumers and businesses increasing their spending. But two reports released Tuesday confirm the demand for labor is picking up at least for this quarter.
CNN Money | 1.3 million set to lose jobless benefits
It's not looking good for 1.3 million long-term unemployed workers who were overlooked by a budget deal reached by key lawmakers late Tuesday.
Econ Comments & Analysis
AEI | More than the minimum wage
Minimum-wage fever is gripping the nation — again. President Obama proposed an increase in the minimum wage from its current level, $7.25 per hour, to $9 per hour in his 2013 State of the Union address, and in his December 4 speech on economic mobility he pledged “to keep pushing until we get a higher minimum wage for hard-working Americans across the entire country.”
Blogs
WSJ | Is Job Market Stronger Than Fed Thinks?
Sustaining the recent pace of payrolls gains into 2014 will depend on consumers and businesses increasing their spending. But two reports released Tuesday confirm the demand for labor is picking up at least for this quarter.
Budget
News
Politico | Inside the budget agreement
The House-Senate budget bill is 77-pages of largely modest savings but also salted with a variety of “good government” reforms that could help win votes for passage.
CNBC | Guess which students have the highest college loan debt
Student loan debt is painful for anyone to carry. But if you think the greatest debt burden is falling on the poorest students, think again.
Econ Comments & Analysis
WSJ | A Least Bad Budget Deal
The best that can be said about the House-Senate budget deal announced late Tuesday is that it includes no tax increases, no new incentives for not working, and some modest entitlement reforms. Oh, and it will avoid another shutdown fiasco, assuming enough Republicans refuse to attempt suicide a second time.
LA Times | Piling on the Murray-Ryan budget deal
Here's what counts as success in Washington these days: a budget deal that almost everyone hates and that doesn't solve any of the country's major problems.
Washington Times | Should Congress hike your taxes … or, instead, slash spending?
Few things would dash the holiday spirits of deficit hawks more than a budget deal that abandons the sequester caps and funnels new revenue into federal coffers. Unfortunately, that’s exactly what budget negotiators in Congress have presented.
Mercatus | Federal Spending and Sequestration
These charts use the most recent Congressional Budget Office Updated Budget Projection figures from May 2013 to examine the effects of the sequester, or automatic spending reductions, on both general and non-war defense federal spending over the next ten years.
Blogs
Heritage Foundation | 3 Things You Need to Know About the Congressional Budget Deal
Many had high hopes that the first budget conference in four years would make a substantial down payment toward fixing the U.S. spending and debt crisis. The new “Bipartisan Budget Act” thoroughly disappoints. While we dig through the details for a more complete assessment, here are three key facts on the sour deal
Politico | Inside the budget agreement
The House-Senate budget bill is 77-pages of largely modest savings but also salted with a variety of “good government” reforms that could help win votes for passage.
CNBC | Guess which students have the highest college loan debt
Student loan debt is painful for anyone to carry. But if you think the greatest debt burden is falling on the poorest students, think again.
Econ Comments & Analysis
WSJ | A Least Bad Budget Deal
The best that can be said about the House-Senate budget deal announced late Tuesday is that it includes no tax increases, no new incentives for not working, and some modest entitlement reforms. Oh, and it will avoid another shutdown fiasco, assuming enough Republicans refuse to attempt suicide a second time.
LA Times | Piling on the Murray-Ryan budget deal
Here's what counts as success in Washington these days: a budget deal that almost everyone hates and that doesn't solve any of the country's major problems.
Washington Times | Should Congress hike your taxes … or, instead, slash spending?
Few things would dash the holiday spirits of deficit hawks more than a budget deal that abandons the sequester caps and funnels new revenue into federal coffers. Unfortunately, that’s exactly what budget negotiators in Congress have presented.
Mercatus | Federal Spending and Sequestration
These charts use the most recent Congressional Budget Office Updated Budget Projection figures from May 2013 to examine the effects of the sequester, or automatic spending reductions, on both general and non-war defense federal spending over the next ten years.
Blogs
Heritage Foundation | 3 Things You Need to Know About the Congressional Budget Deal
Many had high hopes that the first budget conference in four years would make a substantial down payment toward fixing the U.S. spending and debt crisis. The new “Bipartisan Budget Act” thoroughly disappoints. While we dig through the details for a more complete assessment, here are three key facts on the sour deal
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