News
Bloomberg | Foreclosures Drop to Eight-Year Low as Crisis Wanes: Mortgages
Foreclosures Drop to Eight-Year Low as Crisis Wanes: Mortgages
Bloomberg | Consumer Confidence in U.S. Increases for Third Straight Week
Confidence among U.S. consumers increased for a third straight week as Americans grew more optimistic about the economy, finances and the buying climate.
Politico | Patent warfare: Trolls vs. inventors
The rhetoric from both camps is heating up after the House last week passed a bill to rein in expensive troll lawsuits. With the White House supporting the effort and the Senate Judiciary Committee poised to take up its own measure, patent litigation reform could be one of the few pieces of tech legislation to come out of the 113th Congress.
CNN Money | Will the market actually cheer tapering?
Sure, stocks fell Wednesday on fears the Fed is getting ready to cut back, or taper, its massive bond purchase program. Yet amazingly enough, several investment experts say the market is finally prepared for the taper.
Bloomberg | Retail Sales in U.S. Increase by Most in Five Months
Retail sales in the U.S. rose more than forecast in November as Americans bought cars and took advantage of discounts going into the holiday-shopping season.
Thursday, December 12, 2013
Health Care
News
National Journal | Where Obamacare Ends and Private Insurers Begin
Health and Human Services Secretary Kathleen Sebelius promised Wednesday that the back-end problems of HealthCare.gov would be resolved in time for the insurance coverage taking effect on Jan. 1, setting another high bar for the administration as it attempts to recover from Affordable Care Act's rocky rollout.
Econ Comments & Analysis
Real Clear Markets | Obamacare Is a Problem For Much More Than the 5%
Millions of Americans are losing their health insurance policies because of the Affordable Care Act. ACA supporters claim the cancelled plans were "subpar." But in fact, many or most cancelled plans simply did not fit the ACA's arbitrary cookie-cutter standards; the ACA forces insurers to offer sameness, not quality.
Mercatus | Medicaid Overview
Often called an afterthought to the Medicare program, Medicaid was signed into law under Title XIX of the Social Security Act. Unlike Medicare, which was created to provide health care coverage to those over the age of 65, Medicaid’s intent was the provision of care for individuals of any age who were financially limited.
National Journal | Where Obamacare Ends and Private Insurers Begin
Health and Human Services Secretary Kathleen Sebelius promised Wednesday that the back-end problems of HealthCare.gov would be resolved in time for the insurance coverage taking effect on Jan. 1, setting another high bar for the administration as it attempts to recover from Affordable Care Act's rocky rollout.
Econ Comments & Analysis
Real Clear Markets | Obamacare Is a Problem For Much More Than the 5%
Millions of Americans are losing their health insurance policies because of the Affordable Care Act. ACA supporters claim the cancelled plans were "subpar." But in fact, many or most cancelled plans simply did not fit the ACA's arbitrary cookie-cutter standards; the ACA forces insurers to offer sameness, not quality.
Mercatus | Medicaid Overview
Often called an afterthought to the Medicare program, Medicaid was signed into law under Title XIX of the Social Security Act. Unlike Medicare, which was created to provide health care coverage to those over the age of 65, Medicaid’s intent was the provision of care for individuals of any age who were financially limited.
Monetary
News
Bloomberg | Fischer Seen Bringing Crisis-Fighting Skills to No. 2 Fed Post
Stanley Fischer, said to be the leading candidate for the No. 2 job at the Federal Reserve, offers crisis-fighting experience and a dose of skepticism about efforts to shape expectations on the outlook for interest rates.
Market Watch | U.S. import prices decline 0.6% in November
The prices paid for imported goods fell 0.6% in November, with a large drop for fuel, the U.S. Department of Labor reported Thursday. Economists polled by MarketWatch had expected import prices to fall 0.8%.
WSJ | Fed Moves Toward New Tool for Setting Rates
An experimental bond-trading program being run at the Federal Reserve Bank of New York could fundamentally change the way the central bank sets interest rates.
Econ Comments & Analysis
WSJ | Banks, Agencies Draw Battle Lines Over 'Volcker Rule'
Just a day after the final rule was approved by U.S. regulators, banks and their law firms were busy figuring out how to comply with strict new guidelines on Wall Street firms' trading activities and how to mitigate any hit to profits. Meanwhile, regulators were on a collision course over who gets supremacy in enforcing the rule.
Fortune | What will tapering do to Treasuries?
Like many Americans nowadays, I tend to tune out much of the mainstream media, but I did catch myself watching a little CNBC recently. Interestingly, it made me realize that the buy side, sell side, and media are arguing with many of the same platitudes on the topic of the Federal Reserve tapering its bond-buying stimulus. In short, no one has any real conviction or strong insight. Their views are not having any impact.
Bloomberg | Fischer Seen Bringing Crisis-Fighting Skills to No. 2 Fed Post
Stanley Fischer, said to be the leading candidate for the No. 2 job at the Federal Reserve, offers crisis-fighting experience and a dose of skepticism about efforts to shape expectations on the outlook for interest rates.
Market Watch | U.S. import prices decline 0.6% in November
The prices paid for imported goods fell 0.6% in November, with a large drop for fuel, the U.S. Department of Labor reported Thursday. Economists polled by MarketWatch had expected import prices to fall 0.8%.
WSJ | Fed Moves Toward New Tool for Setting Rates
An experimental bond-trading program being run at the Federal Reserve Bank of New York could fundamentally change the way the central bank sets interest rates.
Econ Comments & Analysis
WSJ | Banks, Agencies Draw Battle Lines Over 'Volcker Rule'
Just a day after the final rule was approved by U.S. regulators, banks and their law firms were busy figuring out how to comply with strict new guidelines on Wall Street firms' trading activities and how to mitigate any hit to profits. Meanwhile, regulators were on a collision course over who gets supremacy in enforcing the rule.
Fortune | What will tapering do to Treasuries?
Like many Americans nowadays, I tend to tune out much of the mainstream media, but I did catch myself watching a little CNBC recently. Interestingly, it made me realize that the buy side, sell side, and media are arguing with many of the same platitudes on the topic of the Federal Reserve tapering its bond-buying stimulus. In short, no one has any real conviction or strong insight. Their views are not having any impact.
Taxes
News
CNBC | The rich do not pay the most taxes, they pay ALL the taxes
Buried inside a Congressional Budget Office report this week was this nugget: when it comes to individual income taxes, the top 40 percent of wage earners in America pay 106 percent of the taxes. The bottom 40 percent...pay negative 9 percent.
CNBC | Though Revenue Growth Is Slowing, States See More Budget Stability, Report Finds
While states are continuing to see modest progress in their struggle to dig out from the 2008 recession, the era of chronic budget instability and wholesale service cuts appears to have ended, according to a report released Tuesday by the National Association of State Budget Officers. The rate of revenue growth in 2014, however, is expected to be significantly lower than in 2013, the report said.
Econ Comments & Analysis
FOX Business | The Truth About Taxes
Have you ever noticed that taxes move in one direction: Up. And, so it is with property taxes. During the housing bubble, taxes rose as values climbed and in many parts of the country they are still stuck in the stratosphere, even after prices have plunged. Fortunately, you can do something about it.
Forbes | The Tax Draft Of Sen. Max Baucus Amounts To Legalized Wealth Confiscation
The test of any tax plan is how well it measures up to the principles of sound tax policy: Does it promote neutrality? Does it simplify the tax code and make it more transparent? Does it make the system more stable and predictable? And, does it avoid retroactive measures?
CNBC | The rich do not pay the most taxes, they pay ALL the taxes
Buried inside a Congressional Budget Office report this week was this nugget: when it comes to individual income taxes, the top 40 percent of wage earners in America pay 106 percent of the taxes. The bottom 40 percent...pay negative 9 percent.
CNBC | Though Revenue Growth Is Slowing, States See More Budget Stability, Report Finds
While states are continuing to see modest progress in their struggle to dig out from the 2008 recession, the era of chronic budget instability and wholesale service cuts appears to have ended, according to a report released Tuesday by the National Association of State Budget Officers. The rate of revenue growth in 2014, however, is expected to be significantly lower than in 2013, the report said.
Econ Comments & Analysis
FOX Business | The Truth About Taxes
Have you ever noticed that taxes move in one direction: Up. And, so it is with property taxes. During the housing bubble, taxes rose as values climbed and in many parts of the country they are still stuck in the stratosphere, even after prices have plunged. Fortunately, you can do something about it.
Forbes | The Tax Draft Of Sen. Max Baucus Amounts To Legalized Wealth Confiscation
The test of any tax plan is how well it measures up to the principles of sound tax policy: Does it promote neutrality? Does it simplify the tax code and make it more transparent? Does it make the system more stable and predictable? And, does it avoid retroactive measures?
Employment
News
Bloomberg | Jobless Claims in U.S. Surge in Week After Thanksgiving
Applications for U.S. unemployment benefits jumped last week from an almost three-month low, reflecting volatility that typically occurs around the year-end holidays.
CNBC | Chart of the Day: Where did all the jobs go?
Weekly unemployment claims surged last week, rising 68,000 and blowing past economists' expectations.
Bloomberg | Jobless Claims in U.S. Surge in Week After Thanksgiving
Applications for U.S. unemployment benefits jumped last week from an almost three-month low, reflecting volatility that typically occurs around the year-end holidays.
CNBC | Chart of the Day: Where did all the jobs go?
Weekly unemployment claims surged last week, rising 68,000 and blowing past economists' expectations.
Budget
News
Politico | GOP split on budget deal
House GOP leaders have been eager to lock down support from their party to back the bipartisan budget deal and avoid yet another round of fiscal crises.
CNN Money | 5 things the budget deal doesn't do
And it's a deal that -- if passed by the House and Senate -- will avert budget brinksmanship for the next year and a half and let lawmakers focus on other things for a change.
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 | US budget deficit narrows in November from year ago
The U.S. budget deficit narrowed sharply in November from a year earlier, which could further reduce Washington's taste for austerity following a deal in Congress to axe spending cuts planned for next year.
Econ Comments & Analysis
CBO | Bipartisan Budget Act of 2013
The legislation, offered as an amendment to H.J. Res. 59, the Continuing Appropriations Resolution, 2014, would revise the limits on discretionary appropriations for fiscal years 2014 and 2015, allowing for higher levels of funding in those years than is allowed under the caps and budget enforcement procedures in current law. CBO estimates that, if appropriations for 2014 and 2015 equaled the revised limits, discretionary outlays would be roughly $62 billion higher over the 2014-2023 period than if appropriations for those years equaled the limits in current law.
Politico | Congressional Budget Office: Budget deal cuts deficit by $85 billion
The mix of spending cuts, new revenues and policy changes will decrease spending by $78 billion and bring in $7 billion in new revenues by 2023, CBO found. The deficit reduction will in part help pay for some new spending.
Washington Times | Another Republican budget surrender
On Tuesday night, the House and Senate Budget Committees reached a bipartisan budget deal. Congress hasn’t passed a budget in five years, but this new deal is hardly good news.
Blogs
CBO | Options for Reducing the Deficit: Discretionary Spending
CBO recently published Options for Reducing the Deficit: 2014 to 2023. That report is now available in a fully digital version, so users can search the options according to major budget category, budget function, and major program category.
Politico | GOP split on budget deal
House GOP leaders have been eager to lock down support from their party to back the bipartisan budget deal and avoid yet another round of fiscal crises.
CNN Money | 5 things the budget deal doesn't do
And it's a deal that -- if passed by the House and Senate -- will avert budget brinksmanship for the next year and a half and let lawmakers focus on other things for a change.
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 | US budget deficit narrows in November from year ago
The U.S. budget deficit narrowed sharply in November from a year earlier, which could further reduce Washington's taste for austerity following a deal in Congress to axe spending cuts planned for next year.
Econ Comments & Analysis
CBO | Bipartisan Budget Act of 2013
The legislation, offered as an amendment to H.J. Res. 59, the Continuing Appropriations Resolution, 2014, would revise the limits on discretionary appropriations for fiscal years 2014 and 2015, allowing for higher levels of funding in those years than is allowed under the caps and budget enforcement procedures in current law. CBO estimates that, if appropriations for 2014 and 2015 equaled the revised limits, discretionary outlays would be roughly $62 billion higher over the 2014-2023 period than if appropriations for those years equaled the limits in current law.
Politico | Congressional Budget Office: Budget deal cuts deficit by $85 billion
The mix of spending cuts, new revenues and policy changes will decrease spending by $78 billion and bring in $7 billion in new revenues by 2023, CBO found. The deficit reduction will in part help pay for some new spending.
Washington Times | Another Republican budget surrender
On Tuesday night, the House and Senate Budget Committees reached a bipartisan budget deal. Congress hasn’t passed a budget in five years, but this new deal is hardly good news.
Blogs
CBO | Options for Reducing the Deficit: Discretionary Spending
CBO recently published Options for Reducing the Deficit: 2014 to 2023. That report is now available in a fully digital version, so users can search the options according to major budget category, budget function, and major program category.
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