News
National Journal | Progressives Flunking Income Inequality Test
For progressives, the buzzy phrase of the moment is income inequality. President Obama plans to make it the focus of his upcoming State of the Union address after sermonizing about the issue in December. New York City Mayor Bill de Blasio made it the centerpiece of his campaign and the theme of his inauguration ceremony. Freshman Massachusetts Sen. Elizabeth Warren gained national celebrity because of her outspoken criticism of moneyed interests.
Market Watch | U.S. home prices edge up in November: CoreLogic
U.S. home prices edged up in November, CoreLogic said Tuesday. Prices rose 0.1% on a monthly basis to take year-on-year gains to 11.8%, the 21st straight month of year-over-year gains.
CNN Money | The push to export U.S. oil
A new battle is taking shape over the U.S. energy boom. Thanks largely to the fracking revolution, the United States is now in a position to export crude oil. But should it?
Bloomberg | Trade Gap Shrinks to Four-Year Low as U.S. Oil Imports Drop
The trade deficit in the U.S. shrank more than forecast in November as oil imports dropped to the lowest level in three years and exports climbed to a record.
Econ Comments & Analysis
Forbes | More College Does Not Beget More Economic Prosperity
In his first address to Congress President Obama argued that the U.S. needs to put far more people through college so that our economy will remain competitive with those of other nations. He set forth a goal of again having “the highest proportion of college graduates in the world.”
Real Clear Markets | The Facts About Income Inequality May Surprise You
Last month the Congressional Budget Office published new estimates of the distribution of federal tax burdens. CBO analysts assembled updated information on Americans' incomes to calculate household tax burdens between 1979 and 2010. They also predicted 2013 tax burdens based on projections of income combined with a careful reading of current tax law.
AEI | Stepping up for free trade in the US
In the modern era, US Republicans have espoused free trade — and FTAs — as an extension of their domestic goals to foster vigorous market competition and limit government intervention on behalf of favoured protectionist interests.
Blogs
WSJ | Parents, Kids Don’t Share Economic Values
He might have his mother’s eyes, or her ears, or her sense of humor. But that doesn’t mean he’ll inherit her financial instincts.
Economist | American exceptionalism
In this week’s print edition, we show that economists are besotted with America. From 1985 to 2005 over 35,000 economics papers focused on America; fewer than 20,000 focused on Europe and Central Asia combined. There were fewer than 1,000 papers that dealt with countries in the Middle East and North Africa.
Library of Economics | Summers believes we can reduce bubbles with big budget deficits.
Since the start of this century, annual growth in U.S. gross domestic product has averaged less than 1.8 percent. The economy is now operating nearly 10 percent, or more than $1.6 trillion, below what the Congressional Budget Office judged to be its potential path as recently as 2007.
Independent Institute | Two Minimum Wage Fallacies
Generally, a binding minimum wage law will reduce the employment of the lowest-skilled workers. However, two economic fallacies that cloud the issue are prevalent, one among opponents of the minimum wage, and one among proponents.
