News
Bloomberg | Trade Deficit Widens More Than Forecast as Exports Decrease
The trade gap expanded 12 percent to $38.7 billion, figures from the Commerce Department showed today in Washington, compared to a median estimate of economists surveyed by Bloomberg that called for a $36 billion gap.
Market Watch | 30-year-mortgage rate falls to 4.23%
The average rate for a 30-year fixed-rate mortgage fell to 4.23% in the week that ended Feb. 6, hitting the lowest level since November.
Econ Comments & Analysis
USA Today | Many big stocks already in 10% correction
More than half the stocks in the Standard & Poor's 500 — 269 — are already down 10% or more from their recent highs, which is the unofficial definition of a correction
Washington Times | SADAR: Wasting Alaska’s energy bounty
Natural resource exploration and development are key to national independence. However, for the United States, it’s more than merely energy independence.
AEI | The Obamacare poverty trap
Instead of worrying about job losses, liberals celebrated the CBO’s prediction that people will “choose” to work less. They were also pleased to point out that is not just 2.5 million people who will be affected, but even more, as those 2.5 million full-time jobs correspond to many more full part-time jobs or hour reductions.
Thursday, February 6, 2014
Health Care
News
Politico | The Obamacare bailout battle
The last thing Democrats want to do, with a law as complicated and full of moving parts as the Affordable Care Act, is explain what the law actually does.
National Journal | Report: Proposed Medicare Changes Mean Higher Premiums
The administration wants to change Medicare’s drug benefit, but a conservative economist predicts higher premiums
Econ Comments & Analysis
WSJ | Obama's IRS 'Confusion'
Mr. Obama wants Americans to believe that the targeting resulted from the confusing tax law governing nonprofits, which he says was "difficult" to interpret and resulted in mere "bureaucratic" mistakes.
Politico | The Obamacare bailout battle
The last thing Democrats want to do, with a law as complicated and full of moving parts as the Affordable Care Act, is explain what the law actually does.
National Journal | Report: Proposed Medicare Changes Mean Higher Premiums
The administration wants to change Medicare’s drug benefit, but a conservative economist predicts higher premiums
Econ Comments & Analysis
WSJ | Obama's IRS 'Confusion'
Mr. Obama wants Americans to believe that the targeting resulted from the confusing tax law governing nonprofits, which he says was "difficult" to interpret and resulted in mere "bureaucratic" mistakes.
Monetary
Econ Comments & Analysis
Fox Business | Memo To Fed Vice Chair Nominee Stanley Fischer: 'Dogs Bark But The Caravan Passes On.'
In 1986, the tax code was overhauled and simplified—and I think they did a pretty good job. As the years went by, lawmakers added more twists and turns to the tax code to either clarify existing law or to create more law – mostly to satisfy special interest groups.
Fox Business | Memo To Fed Vice Chair Nominee Stanley Fischer: 'Dogs Bark But The Caravan Passes On.'
In 1986, the tax code was overhauled and simplified—and I think they did a pretty good job. As the years went by, lawmakers added more twists and turns to the tax code to either clarify existing law or to create more law – mostly to satisfy special interest groups.
Taxes
Econ Comments & Analysis
Fox Business | Here's Proof Our Tax Code is too Complicated
In 1986, the tax code was overhauled and simplified—and I think they did a pretty good job. As the years went by, lawmakers added more twists and turns to the tax code to either clarify existing law or to create more law – mostly to satisfy special interest groups.
Fox Business | Here's Proof Our Tax Code is too Complicated
In 1986, the tax code was overhauled and simplified—and I think they did a pretty good job. As the years went by, lawmakers added more twists and turns to the tax code to either clarify existing law or to create more law – mostly to satisfy special interest groups.
Employment
News
Bloomberg | Jobless Claims in U.S. Decreased 20,000 Last Week
Jobless claims dropped by 20,000 to 331,000 in the period ended Feb. 1, the Labor Department reported today in Washington. The median forecast of economists surveyed by Bloomberg called for a decrease to 335,000.
National Journal | How Michigan Has Flipped the Job Switch
Gov. Rick Snyder explains how a partnership with firms in four embattled cities have provided mentoring, literacy support, financial literacy guidance, and jobs to help turn around the state's economy.
CNN: Money | Stormy weather weighs on job growth
The private sector added 175,000 jobs in January, marking the weakest month for hiring since August. ADP said 227,000 jobs were added In December.
Bloomberg | Increase in U.S. Productivity Helps to Restrain Labor Costs
The measure of employee output per hour increased at a 3.2 percent annualized rate, after a revised 3.6 percent gain in the prior three months that was more than initially reported.
Econ Comments & Analysis
WSJ | ObamaCare's New Theory of Employment
Supposedly this shrinking labor force development is great news because "this is a choice on the part of workers," as White House chief economist Jason Furman put it. If businesses shed jobs in response to ObamaCare, he said, that would be bad because people who wanted work would have a harder time finding it.
Blogs
WSJ: Real Time Economics | Unemployment Tumbling in New Jersey as Many Leave Labor Force
The unemployment rate in parts of southern New Jersey dropped the sharpest in the country over the course of 2013, though it was likely because more people dropped out of the workforce rather than found new work.
Bloomberg | Jobless Claims in U.S. Decreased 20,000 Last Week
Jobless claims dropped by 20,000 to 331,000 in the period ended Feb. 1, the Labor Department reported today in Washington. The median forecast of economists surveyed by Bloomberg called for a decrease to 335,000.
National Journal | How Michigan Has Flipped the Job Switch
Gov. Rick Snyder explains how a partnership with firms in four embattled cities have provided mentoring, literacy support, financial literacy guidance, and jobs to help turn around the state's economy.
CNN: Money | Stormy weather weighs on job growth
The private sector added 175,000 jobs in January, marking the weakest month for hiring since August. ADP said 227,000 jobs were added In December.
Bloomberg | Increase in U.S. Productivity Helps to Restrain Labor Costs
The measure of employee output per hour increased at a 3.2 percent annualized rate, after a revised 3.6 percent gain in the prior three months that was more than initially reported.
Econ Comments & Analysis
WSJ | ObamaCare's New Theory of Employment
Supposedly this shrinking labor force development is great news because "this is a choice on the part of workers," as White House chief economist Jason Furman put it. If businesses shed jobs in response to ObamaCare, he said, that would be bad because people who wanted work would have a harder time finding it.
Blogs
WSJ: Real Time Economics | Unemployment Tumbling in New Jersey as Many Leave Labor Force
The unemployment rate in parts of southern New Jersey dropped the sharpest in the country over the course of 2013, though it was likely because more people dropped out of the workforce rather than found new work.
Budget
News
National Journal | A Crappy Job on the U.S. Debt, Deficit, and Growth
President Obama and House Republicans are punting on a problem bigger than Obamacare.
WSJ | Debt-Limit Ideas Still Being Floated
House Republican leaders, looking Wednesday for ways to ease passage of a needed increase in the federal borrowing limit this month, are considering adding sweeteners with bipartisan appeal such as a boost in pensions for military veterans.
Econ Comments & Analysis
Politico | House GOP stymied on debt limit
Now, Speaker John Boehner (Ohio) and other top Republicans are considering attaching a whole laundry list of provisions to the debt ceiling that do precious little to decrease the deficit but would instead serve only to attract enough Democratic support to move the legislation on to the Senate.
CRS | The Debt Limit Since 2011
Total federal debt can increase in two ways. First, through debt increases when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations. This increases debt held by the public. Second, through debt increases when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses.
Blogs
WSJ: Real Time Economics | Six Ways Debt Ceiling Brinkmanship Can Hurt the U.S.
Washington’s repeated brawls over raising the federal borrowing limit all ended without causing economic disasters. They haven’t ended without economic damage altogether.
Heritage Foundation | Bam! We're Already Hitting the Debt Ceiling Again
It’s timely that the Congressional Budget Office (CBO) put out new numbers on America’s financial situation this week. By the end of the week, we’ll be hitting the debt ceiling again.
National Journal | A Crappy Job on the U.S. Debt, Deficit, and Growth
President Obama and House Republicans are punting on a problem bigger than Obamacare.
WSJ | Debt-Limit Ideas Still Being Floated
House Republican leaders, looking Wednesday for ways to ease passage of a needed increase in the federal borrowing limit this month, are considering adding sweeteners with bipartisan appeal such as a boost in pensions for military veterans.
Econ Comments & Analysis
Politico | House GOP stymied on debt limit
Now, Speaker John Boehner (Ohio) and other top Republicans are considering attaching a whole laundry list of provisions to the debt ceiling that do precious little to decrease the deficit but would instead serve only to attract enough Democratic support to move the legislation on to the Senate.
CRS | The Debt Limit Since 2011
Total federal debt can increase in two ways. First, through debt increases when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations. This increases debt held by the public. Second, through debt increases when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses.
Blogs
WSJ: Real Time Economics | Six Ways Debt Ceiling Brinkmanship Can Hurt the U.S.
Washington’s repeated brawls over raising the federal borrowing limit all ended without causing economic disasters. They haven’t ended without economic damage altogether.
Heritage Foundation | Bam! We're Already Hitting the Debt Ceiling Again
It’s timely that the Congressional Budget Office (CBO) put out new numbers on America’s financial situation this week. By the end of the week, we’ll be hitting the debt ceiling again.
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