News
CNN Money | The American tax machine
The Internal Revenue Service keeps 35 agents stationed full time at Exxon Mobil's Houston headquarters, conducting a full-time audit of its books in office space provided by the company.
Blogs
Cato@Liberty | New Paper Explains Why Low-Tax Jurisdictions Should Resist OECD Attacks against Tax Competition and Fiscal Sovereignty
The OECD, acting at the behest of the European welfare states that dominate its membership, wants the power to tell nations (including the United States!) what is acceptable tax policy.
Tuesday, May 24, 2011
Health Care
News
National Journal | Medicare's Actuary Paints a Darker Picture Than Trustees
Spending on hospital and physician services would be more than three times higher than projected if Congress acts to reverse or phase out scheduled Medicare payment reductions, according to a new analysis that casts doubt on the rosier estimates offered by Medicare's trustees earlier this month.
Econ Comments
Washington Post | The GOP’s Medicare headache
Rep. Paul Ryan (R-Wis.), the architect of his party’s radical plan to turn Medicare into a voucher program, gave a lesson Sunday in stating the obvious: “I don’t consult polls to tell me what my principles are or what our policies should be.” I’d suggest that Republicans with less disdain for public opinion might want to check out the height of the cliff from which Ryan would have them leap.
Blogs
Heritage Foundation | Medicare’s Worsening Finances: The Other Shoe Drops
A week ago, the Medicare Trustees issued their annual report, which showed that the program is on the fact track to insolvency. The 2011 analysis projected that the Hospital Insurance Trust Fund (which funds Medicare Part A) will be insolvent in 2024, and the program’s long-term unfunded obligations—promised benefits that are not paid for—amount to $24.6 trillion.
Cato@Liberty | Once More Into the Obamacare Breach
Today we filed Cato’s sixth brief supporting the various legal challenges to Obamacare, this time in the D.C. Circuit. Like Tom Joad, wherever the fight has been, we’ve been there, and now it’s in our backyard.
National Journal | Medicare's Actuary Paints a Darker Picture Than Trustees
Spending on hospital and physician services would be more than three times higher than projected if Congress acts to reverse or phase out scheduled Medicare payment reductions, according to a new analysis that casts doubt on the rosier estimates offered by Medicare's trustees earlier this month.
Econ Comments
Washington Post | The GOP’s Medicare headache
Rep. Paul Ryan (R-Wis.), the architect of his party’s radical plan to turn Medicare into a voucher program, gave a lesson Sunday in stating the obvious: “I don’t consult polls to tell me what my principles are or what our policies should be.” I’d suggest that Republicans with less disdain for public opinion might want to check out the height of the cliff from which Ryan would have them leap.
Blogs
Heritage Foundation | Medicare’s Worsening Finances: The Other Shoe Drops
A week ago, the Medicare Trustees issued their annual report, which showed that the program is on the fact track to insolvency. The 2011 analysis projected that the Hospital Insurance Trust Fund (which funds Medicare Part A) will be insolvent in 2024, and the program’s long-term unfunded obligations—promised benefits that are not paid for—amount to $24.6 trillion.
Cato@Liberty | Once More Into the Obamacare Breach
Today we filed Cato’s sixth brief supporting the various legal challenges to Obamacare, this time in the D.C. Circuit. Like Tom Joad, wherever the fight has been, we’ve been there, and now it’s in our backyard.
Monetary
News
Bloomberg | Treasuries Decline Before $35 Billion Two-Year Auction; U.S. Equities Gain
Treasuries fell before the U.S. government sells $35 billion in two-year securities in the first of three note offerings this week totaling $99 billion.
Market Watch | Euro falls to lowest since March on debt fears
The dollar gained against the euro on Monday, pushing the European unit to a March low, after Standard & Poor’s cut its outlook on Italy and weekend elections in Spain heightened worries European governments were sinking under too much debt.
Econ Comments
WSJ | The Return of Stagflation
We enter the summer of 2011 facing an ugly combination of inflation and high unemployment. Blame the Federal Reserve.
Minyanville | Why Bernanke Will Be Forced to Institute QE3
Here, the two factors that suggest it's likely we'll see more quantitative easing.
Bloomberg | Treasuries Decline Before $35 Billion Two-Year Auction; U.S. Equities Gain
Treasuries fell before the U.S. government sells $35 billion in two-year securities in the first of three note offerings this week totaling $99 billion.
Market Watch | Euro falls to lowest since March on debt fears
The dollar gained against the euro on Monday, pushing the European unit to a March low, after Standard & Poor’s cut its outlook on Italy and weekend elections in Spain heightened worries European governments were sinking under too much debt.
Econ Comments
WSJ | The Return of Stagflation
We enter the summer of 2011 facing an ugly combination of inflation and high unemployment. Blame the Federal Reserve.
Minyanville | Why Bernanke Will Be Forced to Institute QE3
Here, the two factors that suggest it's likely we'll see more quantitative easing.
Budget
News
CNN Money | Obama budget chief optimistic on debt deal
Jacob Lew, the director of the Office of Management and Budget, told the Economic Club in Washington that he's optimistic about getting a deal done within the group headed by Vice President Joe Biden.
Washington Times | U.S. stocks plunge on European debt worries
After three days of bad news about Europe’s debt crisis sent Asian and European markets down Monday, it was Wall Street’s turn.
National Journal | Economic Insiders Say 'Clean' Debt-Ceiling Vote Unlikely
...almost three-quarters of National Journal’s Economic Insiders thought a vote to raise the debt ceiling would take place within a week of August 2, the date the government would default, according to Treasury Department estimates.
Econ Comments
Fortune | Shiller: Let's sell debt tied to GDP to fix the crisis
The economist and housing expert discusses his creative solution to the U.S. debt crisis, why the suburbs are dying, and why we shouldn't be afraid of financial crises.
Blogs
Bankrupting America | Just how much is $14.3 trillion?
We all know that Washington’s spending has dug the country into a massive hole. But for everyday Americans trying to live within their means on a much smaller scale, it’s difficult to understand the numbers (and the mindset).
CNN Money | Obama budget chief optimistic on debt deal
Jacob Lew, the director of the Office of Management and Budget, told the Economic Club in Washington that he's optimistic about getting a deal done within the group headed by Vice President Joe Biden.
Washington Times | U.S. stocks plunge on European debt worries
After three days of bad news about Europe’s debt crisis sent Asian and European markets down Monday, it was Wall Street’s turn.
National Journal | Economic Insiders Say 'Clean' Debt-Ceiling Vote Unlikely
...almost three-quarters of National Journal’s Economic Insiders thought a vote to raise the debt ceiling would take place within a week of August 2, the date the government would default, according to Treasury Department estimates.
Econ Comments
Fortune | Shiller: Let's sell debt tied to GDP to fix the crisis
The economist and housing expert discusses his creative solution to the U.S. debt crisis, why the suburbs are dying, and why we shouldn't be afraid of financial crises.
Blogs
Bankrupting America | Just how much is $14.3 trillion?
We all know that Washington’s spending has dug the country into a massive hole. But for everyday Americans trying to live within their means on a much smaller scale, it’s difficult to understand the numbers (and the mindset).
Monday, May 23, 2011
General Economics
News
WSJ | Euro-Zone Growth Slows to 7-Month Low
Growth in the euro zone's private sector eased more than expected to its weakest pace in seven months in May, led by a sharp slowdown in manufacturing, the preliminary results of a survey by financial-information firm Markit showed Monday.
Bloomberg | Crude Oil Drops on Concern Europe Debt Crisis Will Slow Demand
Oil fell in New York amid concern that Europe’s sovereign debt situation may weaken fuel demand while the dollar rose to a nine-week high against the euro.
Market Watch | Consumer spending expected to slow down
Despite persistent unease over their personal finances, consumers remain the backbone of the economy, and data to be released this week will show the state of their spending.
Econ Comments
Washington Post | Stuck in a post-crisis gloom
It may be time to move beyond pessimism. Ever since the financial crisis, Americans have wallowed in fear and anxiety. Understandably. Although a recovery — as defined by academic economists — started about two years ago, it hasn’t felt like one.
Politico | How to fix American transportation
The committee hopes to consolidate more than 100 federal surface transportation programs. Over the past 50 years, dozens of new programs have been created to address the issues beyond the original programmatic goals.
Market Watch | Italy, Spain trigger fresh sovereign-debt fears
Europe’s sovereign-debt crisis reclaimed the spotlight Monday, sending investors around the world in search of safety after voters in Spain provided a thumbs-down on further austerity measures and Standard & Poor’s threatened to cut Italy’s credit rating.
CNN: Money | Why oil prices will spike again soon
How long till the next oil shock?
Blogs
Café Hayek | Beware of Celebrating Decreases in the Current-Account Deficit
Keynesians – or, more generally, economists obsessed with aggregate demand – are fond of exports because foreigners’ expenditures on exports are demand for ‘our’ country’s goods and services.
Calculated Risk | Schedule for Week of May 22nd
The key reports this week will be New Home Sales on Tuesday (more depression for homebuilders), the second estimate for Q1 GDP on Thursday (expect an upward revision), and the Personal Income and Outlays report for April on Friday (an early hint at consumer spending in Q2).
Café Hayek | Another for the ‘I Miss Julian Simon’ File
So in light of this overwhelming evidence that growing population and greater population densities are positively associated with improvements in the human condition, why suppose that growing population nevertheless is a “bomb” destined to explode and hurl us into hell for our sinful refusal to follow the teachings of wild-eyed preachers such as Paul Ehrlich and Lester Brown? Theirs is a fact-immune religious creed that I thoroughly reject.
Calculated Risk | Unofficial Problem Bank list increases to 988 Institutions
Here is the unofficial problem bank list for May 20, 2011.
Reports
RCM: Wells Fargo | Weekly Economic & Financial Commentary
Manufacturing Cools While Housing Remains Frozen.
WSJ | Euro-Zone Growth Slows to 7-Month Low
Growth in the euro zone's private sector eased more than expected to its weakest pace in seven months in May, led by a sharp slowdown in manufacturing, the preliminary results of a survey by financial-information firm Markit showed Monday.
Bloomberg | Crude Oil Drops on Concern Europe Debt Crisis Will Slow Demand
Oil fell in New York amid concern that Europe’s sovereign debt situation may weaken fuel demand while the dollar rose to a nine-week high against the euro.
Market Watch | Consumer spending expected to slow down
Despite persistent unease over their personal finances, consumers remain the backbone of the economy, and data to be released this week will show the state of their spending.
Econ Comments
Washington Post | Stuck in a post-crisis gloom
It may be time to move beyond pessimism. Ever since the financial crisis, Americans have wallowed in fear and anxiety. Understandably. Although a recovery — as defined by academic economists — started about two years ago, it hasn’t felt like one.
Politico | How to fix American transportation
The committee hopes to consolidate more than 100 federal surface transportation programs. Over the past 50 years, dozens of new programs have been created to address the issues beyond the original programmatic goals.
Market Watch | Italy, Spain trigger fresh sovereign-debt fears
Europe’s sovereign-debt crisis reclaimed the spotlight Monday, sending investors around the world in search of safety after voters in Spain provided a thumbs-down on further austerity measures and Standard & Poor’s threatened to cut Italy’s credit rating.
CNN: Money | Why oil prices will spike again soon
How long till the next oil shock?
Blogs
Café Hayek | Beware of Celebrating Decreases in the Current-Account Deficit
Keynesians – or, more generally, economists obsessed with aggregate demand – are fond of exports because foreigners’ expenditures on exports are demand for ‘our’ country’s goods and services.
Calculated Risk | Schedule for Week of May 22nd
The key reports this week will be New Home Sales on Tuesday (more depression for homebuilders), the second estimate for Q1 GDP on Thursday (expect an upward revision), and the Personal Income and Outlays report for April on Friday (an early hint at consumer spending in Q2).
Café Hayek | Another for the ‘I Miss Julian Simon’ File
So in light of this overwhelming evidence that growing population and greater population densities are positively associated with improvements in the human condition, why suppose that growing population nevertheless is a “bomb” destined to explode and hurl us into hell for our sinful refusal to follow the teachings of wild-eyed preachers such as Paul Ehrlich and Lester Brown? Theirs is a fact-immune religious creed that I thoroughly reject.
Calculated Risk | Unofficial Problem Bank list increases to 988 Institutions
Here is the unofficial problem bank list for May 20, 2011.
Reports
RCM: Wells Fargo | Weekly Economic & Financial Commentary
Manufacturing Cools While Housing Remains Frozen.
Taxes
News
WSJ | Local Governments Hit as Tax Revenue Falters
The nation's economy is adding jobs and state finances are starting to mend. But for many local governments—the 89,000 cities, counties and school districts that provide the most-visible government services—more pain is coming.
Roll Call | Corporate Tax Holiday Bill Unites Foes
The policy has collected an unusual roster of supporters on and off the Hill. Those backers say it may infuse the domestic economy with about $1 trillion.
Econ Comments
Washington Post | Golden State blues
Brown’s plan for balancing the budget is to close about half of the deficit with reductions and fund shifts already approved and the rest by tax increases.
Blogs
NRO: The Agenda | Megan McArdle and Kevin Drum on the Impact of Marginal Tax Rates
If raising revenue is our goal, there are far less costly ways to do it, e.g., eliminating tax expenditures.
WSJ | Local Governments Hit as Tax Revenue Falters
The nation's economy is adding jobs and state finances are starting to mend. But for many local governments—the 89,000 cities, counties and school districts that provide the most-visible government services—more pain is coming.
Roll Call | Corporate Tax Holiday Bill Unites Foes
The policy has collected an unusual roster of supporters on and off the Hill. Those backers say it may infuse the domestic economy with about $1 trillion.
Econ Comments
Washington Post | Golden State blues
Brown’s plan for balancing the budget is to close about half of the deficit with reductions and fund shifts already approved and the rest by tax increases.
Blogs
NRO: The Agenda | Megan McArdle and Kevin Drum on the Impact of Marginal Tax Rates
If raising revenue is our goal, there are far less costly ways to do it, e.g., eliminating tax expenditures.
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