News
CNN Money | IRS monitor: $1 million phone scam 'largest ever'
If the phone rings and the caller says he represents the IRS, be suspicious. That's the warning from federal authorities, who on Thursday said a nationwide phone scam has stolen $1 million from thousands of unsuspecting people.
Friday, March 21, 2014
Employment
News
WSJ | Uneven Wage Gains Restrain Recovery
Wages are booming in some of the hottest segments of the economy, but those gains are masking an otherwise bleak picture for American incomes five years after the recession ended.
Econ Comments & Analysis
Fiscal Times | Long-Term Unemployed: The Ghosts of the Labor Market
In the years following the financial crisis, economists have been puzzled by a curious fact about the labor market in the U.S. With unemployment high – meaning there was an excess supply of labor – traditional models suggested that both wages and inflation should fall.
National Journal | Study: Long-Term Unemployed, If They Get a Job, More Likely to Leave Than Settle Into Labor Force
The situation for the long-term unemployed just keeps sounding worse. They're less likely to be called in for a job interview than someone who has been out of work for a shorter period of time, researchers found last year. And new research says that even if they get a job, their long unemployment spell is likely to continue hanging over them.
Wells Fargo | Labor Market Dynamics: Three Peeks Behind the Curtain
Behind the curtain awaits a wealth of data that provides decision makers a more sophisticated and much needed closer look at labor market dynamics.
Blogs
Heritage Foundation | How Many Layoffs Would a Higher Minimum Wage Lead To?
Bad news for minimum-wage workers: If President Obama succeeds in getting the federal minimum wage hiked to $10.10 an hour, some workers could lose their current jobs.
WSJ | Uneven Wage Gains Restrain Recovery
Wages are booming in some of the hottest segments of the economy, but those gains are masking an otherwise bleak picture for American incomes five years after the recession ended.
Econ Comments & Analysis
Fiscal Times | Long-Term Unemployed: The Ghosts of the Labor Market
In the years following the financial crisis, economists have been puzzled by a curious fact about the labor market in the U.S. With unemployment high – meaning there was an excess supply of labor – traditional models suggested that both wages and inflation should fall.
National Journal | Study: Long-Term Unemployed, If They Get a Job, More Likely to Leave Than Settle Into Labor Force
The situation for the long-term unemployed just keeps sounding worse. They're less likely to be called in for a job interview than someone who has been out of work for a shorter period of time, researchers found last year. And new research says that even if they get a job, their long unemployment spell is likely to continue hanging over them.
Wells Fargo | Labor Market Dynamics: Three Peeks Behind the Curtain
Behind the curtain awaits a wealth of data that provides decision makers a more sophisticated and much needed closer look at labor market dynamics.
Blogs
Heritage Foundation | How Many Layoffs Would a Higher Minimum Wage Lead To?
Bad news for minimum-wage workers: If President Obama succeeds in getting the federal minimum wage hiked to $10.10 an hour, some workers could lose their current jobs.
Budget
News
Bloomberg | U.S. Keeps AAA by Fitch, Outlook Raised on Debt Pact
The outlook on the U.S.’s AAA credit-ranking was raised to stable from negative by Fitch Ratings after Congress suspended the nation’s debt limit for more than a year, reducing the risk of a default, and as federal deficits decline.
Bloomberg | U.S. Keeps AAA by Fitch, Outlook Raised on Debt Pact
The outlook on the U.S.’s AAA credit-ranking was raised to stable from negative by Fitch Ratings after Congress suspended the nation’s debt limit for more than a year, reducing the risk of a default, and as federal deficits decline.
Thursday, March 20, 2014
General Economics
News
Bloomberg | Sales of Existing Homes in U.S. Fall to Lowest Since 2012
Purchases (ETSLTOTL) of previously owned homes in the U.S. declined in February to the lowest level since July 2012, a sign the industry may be slow to recover.
CNN Money | Western banks lend billions to Russia
Russian oligarchs, banks and corporations have been borrowing heavily from the West, underscoring the risks for both sides in escalating the Ukraine crisis.
Bloomberg | Leading Index Rises More Than Forecast Signaling U.S. Pickup
The index of U.S. leading indicators rose more than forecast in February, a sign the world’s largest economy will strengthen after a weather-induced slowdown in the first quarter.
WSJ | March Economic Polls Bode Ill for Democrats
Foreign policy was a relative strength for much of Mr. Obama's first term. No more. According to the latest NBC News/Wall Street Journal poll, Mr. Obama's disapproval rating on handling foreign affairs is 53%, the highest of his presidency. That number is likely to have grown since the poll was conducted 11 days ago—before Vladimir Putin's very public humiliation of Mr. Obama's weak reaction to his takeover of Crimea.
Econ Comments & Analysis
Investors | Judging Obama's Economy By His Own Promises
President Obama gave a speech recently in which he, as he almost always does, patted himself on the back for what he described as a solid record on the economy.
WSJ | A Gas Export Strategy
The latest excuse for not exporting America's domestic energy resources to reduce Vladimir Putin's political influence is that it's too late to save Crimea. The anti-fossil-fuel left always has a reason not to drill, but their argument this time defies economic logic.
Forbes | The War on Poverty Wasn't A Failure -- It Was A Catastrophe
Has the War on Poverty been a failure? Well, of course it has. If you devote 50 years and $21.5 trillion (in 4Q2013 dollars) to anything, and people are arguing about whether it was a success or a failure, then you can be sure that it was a failure.
WSJ | Free Isn't Easy for Higher Ed
Tennessee Gov. Bill Haslam wants every high-school graduate in his state to be able to attend a community or technical college free of charge, a goal he says will strengthen the workforce and attract investment.
Mercatus | About the Mercatus Center's Regulatory Cost Calculator
When regulatory agencies propose regulations, they request comments on the rules from parties that will be affected. Agencies ask stakeholders to comment on the extent of the problem agencies are solving, options for solving those problems, and the costs and benefits of the options.
AEI | A mobility agenda for the right
It’s no secret that opportunity in the U.S. is staggeringly low. Studies suggest that mobility is lower in America than in other developed countries, and according to the Pew Charitable Trusts 70 percent of children born into poverty here will not make it to the middle class.
Blogs
CATO | Government Infrastructure Is Inefficient Everywhere
An op-ed in the Wall Street Journal today indicates that Edwards’ Law of Cost Overruns is an international standard. If a politician says that a project will cost $100 million, it will end up costing $200 million or more.
Bloomberg | Sales of Existing Homes in U.S. Fall to Lowest Since 2012
Purchases (ETSLTOTL) of previously owned homes in the U.S. declined in February to the lowest level since July 2012, a sign the industry may be slow to recover.
CNN Money | Western banks lend billions to Russia
Russian oligarchs, banks and corporations have been borrowing heavily from the West, underscoring the risks for both sides in escalating the Ukraine crisis.
Bloomberg | Leading Index Rises More Than Forecast Signaling U.S. Pickup
The index of U.S. leading indicators rose more than forecast in February, a sign the world’s largest economy will strengthen after a weather-induced slowdown in the first quarter.
WSJ | March Economic Polls Bode Ill for Democrats
Foreign policy was a relative strength for much of Mr. Obama's first term. No more. According to the latest NBC News/Wall Street Journal poll, Mr. Obama's disapproval rating on handling foreign affairs is 53%, the highest of his presidency. That number is likely to have grown since the poll was conducted 11 days ago—before Vladimir Putin's very public humiliation of Mr. Obama's weak reaction to his takeover of Crimea.
Econ Comments & Analysis
Investors | Judging Obama's Economy By His Own Promises
President Obama gave a speech recently in which he, as he almost always does, patted himself on the back for what he described as a solid record on the economy.
WSJ | A Gas Export Strategy
The latest excuse for not exporting America's domestic energy resources to reduce Vladimir Putin's political influence is that it's too late to save Crimea. The anti-fossil-fuel left always has a reason not to drill, but their argument this time defies economic logic.
Forbes | The War on Poverty Wasn't A Failure -- It Was A Catastrophe
Has the War on Poverty been a failure? Well, of course it has. If you devote 50 years and $21.5 trillion (in 4Q2013 dollars) to anything, and people are arguing about whether it was a success or a failure, then you can be sure that it was a failure.
WSJ | Free Isn't Easy for Higher Ed
Tennessee Gov. Bill Haslam wants every high-school graduate in his state to be able to attend a community or technical college free of charge, a goal he says will strengthen the workforce and attract investment.
Mercatus | About the Mercatus Center's Regulatory Cost Calculator
When regulatory agencies propose regulations, they request comments on the rules from parties that will be affected. Agencies ask stakeholders to comment on the extent of the problem agencies are solving, options for solving those problems, and the costs and benefits of the options.
AEI | A mobility agenda for the right
It’s no secret that opportunity in the U.S. is staggeringly low. Studies suggest that mobility is lower in America than in other developed countries, and according to the Pew Charitable Trusts 70 percent of children born into poverty here will not make it to the middle class.
Blogs
CATO | Government Infrastructure Is Inefficient Everywhere
An op-ed in the Wall Street Journal today indicates that Edwards’ Law of Cost Overruns is an international standard. If a politician says that a project will cost $100 million, it will end up costing $200 million or more.
Health Care
News
National Journal | Congress Plans to Use Another Band-Aid for 'Doc Fix'
Congress intends to pass another short-term "doc fix" instead of the long-term solution physicians have been seeking for years, a House committee spokesman confirmed Wednesday.
National Journal | The Six States That Can't Decide on Medicaid Expansion
For the final six holdouts, the decision of whether to expand Medicaid under the Affordable Care Act has become a delicate tug-of-war between state officials and the federal government.
Washington Times | The White House wants feds to bail out insurers if they lose money on Obamacare
The Obama administration has taken a red pen to its signature health care reform law again — rewriting the measure without consulting Congress.
Econ Comments & Analysis
Washington Times | Obamacare is a Trojan horse for government-run health care starting in 2015
President Obama promised that we could keep our health care plans and our doctors, but he knew that was a lie. He pretended Obamacare was the endgame. That was also false.
Fortune | Medicare put on the brink, yet again
Next week, Congress will be racing against the clock to put a band-aid on an automatic measure that will significantly cut what doctors receive for treating Medicare patients.
National Journal | Congress Plans to Use Another Band-Aid for 'Doc Fix'
Congress intends to pass another short-term "doc fix" instead of the long-term solution physicians have been seeking for years, a House committee spokesman confirmed Wednesday.
National Journal | The Six States That Can't Decide on Medicaid Expansion
For the final six holdouts, the decision of whether to expand Medicaid under the Affordable Care Act has become a delicate tug-of-war between state officials and the federal government.
Washington Times | The White House wants feds to bail out insurers if they lose money on Obamacare
The Obama administration has taken a red pen to its signature health care reform law again — rewriting the measure without consulting Congress.
Econ Comments & Analysis
Washington Times | Obamacare is a Trojan horse for government-run health care starting in 2015
President Obama promised that we could keep our health care plans and our doctors, but he knew that was a lie. He pretended Obamacare was the endgame. That was also false.
Fortune | Medicare put on the brink, yet again
Next week, Congress will be racing against the clock to put a band-aid on an automatic measure that will significantly cut what doctors receive for treating Medicare patients.
Monetary
News
National Journal | How Janet Yellen Is Looking at the Economy
Don't look for daylight between Janet Yellen and her predecessor Ben Bernanke, the new Federal Reserve Board chair said Wednesday.
CNN Money | Fed moves economic goalposts
The Federal Reserve announced Wednesday that it will continue to gradually withdraw economic stimulus, but decided to move its goalposts for raising interest rates.
Econ Comments & Analysis
Real Clear Markets | A Few Key Takeaways from the March FOMC Meeting
The Federal Open Market Committee voted to further reduce their monthly securities purchases by an additional $10 billion, beginning in April.
Fiscal Times | Here’s What Janet Yellen Really Said About Rate Hikes - See more at: http://www.thefiscaltimes.com/Articles/2014/03/19/Here-s-What-Janet-Yellen-Really-Said-About-Rate-Hikes#sthash.1Czvy4Sh.dpuf
As expected, Yellen and the rest of the Federal Open Market Committee laid out new guidance for when the central bank’s policymakers might start to raise key short-term interest rates. The FOMC statement released Wednesday specified that rates would be kept where they are “for a considerable time” after the Fed’s monthly bond-buying program ends, likely late this year. At her press conference, Yellen clarified what considerable means: “around six months.” - See more at: http://www.thefiscaltimes.com/Articles/2014/03/19/Here-s-What-Janet-Yellen-Really-Said-About-Rate-Hikes#sthash.1Czvy4Sh.dpuf
Blogs
WSJ | Majority of Fed Officials Still Expect First Interest-Rate Hike in 2015
Most Federal Reserve officials continue to project that their first increase in interest rates will come in 2015, amid modest changes in their outlook for the economy.
WSJ | Fed Statement Following March Meeting
Information received since the Federal Open Market Committee met in January indicates that growth in economic activity slowed during the winter months, in part reflecting adverse weather conditions.
National Journal | How Janet Yellen Is Looking at the Economy
Don't look for daylight between Janet Yellen and her predecessor Ben Bernanke, the new Federal Reserve Board chair said Wednesday.
CNN Money | Fed moves economic goalposts
The Federal Reserve announced Wednesday that it will continue to gradually withdraw economic stimulus, but decided to move its goalposts for raising interest rates.
Econ Comments & Analysis
Real Clear Markets | A Few Key Takeaways from the March FOMC Meeting
The Federal Open Market Committee voted to further reduce their monthly securities purchases by an additional $10 billion, beginning in April.
Fiscal Times | Here’s What Janet Yellen Really Said About Rate Hikes - See more at: http://www.thefiscaltimes.com/Articles/2014/03/19/Here-s-What-Janet-Yellen-Really-Said-About-Rate-Hikes#sthash.1Czvy4Sh.dpuf
As expected, Yellen and the rest of the Federal Open Market Committee laid out new guidance for when the central bank’s policymakers might start to raise key short-term interest rates. The FOMC statement released Wednesday specified that rates would be kept where they are “for a considerable time” after the Fed’s monthly bond-buying program ends, likely late this year. At her press conference, Yellen clarified what considerable means: “around six months.” - See more at: http://www.thefiscaltimes.com/Articles/2014/03/19/Here-s-What-Janet-Yellen-Really-Said-About-Rate-Hikes#sthash.1Czvy4Sh.dpuf
Blogs
WSJ | Majority of Fed Officials Still Expect First Interest-Rate Hike in 2015
Most Federal Reserve officials continue to project that their first increase in interest rates will come in 2015, amid modest changes in their outlook for the economy.
WSJ | Fed Statement Following March Meeting
Information received since the Federal Open Market Committee met in January indicates that growth in economic activity slowed during the winter months, in part reflecting adverse weather conditions.
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