News
Market Watch | U.S. jobless claims fall 21,000 to 283,000
The number of people who applied for unemployment benefits sank by 21,000 to 283,000 in the seven days from Feb. 8 to Feb. 14, signaling that layoffs remain low and the pace of the hiring in the U.S. is still strong.
Market Watch | Germany rejects Greece's loan-extension proposal
Germany has rejected Greece's request for a six-month loan-extension agreement, saying the letter is not a "a substantial proposal" for a solution.". The Greek government earlier on Thursday submitted its loan proposal, but made clear it wouldn't accept all the strict austerity measures required under the current bailout program.
Econ Comments & Analysis
White House - Council of Economic Advisers | The 2015 Economic Report of the President
This morning, the Council of Economic Advisers released the 69th-annual Economic Report of the President, which reviews the United States’ accelerating recovery and ways to further support middle-class families as the recovery continues.
New York Times | Inequality Has Actually Not Risen Since the Financial Crisis
The notion that income inequality has continued to rise over the past decade is part of the conventional wisdom. You’ve no doubt heard versions: The rich just keep getting richer. Inequality is higher than ever. Nearly all of the gains from the economic recovery have gone to the top 1 percent.
Reason | No Gatekeepers
For years, people assumed encyclopedias had to be created by professionals. Then Wikipedia founder Jimmy Wales attempted to create an encyclopedia without central planners.
Thursday, February 19, 2015
Health Care
Econ Comments & Analysis
Urban Institute | Health Care Spending by Those Becoming Uninsured if the Supreme Court Finds for the Plaintiff in King v. Burwell Would Fall by at Least 35 Percent
If King v. Burwell is decided in favor of the plaintiff, additional coverage resulting from the ACA’s premium tax credits would be reversed, and some of those purchasing nongroup insurance fully with their own funds would become uninsured due to large increases in premiums.
Investors.com | 11.4 Million ObamaCare Signups Is No Big Deal - Just Ask Obama
The Obama Administration says more than 11 million signed up for ObamaCare this year. Should anyone believe this number?
Forbes | Should Employers Be Required To Provide Health Insurance To Their Employees?
The Obamacare mandate for large employers kicks in this year and for smaller employers it kicks in next year. But an increasing number of economists – both on the right and the left — are saying that mandated health insurance benefits at the work place are a bad idea. Are they right?
Urban Institute | Health Care Spending by Those Becoming Uninsured if the Supreme Court Finds for the Plaintiff in King v. Burwell Would Fall by at Least 35 Percent
If King v. Burwell is decided in favor of the plaintiff, additional coverage resulting from the ACA’s premium tax credits would be reversed, and some of those purchasing nongroup insurance fully with their own funds would become uninsured due to large increases in premiums.
Investors.com | 11.4 Million ObamaCare Signups Is No Big Deal - Just Ask Obama
The Obama Administration says more than 11 million signed up for ObamaCare this year. Should anyone believe this number?
Forbes | Should Employers Be Required To Provide Health Insurance To Their Employees?
The Obamacare mandate for large employers kicks in this year and for smaller employers it kicks in next year. But an increasing number of economists – both on the right and the left — are saying that mandated health insurance benefits at the work place are a bad idea. Are they right?
Monetary
Econ Comments & Analysis
Bloomberg | Did the Fed Just Enter the Currency Wars?
Policy makers pointed to the dollar’s rising value as “a persistent source of restraint” on exports in a surprisingly dovish set of minutes published Wednesday. The greenback fell against a broad group of its peers.
Real Clear Markets | Negative Rates: A New Economic Mystery
To the long list of economic mysteries can now be added interest rates. They've been at rock bottom, as everyone knows. But now we've encountered something novel: negative interest rates. Lenders are actually paying for the privilege of allowing someone to borrow their money. It's occurring outside the United States, and the Federal Reserve's next move is expected to be raising rates. Still, there's no ironclad reason it couldn't happen here.
Market Watch | Fed majority rejects near-term interest-rate hike
“Many” said a premature rate hike would harm the recovery, while only “several” thought a later move would risk high inflation, according to the minutes of the Jan. 27-28 meeting.
Forbes | Even The Fed Can't Decide What 'Data Dependent' Really Means
The Federal Reserve released its official account of the Federal Open Market Committee’s January meeting Wednesday. The minutes show considerable debate about the timing of interest rate hikes with members highlighting the dangers of raising interest rates too soon as well as the dangers of hiking too late.
Bloomberg | Did the Fed Just Enter the Currency Wars?
Policy makers pointed to the dollar’s rising value as “a persistent source of restraint” on exports in a surprisingly dovish set of minutes published Wednesday. The greenback fell against a broad group of its peers.
Real Clear Markets | Negative Rates: A New Economic Mystery
To the long list of economic mysteries can now be added interest rates. They've been at rock bottom, as everyone knows. But now we've encountered something novel: negative interest rates. Lenders are actually paying for the privilege of allowing someone to borrow their money. It's occurring outside the United States, and the Federal Reserve's next move is expected to be raising rates. Still, there's no ironclad reason it couldn't happen here.
Market Watch | Fed majority rejects near-term interest-rate hike
“Many” said a premature rate hike would harm the recovery, while only “several” thought a later move would risk high inflation, according to the minutes of the Jan. 27-28 meeting.
Forbes | Even The Fed Can't Decide What 'Data Dependent' Really Means
The Federal Reserve released its official account of the Federal Open Market Committee’s January meeting Wednesday. The minutes show considerable debate about the timing of interest rate hikes with members highlighting the dangers of raising interest rates too soon as well as the dangers of hiking too late.
Employment
Econ Comments & Analysis
Market Watch | Breaking down who earns the minimum wage
It’s an item that President Barack Obama has been pushing for, and what Wal-Mart Stores has just helped move along — the lifting of the minimum raise.
USA Today | Retirement: Boomers want to keep working - if they can
George Fraser has had a hugely successful life. At 70, the former corporate executive is a successful author and speaker, traveling 200 days out of the year and logging 250,000 air miles. And he has absolutely no intention of retiring.
Forbes | Sorry, But San Francisco Does Not Prove It's Safe To Raise The Minimum Wage
It has been claimed that the strong job growth in San Francisco is evidence that raising the minimum wage does not hurt employment. San Francisco has long had a higher minimum wage than the federal one, with inflation indexing to keep it rising, and San Francisco’s job market seems quite healthy.
Forbes | More Than One In 10 American Workers Unemployed Or Underemployed
There has been much discussion about the unemployment rate and its accuracy. The unemployment rate has fallen to 5.7% from double-digit highs during the Great Recession. But Gallup’s CEO called the unemployment rate a big lie, estimating that as many as 30 million Americans are out of work or underemployed.
Market Watch | Breaking down who earns the minimum wage
It’s an item that President Barack Obama has been pushing for, and what Wal-Mart Stores has just helped move along — the lifting of the minimum raise.
USA Today | Retirement: Boomers want to keep working - if they can
George Fraser has had a hugely successful life. At 70, the former corporate executive is a successful author and speaker, traveling 200 days out of the year and logging 250,000 air miles. And he has absolutely no intention of retiring.
Forbes | Sorry, But San Francisco Does Not Prove It's Safe To Raise The Minimum Wage
It has been claimed that the strong job growth in San Francisco is evidence that raising the minimum wage does not hurt employment. San Francisco has long had a higher minimum wage than the federal one, with inflation indexing to keep it rising, and San Francisco’s job market seems quite healthy.
Forbes | More Than One In 10 American Workers Unemployed Or Underemployed
There has been much discussion about the unemployment rate and its accuracy. The unemployment rate has fallen to 5.7% from double-digit highs during the Great Recession. But Gallup’s CEO called the unemployment rate a big lie, estimating that as many as 30 million Americans are out of work or underemployed.
Wednesday, February 18, 2015
General Economics
News
Market Watch | U.S. housing starts dip in January to 1.07 million annual rate
Construction on new U.S. homes dropped 2% in January to an annual rate of 1.07 million units, as heavy snowfall hindered builders in some regions such as the Midwest and Northeast. Permits also declined slightly but indicated that the pace of construction is likely to remain at or near current levels heading into the spring, according to Commerce Department data issued Wednesday.
Market Watch | U.S. producer prices tumble 0.8% in January on lower energy costs
U.S. wholesale prices posted a record 0.8% decline in January after an unprecedented drop in energy costs, the Labor Department said Wednesday.
Market Watch | Industrial production rises 0.2% in January
Industrial production rose a seasonally adjusted 0.2% in January, the Federal Reserve said Wednesday.
Wall Street Journal | Americans Borrowing More, but Fissures Appear
Americans are for the most part taking on new loans carefully, yet a rise in late payments on two fast-growing types of debt—auto and student loans—suggest some consumers could be getting in over their heads.
Econ Comments & Analysis
Bloomberg | Greece Seeks Concessions in Later Loan Extension Request
Greece will submit its request for a six-month loan extension to the euro-area Thursday, a day later than originally planned, according to a government official.
Real Clear Markets | The U.S. Economic Recovery Still Has a Lot of Upside
Are we nearing full employment and will the Fed soon be tightening policy? The government's latest employment report was the best in many years. Payroll employment rose by over a million during the past three months, with strong job gains in the preliminary data for January and large upward revisions in the previous estimates for November and December. Based on this surge in labor input, it is a good bet that the preliminary estimate of the fourth quarter's GDP will be revised upward as well.
Economics 21 | Falling Oil Prices Yield a Barrel of Nonsense
Wait until next month, economists said. That's when consumers will spend their bonus savings from lower gas prices.
Market Watch | Why the U.S. will have to bail out Greece
Fighting has flared up again in the Ukraine. The Egyptians are sending soldiers into Libya as another North African state collapses into chaos. The militants of Islamic State are spreading their influence across the region. You’d think Barack Obama might have bigger foreign policy issues to worry about than a small state of 10 million people on the eastern edges of the Mediterranean.
Market Watch | U.S. housing starts dip in January to 1.07 million annual rate
Construction on new U.S. homes dropped 2% in January to an annual rate of 1.07 million units, as heavy snowfall hindered builders in some regions such as the Midwest and Northeast. Permits also declined slightly but indicated that the pace of construction is likely to remain at or near current levels heading into the spring, according to Commerce Department data issued Wednesday.
Market Watch | U.S. producer prices tumble 0.8% in January on lower energy costs
U.S. wholesale prices posted a record 0.8% decline in January after an unprecedented drop in energy costs, the Labor Department said Wednesday.
Market Watch | Industrial production rises 0.2% in January
Industrial production rose a seasonally adjusted 0.2% in January, the Federal Reserve said Wednesday.
Wall Street Journal | Americans Borrowing More, but Fissures Appear
Americans are for the most part taking on new loans carefully, yet a rise in late payments on two fast-growing types of debt—auto and student loans—suggest some consumers could be getting in over their heads.
Econ Comments & Analysis
Bloomberg | Greece Seeks Concessions in Later Loan Extension Request
Greece will submit its request for a six-month loan extension to the euro-area Thursday, a day later than originally planned, according to a government official.
Real Clear Markets | The U.S. Economic Recovery Still Has a Lot of Upside
Are we nearing full employment and will the Fed soon be tightening policy? The government's latest employment report was the best in many years. Payroll employment rose by over a million during the past three months, with strong job gains in the preliminary data for January and large upward revisions in the previous estimates for November and December. Based on this surge in labor input, it is a good bet that the preliminary estimate of the fourth quarter's GDP will be revised upward as well.
Economics 21 | Falling Oil Prices Yield a Barrel of Nonsense
Wait until next month, economists said. That's when consumers will spend their bonus savings from lower gas prices.
Market Watch | Why the U.S. will have to bail out Greece
Fighting has flared up again in the Ukraine. The Egyptians are sending soldiers into Libya as another North African state collapses into chaos. The militants of Islamic State are spreading their influence across the region. You’d think Barack Obama might have bigger foreign policy issues to worry about than a small state of 10 million people on the eastern edges of the Mediterranean.
Health Care
Econ Comments & Analysis
Forbes | Contra White House, Obamacare Exchanges Enroll Roughly 5 Million Uninsured, Not 11.4 Million
Last night, the White House tweeted that “about 11.4 million Americans are signed up for private health coverage” through Obamacare’s insurance exchanges. President Obama claims that this figure proves that his health law is working. But once you unravel the spin, what the latest numbers show is that the pace of enrollment in Obamacare’s exchanges has slowed down by more than half. If previous trends hold, Obamacare exchanges have enrolled roughly 5 million previously uninsured individuals: a far cry from 11.4 million.
Forbes | Contra White House, Obamacare Exchanges Enroll Roughly 5 Million Uninsured, Not 11.4 Million
Last night, the White House tweeted that “about 11.4 million Americans are signed up for private health coverage” through Obamacare’s insurance exchanges. President Obama claims that this figure proves that his health law is working. But once you unravel the spin, what the latest numbers show is that the pace of enrollment in Obamacare’s exchanges has slowed down by more than half. If previous trends hold, Obamacare exchanges have enrolled roughly 5 million previously uninsured individuals: a far cry from 11.4 million.
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