News
CNN: Money | Next congressional battle: Payroll taxes
With the super committee's failure, lawmakers are now facing a year-end legislative challenge that could have an outsized impact on the economy.
Blogs
Money Illusion | Christina Romer on Fiscal Policy
Her best evidence is a study that she did with David Romer, which examined two types of tax cuts; those done to boost the economy, and those done for other reasons, which can be viewed as “exogenous.”
Tuesday, November 22, 2011
Employment
News
WSJ | U.S. Firms Keen to Add Foreign Jobs
U.S.-based multinational corporations added 1.5 million workers to their payrolls in Asia and the Pacific region during the 2000s, and 477,500 workers in Latin America, while cutting payrolls at home by 864,000, the Commerce Department reported.
Econ Comments
RCM | Housing and Unemployment: The More Realistic Story
According to the USA Today account of Census Bureau statistics, only 11.6% of Americans changed their addresses from 2010 to 2011, "the lowest rate since the Census Bureau began collecting the statistics in 1948."
Forbes | Americans Need More Work And Less College
If the United States is really serious about competing with the work-centered countries of Asia, the key lies not in more government programs, but in restoring America’s own work-centered culture.
Blogs
Calculated Risk | State Unemployment Rates "little changed or slightly lower" in October
Thirty-six states and the District of Columbia recorded unemployment rate decreases, five states posted rate increases, and nine states had no rate change, the U.S. Bureau of Labor Statistics reported today.
WSJ | U.S. Firms Keen to Add Foreign Jobs
U.S.-based multinational corporations added 1.5 million workers to their payrolls in Asia and the Pacific region during the 2000s, and 477,500 workers in Latin America, while cutting payrolls at home by 864,000, the Commerce Department reported.
Econ Comments
RCM | Housing and Unemployment: The More Realistic Story
According to the USA Today account of Census Bureau statistics, only 11.6% of Americans changed their addresses from 2010 to 2011, "the lowest rate since the Census Bureau began collecting the statistics in 1948."
Forbes | Americans Need More Work And Less College
If the United States is really serious about competing with the work-centered countries of Asia, the key lies not in more government programs, but in restoring America’s own work-centered culture.
Blogs
Calculated Risk | State Unemployment Rates "little changed or slightly lower" in October
Thirty-six states and the District of Columbia recorded unemployment rate decreases, five states posted rate increases, and nine states had no rate change, the U.S. Bureau of Labor Statistics reported today.
Budget
News
Washington Times | MILLER: Supercommittee success
GOP focus on entitlement reform is a positive sign for the future.
Econ Comments
Bloomberg | Germany Sees No ‘Bazooka’ in Resolving Debt Crisis as Spanish Yields Surge
Germany rejected calls from allies and investors to do more to counter market turmoil as Spain’s financing costs surged and pressure mounted on Greek political leaders to submit written commitments to austerity measures.
WSJ | Why the Super Committee Failed
Democrats were unwilling to agree to anything less than $1 trillion in tax hikes, and unwilling to offer meaningful reforms for health-care entitlement spending.
National Journal | Toomey: We Were 'Never Very Close' to a Deal
Democrats and Republicans on the congressional super committee charged with finding $1.2 trillion in deficit reduction were “never very close” to a deal, despite several late proposals that looked like they could gain bipartisan support, said panel member Sen. Pat Toomey.
Blogs
Cato @ Liberty | It Goes Beyond the Supercommittee
Obama has proven himself clueless about economics from the time he first entered public life, as evidenced by the economic disaster surrounding him and his party.
Cato @ Liberty | American Politicians Should Copy Canada’s Leftist Government of the 1990s and Cap Spending
Since I’ve written before about Canada’s remarkable period of fiscal restraint during the 1990s, I was very pleased to see that the establishment press is finally giving some attention to what our northern neighbors did to reduce the burden of government spending.
Washington Times | MILLER: Supercommittee success
GOP focus on entitlement reform is a positive sign for the future.
Econ Comments
Bloomberg | Germany Sees No ‘Bazooka’ in Resolving Debt Crisis as Spanish Yields Surge
Germany rejected calls from allies and investors to do more to counter market turmoil as Spain’s financing costs surged and pressure mounted on Greek political leaders to submit written commitments to austerity measures.
WSJ | Why the Super Committee Failed
Democrats were unwilling to agree to anything less than $1 trillion in tax hikes, and unwilling to offer meaningful reforms for health-care entitlement spending.
National Journal | Toomey: We Were 'Never Very Close' to a Deal
Democrats and Republicans on the congressional super committee charged with finding $1.2 trillion in deficit reduction were “never very close” to a deal, despite several late proposals that looked like they could gain bipartisan support, said panel member Sen. Pat Toomey.
Blogs
Cato @ Liberty | It Goes Beyond the Supercommittee
Obama has proven himself clueless about economics from the time he first entered public life, as evidenced by the economic disaster surrounding him and his party.
Cato @ Liberty | American Politicians Should Copy Canada’s Leftist Government of the 1990s and Cap Spending
Since I’ve written before about Canada’s remarkable period of fiscal restraint during the 1990s, I was very pleased to see that the establishment press is finally giving some attention to what our northern neighbors did to reduce the burden of government spending.
Monday, November 21, 2011
General Economics
News
Market Watch | Existing-home sales up 1.4% in October
The National Association of Realtors on Monday said sales rose 1.4% to a seasonally adjusted annual rate of 4.97 million from 4.9 million in September.
CNBC | Economy for 2012 Likely to Grow Just 2.4%: NABE
The U.S. economy will muddle through the next year without a recession, but growth will be too weak to make much of a dent in the unemployment rate, forecasters believe.
CNN: Money | World markets slammed by bond warning
European stocks were getting slammed Monday, after Moody's Investors Service issued a dire warning on French bonds, and Asian markets were dampened by pessimistic remarks made by a high-ranking Chinese official.
Bloomberg | German Growth May Grind to Halt as Region’s Crisis Saps Exports: Economy
The Frankfurt-based central bank cut its 2012 growth forecast to between 0.5 percent and 1 percent from a June prediction of 1.8 percent, and said a “pronounced” period of economic weakness can’t be ruled out if the crisis worsens.
Econ Comments
Politico | Can economy wait til 2012 election?
President Barack Obama has now spent more than two months calling on Congress to pass his $447-billion jobs bill. The president insists it will, “provide our economy with the jolt it really needs right now."
Cato Institute | Unwise to Pin Much Hope on America in Global Free Trade
The clearest indication the administration had little interest in further trade deals was President Obama's quiet rejection of Senate Majority leader Mitch McConnell's September offer to give him Trade Promotion Authority, generally accepted as necessary for future trade negotiations to begin, let alone yield results.
Politico | Investors saw super committee failure, Zandi says
Mark Zandi, chief economist of Moody's Analytics, said Sunday there'll probably not be a significant financial market reaction to the supercommittee's failure to forge a deficit-reduction deal because expectations have been so low among investors.
Blogs
Calculated Risk | Chicago Fed: Economic activity up slightly in October
Led by improvements in production-related indicators, the Chicago Fed National Activity Index edged up to –0.13 in October from –0.20 in September.
Café Hayek | Your body and Keynesianism
The complex system known as the human body reminded me of macroeconomics–a complex system where correlation is often mistaken for causation, where omitted variables play a crucial role, where aggregates (such as total cholesterol) often mask more than they illuminate, and where policy recommendations often fail to achieve their purported goals without having anyone challenge the received dogma.
Econlog | Dinner with Tim Congdon
Congdon is dismayed by the politics in the U.S. concerning macroeconomic policy. What I think he is finding is that the people who are most concerned with unemployment happen to be the ones who believe that we are in a liquidity trap, and therefore that monetary policy is ineffective.
Reason Foundation | CBO: Stimulus Will Reduce Long Run Economic Performance
The effects of the Stimulus program are being debated, but the fact that the CBO recognizes the potential for all that money dumped into the economy becoming a drag in the long run implies at least their forecasting models recognize spending has to be productive in order for it to really lift the economy.
AEI | It’s Europe’s Economic Growth, Stupid
European policymakers are clinging to the forlorn hope that the eurozone crisis can readily be defused by putting in place national unity governments in Greece and Italy.
WSJ: Real Time Economics | Uptick in Household Income: Trend or Hiccup?
American households saw their income edge up in September from August, according to a new report out Monday, but it isn’t clear whether the uptick , if sustained, would make a difference amid a tepid economic recovery vulnerable to risks at home and abroad.
Café Hayek | The cause of the crisis
One standard narrative of the cause of the financial crisis coming from people generally on the left is that a free-market ideology blinded policy-makers. They foolishly followed a policy of deregulation that allowed banks to run amok. And calls for regulation, such as attempts to regulate the derivative market, were ignored.
NCPA | U.S. Bank Exposure to Europe: De Minimus
These stats and commentary on U.S. bank exposure to European debt were provided by a friend of mine, Michael Durante, a hedge fund guy who specializes in large U.S.
WSJ: Real Time Economics | Secondary Sources: Billionaires and Taxes, Jobs Gap, Call to Central Bank Action
A roundup of economic news from around the Web.
Reports
Wells Fargo | Weekly Economic & Financial Commentary
Economic growth in the fourth quarter appears to be off to a good start. Retail sales rose 0.5 percent in October with nearly broad-based gains. Core retail sales, which exclude autos, food, gasoline and building materials, rose 0.6 percent and are up 5.7 percent on a three-month annualized basis.
Market Watch | Existing-home sales up 1.4% in October
The National Association of Realtors on Monday said sales rose 1.4% to a seasonally adjusted annual rate of 4.97 million from 4.9 million in September.
CNBC | Economy for 2012 Likely to Grow Just 2.4%: NABE
The U.S. economy will muddle through the next year without a recession, but growth will be too weak to make much of a dent in the unemployment rate, forecasters believe.
CNN: Money | World markets slammed by bond warning
European stocks were getting slammed Monday, after Moody's Investors Service issued a dire warning on French bonds, and Asian markets were dampened by pessimistic remarks made by a high-ranking Chinese official.
Bloomberg | German Growth May Grind to Halt as Region’s Crisis Saps Exports: Economy
The Frankfurt-based central bank cut its 2012 growth forecast to between 0.5 percent and 1 percent from a June prediction of 1.8 percent, and said a “pronounced” period of economic weakness can’t be ruled out if the crisis worsens.
Econ Comments
Politico | Can economy wait til 2012 election?
President Barack Obama has now spent more than two months calling on Congress to pass his $447-billion jobs bill. The president insists it will, “provide our economy with the jolt it really needs right now."
Cato Institute | Unwise to Pin Much Hope on America in Global Free Trade
The clearest indication the administration had little interest in further trade deals was President Obama's quiet rejection of Senate Majority leader Mitch McConnell's September offer to give him Trade Promotion Authority, generally accepted as necessary for future trade negotiations to begin, let alone yield results.
Politico | Investors saw super committee failure, Zandi says
Mark Zandi, chief economist of Moody's Analytics, said Sunday there'll probably not be a significant financial market reaction to the supercommittee's failure to forge a deficit-reduction deal because expectations have been so low among investors.
Blogs
Calculated Risk | Chicago Fed: Economic activity up slightly in October
Led by improvements in production-related indicators, the Chicago Fed National Activity Index edged up to –0.13 in October from –0.20 in September.
Café Hayek | Your body and Keynesianism
The complex system known as the human body reminded me of macroeconomics–a complex system where correlation is often mistaken for causation, where omitted variables play a crucial role, where aggregates (such as total cholesterol) often mask more than they illuminate, and where policy recommendations often fail to achieve their purported goals without having anyone challenge the received dogma.
Econlog | Dinner with Tim Congdon
Congdon is dismayed by the politics in the U.S. concerning macroeconomic policy. What I think he is finding is that the people who are most concerned with unemployment happen to be the ones who believe that we are in a liquidity trap, and therefore that monetary policy is ineffective.
Reason Foundation | CBO: Stimulus Will Reduce Long Run Economic Performance
The effects of the Stimulus program are being debated, but the fact that the CBO recognizes the potential for all that money dumped into the economy becoming a drag in the long run implies at least their forecasting models recognize spending has to be productive in order for it to really lift the economy.
AEI | It’s Europe’s Economic Growth, Stupid
European policymakers are clinging to the forlorn hope that the eurozone crisis can readily be defused by putting in place national unity governments in Greece and Italy.
WSJ: Real Time Economics | Uptick in Household Income: Trend or Hiccup?
American households saw their income edge up in September from August, according to a new report out Monday, but it isn’t clear whether the uptick , if sustained, would make a difference amid a tepid economic recovery vulnerable to risks at home and abroad.
Café Hayek | The cause of the crisis
One standard narrative of the cause of the financial crisis coming from people generally on the left is that a free-market ideology blinded policy-makers. They foolishly followed a policy of deregulation that allowed banks to run amok. And calls for regulation, such as attempts to regulate the derivative market, were ignored.
NCPA | U.S. Bank Exposure to Europe: De Minimus
These stats and commentary on U.S. bank exposure to European debt were provided by a friend of mine, Michael Durante, a hedge fund guy who specializes in large U.S.
WSJ: Real Time Economics | Secondary Sources: Billionaires and Taxes, Jobs Gap, Call to Central Bank Action
A roundup of economic news from around the Web.
Reports
Wells Fargo | Weekly Economic & Financial Commentary
Economic growth in the fourth quarter appears to be off to a good start. Retail sales rose 0.5 percent in October with nearly broad-based gains. Core retail sales, which exclude autos, food, gasoline and building materials, rose 0.6 percent and are up 5.7 percent on a three-month annualized basis.
Health Care
Blogs
Heritage Foundation | In Michigan, Obamacare is Already a Job-Killer
While the White House continues its rhetoric on job creation, the job-killing effects of Obamacare are already taking effect. One provision of the law, its tax on medical device manufacturers, is already having a detrimental impact on a Michigan-based manufacturer.
Heritage Foundation | House Subcommittee Reveals Obamacare’s Flaws for Taxpayers, Small Business
A recent Gallup poll revealed that 47 percent of Americans—a plurality—support repeal of Obamacare. While the reasons for the law’s unpopularity are limitless, its broken CLASS program and unsuccessful small business tax credit may play a role.
Heritage Foundation | In Michigan, Obamacare is Already a Job-Killer
While the White House continues its rhetoric on job creation, the job-killing effects of Obamacare are already taking effect. One provision of the law, its tax on medical device manufacturers, is already having a detrimental impact on a Michigan-based manufacturer.
Heritage Foundation | House Subcommittee Reveals Obamacare’s Flaws for Taxpayers, Small Business
A recent Gallup poll revealed that 47 percent of Americans—a plurality—support repeal of Obamacare. While the reasons for the law’s unpopularity are limitless, its broken CLASS program and unsuccessful small business tax credit may play a role.
Monetary
News
Market Watch | Dollar rises to six-week high
Supercommittee deadlock, China warning dent risk appetite.
Market Watch | China to make yuan more flexible: report
The comments do not signal an imminent expansion of the yuan’s daily trading band, but they demonstrate that Wen intends to introduce two-way fluctuations to the yuan as a means of limiting the perception that the currency could only appreciate.
Econ Comments
WSJ | Bailout of First Resort
Europe's central bank can't save spendthrift governments.
NY Times | Central Bankers: Stop Dithering. Do Something
The right thing to do right now is for the Federal Reserve and the European Central Bank to engage in further monetary stimulus.
Market Watch | Dollar rises to six-week high
Supercommittee deadlock, China warning dent risk appetite.
Market Watch | China to make yuan more flexible: report
The comments do not signal an imminent expansion of the yuan’s daily trading band, but they demonstrate that Wen intends to introduce two-way fluctuations to the yuan as a means of limiting the perception that the currency could only appreciate.
Econ Comments
WSJ | Bailout of First Resort
Europe's central bank can't save spendthrift governments.
NY Times | Central Bankers: Stop Dithering. Do Something
The right thing to do right now is for the Federal Reserve and the European Central Bank to engage in further monetary stimulus.
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