Blogs
CATO | New Hampshire’s Governor vs. Kids and Taxpayers
In her budget address before the legislature last Thursday, New Hampshire Governor Maggie Hassan pledged to repeal the nascent Opportunity Scholarship Act (OSA). The law grants tax credits to businesses that help low- and middle-income students afford independent and home schooling.
Heritage Foundation | Simpson–Bowles Redux: Another $600 Billion Tax Increase
Erskine Bowles and Alan Simpson, former co-chairs of the 2010 White House deficit-reduction panel whose plan failed, released an outline for a new proposal on their own today. A Bipartisan Path Forward to Securing America’s Future lacks any significant details but does include a $600 billion tax increase in addition to the $618 billion already being raised from the fiscal cliff deal.
Wednesday, February 20, 2013
Employment
News
CNN Money | Unemployed would lose benefits if federal budget cuts go through
The long-term unemployed can kiss goodbye almost 10% of their weekly jobless benefits if federal budget cuts go into effect on March 1.
Econ Comments & Analysis
Washington Times | How Obama’s minimum wage proposal will kill jobs
President Obama’s turns at self-congratulation during his State of the Union address last week might pass without notice, if he hadn’t advertised our “economic recovery.” When he took office in January 2009, the unemployment rate had reached a limping 7.9 percent. Now, four years and more than $1 trillion in stimulus spending later, it’s a much cheerier 7.8 percent.
CNN Money | Unemployed would lose benefits if federal budget cuts go through
The long-term unemployed can kiss goodbye almost 10% of their weekly jobless benefits if federal budget cuts go into effect on March 1.
Econ Comments & Analysis
Washington Times | How Obama’s minimum wage proposal will kill jobs
President Obama’s turns at self-congratulation during his State of the Union address last week might pass without notice, if he hadn’t advertised our “economic recovery.” When he took office in January 2009, the unemployment rate had reached a limping 7.9 percent. Now, four years and more than $1 trillion in stimulus spending later, it’s a much cheerier 7.8 percent.
Budget
News
WSJ | Rhetoric Turns Harsh as Budget Cuts Loom
With less than two weeks to go before the latest fiscal face-off, rhetoric heated up Tuesday as the political parties exchanged fire over whom to blame if looming spending cuts take effect.
Econ Comments & Analysis
WSJ | The President Is Raging Against a Budget Crisis He Created
A week from now, a dramatic new federal policy is set to go into effect that threatens U.S. national security, thousands of jobs and more. In a bit of irony, President Obama stood Tuesday with first responders who could lose their jobs if the policy goes into effect.
Blogs
Heritage Foundation | Small Business Owners to Congress: Fix the Debt with Entitlement Reform
The National Small Business Association’s economic report finds, “The growing national debt is the number one thing small businesses thin[k] Congress and the administration should address.” Small businesses employ the majority of American workers and are vital to the innovation that grows the American economy.
WSJ | Rhetoric Turns Harsh as Budget Cuts Loom
With less than two weeks to go before the latest fiscal face-off, rhetoric heated up Tuesday as the political parties exchanged fire over whom to blame if looming spending cuts take effect.
Econ Comments & Analysis
WSJ | The President Is Raging Against a Budget Crisis He Created
A week from now, a dramatic new federal policy is set to go into effect that threatens U.S. national security, thousands of jobs and more. In a bit of irony, President Obama stood Tuesday with first responders who could lose their jobs if the policy goes into effect.
Blogs
Heritage Foundation | Small Business Owners to Congress: Fix the Debt with Entitlement Reform
The National Small Business Association’s economic report finds, “The growing national debt is the number one thing small businesses thin[k] Congress and the administration should address.” Small businesses employ the majority of American workers and are vital to the innovation that grows the American economy.
Tuesday, February 19, 2013
General Economics
News
Bloomberg | Homebuilder Confidence in U.S. Unexpectedly Fell in February
Confidence among U.S. homebuilders unexpectedly dropped in February from a more than six-year high, a sign the real-estate market will take time to accelerate.
CNN Money | 32 days of higher gas prices comes at tough time
Gas prices have risen for 32 days straight, according to AAA. That means that the average price for a gallon of regular unleaded gasoline has increased more than 13% over that period to $3.73.
Bloomberg | German Investor Confidence Surges to Three-Year High: Economy
German investor confidence jumped more than economists forecast in February to the highest in almost three years, adding to signs that Europe’s largest economy is rebounding from its slump.
Market Watch | Goldman: Recession risks looks much lower now
Downside risks to the U.S. economy have diminished in recent months, with data points providing some bright spots and reducing the possibility that the economy will slip into a renewed recession, Goldman Sachs' top economist Jan Hatzius said in a note dated February 17.
Bloomberg | Energy Future Reports $1.95 Billion Quarterly Loss
Energy Future Holdings Corp., the Texas power plant owner taken private in the biggest leveraged buyout in history, reported a $1.95 billion fourth-quarter loss as lower prices forced a writedown in the value of an electricity unit.
Washington Times | Foreclosure delays: D.C., Maryland keeping homes but losing value
For homeowners in Washington, D.C., Maryland and dozens of other jurisdictions, it’s getting harder and harder to lose a home to foreclosure — even if the owner has not made any mortgage payments.
CNN Money | The wealthy haven't recovered from the Great Recession (but they're doing way better than you)
The top 1% of America's earners saw their average income rise by 11% during the economic recovery, but hold the Dom Perignon.
Econ Comments & Analysis
Washington Times | More government control equals poorer nations
The United Kingdom, France and the United States do not have a credible plan to bring their deficits down to a level below realistic expected growth rates, which is what is needed to avoid a financial meltdown. The three governments have what they politely call a “moving target” for spending, deficits and economic growth. The moving target is one that never gets any closer.
Fortune | The U.S.'s $4.4 billion surplus with China
Halfway between Las Vegas and Los Angeles, the Tanger outlet mall appeared in the distance, its towering sign beckoning like an oasis. The people on our bus started to titter with excitement. I was sitting with 52 Chinese tourists, mostly elderly retirees from Shanghai, and very few of them spoke English. But as we pulled into the mall's parking lot, they leaned up against the windows and called out familiar words: "Polo! Tommy! Reebok!"
Washington Post | Janet Yellen explains our crummy recovery in three charts
Yellen’s core question is simple: “deeper recessions are usually followed by stronger-than-average recoveries.” But “this recovery has been significantly weaker than past experience would have predicted.” Why?
Washington Post | Growing wealthy on the farm
In addition to a great football game, this year’s Super Bowl audience witnessed a memorable paean to the hardworking American farmer: a Dodge commercial featuring the recorded gravelly tones of the late Paul Harvey. Farm-state politicians were quick to exploit it: Sen. Charles E. Grassley (R-Iowa) told reporters he “hope[s] the people of America will wake up and appreciate the family farmers of America.”
Blogs
FOX Business | Obama's Backwards Approach to the Middle Class
The problem with the media is that they get tired of stories and just want to move on. For example, take unemployment- the fact that this has been the worst recovery for jobs on record is something the media just can't get all that interested in.
Economist | A simple model of growth crises
Well, there are plenty of ways for an economy in China's position to fail. One, and this may be Mr Cowen's worry, is to squander resources needed to secure future growth. China, in other words, may be misdirecting investment in an effort to prop up growth, leading to a corresponding underinvestment in public goods needed to maintain future growth and development.
Bloomberg | Homebuilder Confidence in U.S. Unexpectedly Fell in February
Confidence among U.S. homebuilders unexpectedly dropped in February from a more than six-year high, a sign the real-estate market will take time to accelerate.
CNN Money | 32 days of higher gas prices comes at tough time
Gas prices have risen for 32 days straight, according to AAA. That means that the average price for a gallon of regular unleaded gasoline has increased more than 13% over that period to $3.73.
Bloomberg | German Investor Confidence Surges to Three-Year High: Economy
German investor confidence jumped more than economists forecast in February to the highest in almost three years, adding to signs that Europe’s largest economy is rebounding from its slump.
Market Watch | Goldman: Recession risks looks much lower now
Downside risks to the U.S. economy have diminished in recent months, with data points providing some bright spots and reducing the possibility that the economy will slip into a renewed recession, Goldman Sachs' top economist Jan Hatzius said in a note dated February 17.
Bloomberg | Energy Future Reports $1.95 Billion Quarterly Loss
Energy Future Holdings Corp., the Texas power plant owner taken private in the biggest leveraged buyout in history, reported a $1.95 billion fourth-quarter loss as lower prices forced a writedown in the value of an electricity unit.
Washington Times | Foreclosure delays: D.C., Maryland keeping homes but losing value
For homeowners in Washington, D.C., Maryland and dozens of other jurisdictions, it’s getting harder and harder to lose a home to foreclosure — even if the owner has not made any mortgage payments.
CNN Money | The wealthy haven't recovered from the Great Recession (but they're doing way better than you)
The top 1% of America's earners saw their average income rise by 11% during the economic recovery, but hold the Dom Perignon.
Econ Comments & Analysis
Washington Times | More government control equals poorer nations
The United Kingdom, France and the United States do not have a credible plan to bring their deficits down to a level below realistic expected growth rates, which is what is needed to avoid a financial meltdown. The three governments have what they politely call a “moving target” for spending, deficits and economic growth. The moving target is one that never gets any closer.
Fortune | The U.S.'s $4.4 billion surplus with China
Halfway between Las Vegas and Los Angeles, the Tanger outlet mall appeared in the distance, its towering sign beckoning like an oasis. The people on our bus started to titter with excitement. I was sitting with 52 Chinese tourists, mostly elderly retirees from Shanghai, and very few of them spoke English. But as we pulled into the mall's parking lot, they leaned up against the windows and called out familiar words: "Polo! Tommy! Reebok!"
Washington Post | Janet Yellen explains our crummy recovery in three charts
Yellen’s core question is simple: “deeper recessions are usually followed by stronger-than-average recoveries.” But “this recovery has been significantly weaker than past experience would have predicted.” Why?
Washington Post | Growing wealthy on the farm
In addition to a great football game, this year’s Super Bowl audience witnessed a memorable paean to the hardworking American farmer: a Dodge commercial featuring the recorded gravelly tones of the late Paul Harvey. Farm-state politicians were quick to exploit it: Sen. Charles E. Grassley (R-Iowa) told reporters he “hope[s] the people of America will wake up and appreciate the family farmers of America.”
Blogs
FOX Business | Obama's Backwards Approach to the Middle Class
The problem with the media is that they get tired of stories and just want to move on. For example, take unemployment- the fact that this has been the worst recovery for jobs on record is something the media just can't get all that interested in.
Economist | A simple model of growth crises
Well, there are plenty of ways for an economy in China's position to fail. One, and this may be Mr Cowen's worry, is to squander resources needed to secure future growth. China, in other words, may be misdirecting investment in an effort to prop up growth, leading to a corresponding underinvestment in public goods needed to maintain future growth and development.
Health Care
News
FOX Business | Health Insurers Sell Off on Medicare Advantage Rate Proposal
Shares of major health insurers like Humana and UnitedHealth tumbled Tuesday morning in response to a new U.S. proposal to set 2014 Medicare Advantage rates at lower levels than the industry had been bracing for.
Bloomberg | Medicare Drug Costs to Be Reduced for Seniors, U.S. Says
Elderly and disabled patients enrolled in Medicare will for the first time receive an annual reduction in out-of-pocket costs for drugs, the government announced.
Econ Comments & Analysis
WSJ | The Coming Failure of 'Accountable Care'
Spurred by the Affordable Care Act, hundreds of pilot programs called Accountable Care Organizations have been launched over the past year, affecting tens of millions on Medicare and many who have commercial health insurance.
FOX Business | Health Insurers Sell Off on Medicare Advantage Rate Proposal
Shares of major health insurers like Humana and UnitedHealth tumbled Tuesday morning in response to a new U.S. proposal to set 2014 Medicare Advantage rates at lower levels than the industry had been bracing for.
Bloomberg | Medicare Drug Costs to Be Reduced for Seniors, U.S. Says
Elderly and disabled patients enrolled in Medicare will for the first time receive an annual reduction in out-of-pocket costs for drugs, the government announced.
Econ Comments & Analysis
WSJ | The Coming Failure of 'Accountable Care'
Spurred by the Affordable Care Act, hundreds of pilot programs called Accountable Care Organizations have been launched over the past year, affecting tens of millions on Medicare and many who have commercial health insurance.
Monetary
News
Bloomberg | A Valuable U.S. Export: Banking Regulations
By this point in the economic recovery, the biggest U.S. banks had expected the pressure from regulators to abate. In the aftermath of a major financial crisis, there is usually a turn toward tighter rules, and banks naturally build up their equity buffers after near-death experiences.
Econ Comments & Analysis
Market Watch | G-20 moving against ‘competitive devaluation’
The Group of 20 finance ministers and central bank governors on Saturday pledged to monitor negative currency spillovers to other countries caused by monetary policies implemented for domestic purposes.
WSJ | 'Loose Talk' and Loose Money
The main message out of the Group of 20 nations meeting in Moscow on the weekend boils down to this: Countries can continue to devalue their currencies so long as they don't explicitly say they want to devalue their currencies. Markets got the message and promptly sold off the yen on Monday in anticipation of further monetary easing by the Bank of Japan.
Bloomberg | A Valuable U.S. Export: Banking Regulations
By this point in the economic recovery, the biggest U.S. banks had expected the pressure from regulators to abate. In the aftermath of a major financial crisis, there is usually a turn toward tighter rules, and banks naturally build up their equity buffers after near-death experiences.
Econ Comments & Analysis
Market Watch | G-20 moving against ‘competitive devaluation’
The Group of 20 finance ministers and central bank governors on Saturday pledged to monitor negative currency spillovers to other countries caused by monetary policies implemented for domestic purposes.
WSJ | 'Loose Talk' and Loose Money
The main message out of the Group of 20 nations meeting in Moscow on the weekend boils down to this: Countries can continue to devalue their currencies so long as they don't explicitly say they want to devalue their currencies. Markets got the message and promptly sold off the yen on Monday in anticipation of further monetary easing by the Bank of Japan.
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