News
CNN Money | The global economy is losing steam
Recent data shows slowing growth in the United States and China, while Europe's recession is still underway. Japan has announced a massive stimulus program, but it's not likely to grow much this year either.
Bloomberg | Manufacturing in U.S. Cools as Durables Orders Slump
Demand for durable goods slumped in March by the most in seven months, adding to signs manufacturing in the U.S. cooled at the end of the first quarter.
Market Watch | German business confidence slips in April: reports
Business confidence in Germany fell more than expected in April, with the Ifo business-climate index falling to 104.4 points from 106.7 in March, data showed on Wednesday according to media reports.
Econ Comments & Analysis
Bloomberg | Housing Rebound in U.S. Hampered by Success as Costs Soar
Even as U.S. housing rebounds from its worst downturn since the 1930s, production bottlenecks are pushing up building-materials costs, land prices are rising and skilled labor ready to begin work is hard to find.
Washington Times | Tinkering, but no reform
According to the latest Rasmussen poll released on Sunday, only 33 percent of respondents favor President Obama’s plans for Social Security contained in his recent budget proposal.
WSJ | Must All Patents Last for 20 Years?
Patent controversies continue to roil the business world. In March, a federal judge slashed by nearly half the $1.05 billion in damages awarded Apple last year in its patent-infringement suit against Samsung.
AEI | FHA Watch, April 2013 (Vol. 2, No. 4)
Much misinformation exists regarding the rigor of the Federal Housing Administration’s (FHA’s) capital adequacy standards compared to the private sector.
Blogs
WSJ | Only Richest 7% Saw Wealth Gains From 2009 to 2011
Wealthy Americans took a hit when the global financial crisis sent the economy into a nosedive, yet new research shows they alone — specifically, the richest 7% — benefited as households rebuilt their wealth in the first two years of the recovery.
Wednesday, April 24, 2013
Health Care
News
Politico | Right turns on GOP Obamacare bill
Republican-backed legislation meant to alter a piece of Obamacare has picked up some unlikely opponents: conservatives. The Club for Growth, ForAmerica and the Heritage Foundation have come out against the bill, which the House is expected to take up later this week.
CNBC | Governments May Push Workers to Health Exchange
In a move that would capitalize on provisions under President Barack Obama's health care law but could cost the federal government millions of dollars, Washington state lawmakers have found a creative way to pass a large chunk of their health-care expenses along to Washington, D.C.—and analysts say others are likely to follow suit.
Econ Comments & Analysis
Washington Times | Bending the Pentagon’s medical costs curve
The cost of military health care has almost tripled since 2001, from $19 billion to $53 billion in 2012, and now represents one-tenth of the entire defense budget. The Congressional Budget Office estimates that health care costs for military personnel will increase to $65 billion by 2017 and $95 billion by 2030.
Politico | Right turns on GOP Obamacare bill
Republican-backed legislation meant to alter a piece of Obamacare has picked up some unlikely opponents: conservatives. The Club for Growth, ForAmerica and the Heritage Foundation have come out against the bill, which the House is expected to take up later this week.
CNBC | Governments May Push Workers to Health Exchange
In a move that would capitalize on provisions under President Barack Obama's health care law but could cost the federal government millions of dollars, Washington state lawmakers have found a creative way to pass a large chunk of their health-care expenses along to Washington, D.C.—and analysts say others are likely to follow suit.
Econ Comments & Analysis
Washington Times | Bending the Pentagon’s medical costs curve
The cost of military health care has almost tripled since 2001, from $19 billion to $53 billion in 2012, and now represents one-tenth of the entire defense budget. The Congressional Budget Office estimates that health care costs for military personnel will increase to $65 billion by 2017 and $95 billion by 2030.
Monetary
News
CNBC | Fed Still Owes Congress a Blueprint on Its Emergency Lending
After the Federal Reserve lent more than $1 trillion to big banks during the 2008 financial crisis, Congress required the central bank to devise specific ways of protecting taxpayers when doling out emergency loans to financial institutions.
Bloomberg | ECB Rate Cut Seen Next Week by Banks From Nomura to RBS
The European Central Bank will cut its key interest rate to a record low next week as the euro- region economy slumps, according to banks including Nomura International Plc, UBS AG (UBSN) and Royal Bank of Scotland Group Plc.
Econ Comments & Analysis
NBER | Are Sticky Prices Costly? Evidence From The Stock Market
We document that, after monetary policy announcements, the conditional volatility rises more for firms with stickier prices than for firms with more flexible prices.
Forbes | Now We Know Where the Inflation Went
A question has haunted the aftermath of the Great Recession: where is all the inflation? If the Federal Reserve is going to spike the money supply most massively in the context of minimal economic growth, as it has since 2008, it would seem that a severe price inflation must ensue. Yet the consumer price index has grown at merely 1.5% for the past five years.
WSJ | 'Target' Funds Vulnerable to Rate Rise
Millions of workers saving for retirement risk losing part of their nest eggs if interest rates jump. The cause for concern: target-date mutual funds, designed for investors who lack the time or expertise to balance their investment portfolios.
Blogs
Economist | How does inflation matter?
The IMF's recently published a thought-provoking analysis on changes in the apparent relationship between inflation and unemployment
CNBC | Fed Still Owes Congress a Blueprint on Its Emergency Lending
After the Federal Reserve lent more than $1 trillion to big banks during the 2008 financial crisis, Congress required the central bank to devise specific ways of protecting taxpayers when doling out emergency loans to financial institutions.
Bloomberg | ECB Rate Cut Seen Next Week by Banks From Nomura to RBS
The European Central Bank will cut its key interest rate to a record low next week as the euro- region economy slumps, according to banks including Nomura International Plc, UBS AG (UBSN) and Royal Bank of Scotland Group Plc.
Econ Comments & Analysis
NBER | Are Sticky Prices Costly? Evidence From The Stock Market
We document that, after monetary policy announcements, the conditional volatility rises more for firms with stickier prices than for firms with more flexible prices.
Forbes | Now We Know Where the Inflation Went
A question has haunted the aftermath of the Great Recession: where is all the inflation? If the Federal Reserve is going to spike the money supply most massively in the context of minimal economic growth, as it has since 2008, it would seem that a severe price inflation must ensue. Yet the consumer price index has grown at merely 1.5% for the past five years.
WSJ | 'Target' Funds Vulnerable to Rate Rise
Millions of workers saving for retirement risk losing part of their nest eggs if interest rates jump. The cause for concern: target-date mutual funds, designed for investors who lack the time or expertise to balance their investment portfolios.
Blogs
Economist | How does inflation matter?
The IMF's recently published a thought-provoking analysis on changes in the apparent relationship between inflation and unemployment
Taxes
News
CNN Money | How Obama's tax hikes would hit the rich and middle class
President Obama's 2014 budget includes tax proposals that would raise more than $800 billion over a decade. Those taking the biggest hit by far would be the very highest income households, but others down the income scale would have to pony up a little too.
Politico | Dave Camp to brief House Republicans on tax reform
House Republican leaders will launch an aggressive behind-the-scenes push this week to set up the first rewrite of the Tax Code in more than 25 years.
Econ Comments & Analysis
Fortune | Why Baucus's retirement won't make tax reform any easier
As Democratic Senator Max Baucus plans to step down, his party's leaders want to push him to meet them in the middle on corporate tax reform.
Blogs
Heritage Foundation | 9,646 Reasons to Dislike the Internet Sales Tax
The U.S. Senate is debating the so-called Marketplace Fairness Act. It’s a bill that would result in the taxation of Internet sales, driving up costs for consumers. The legislation cleared a procedural hurdle Monday and could have a floor vote by Thursday.
CNN Money | How Obama's tax hikes would hit the rich and middle class
President Obama's 2014 budget includes tax proposals that would raise more than $800 billion over a decade. Those taking the biggest hit by far would be the very highest income households, but others down the income scale would have to pony up a little too.
Politico | Dave Camp to brief House Republicans on tax reform
House Republican leaders will launch an aggressive behind-the-scenes push this week to set up the first rewrite of the Tax Code in more than 25 years.
Econ Comments & Analysis
Fortune | Why Baucus's retirement won't make tax reform any easier
As Democratic Senator Max Baucus plans to step down, his party's leaders want to push him to meet them in the middle on corporate tax reform.
Blogs
Heritage Foundation | 9,646 Reasons to Dislike the Internet Sales Tax
The U.S. Senate is debating the so-called Marketplace Fairness Act. It’s a bill that would result in the taxation of Internet sales, driving up costs for consumers. The legislation cleared a procedural hurdle Monday and could have a floor vote by Thursday.
Employment
Econ Comments & Analysis
WSJ | Immigration Reform Is Starting to Roll
It is rare in Washington for the trend lines on a controversial issue to come together as favorably as they have for immigration reform.
Blogs
Library of Economics | The Grave Evil of Unemployment
Free-market economists rarely declare, "We have to do X about unemployment." Why not? Free-market economists' standard reply is just, "We expect X to fail." Their critics, however, have a less favorable explanation: Free-market economists oppose X because free-market economists are cavalier and callous. They cavalierly deny the reality of involuntary unemployment, and callously belittle the suffering of the unemployed.
WSJ | Immigration Reform Is Starting to Roll
It is rare in Washington for the trend lines on a controversial issue to come together as favorably as they have for immigration reform.
Blogs
Library of Economics | The Grave Evil of Unemployment
Free-market economists rarely declare, "We have to do X about unemployment." Why not? Free-market economists' standard reply is just, "We expect X to fail." Their critics, however, have a less favorable explanation: Free-market economists oppose X because free-market economists are cavalier and callous. They cavalierly deny the reality of involuntary unemployment, and callously belittle the suffering of the unemployed.
Budget
News
Politico | Democrats call for regular budget order
Democrats have begun beating the drum that Republicans aren’t playing by the rules when it comes to negotiating a deal on the budget.
Econ Comments & Analysis
LA Times | Chained thinking on the federal deficit
Tying Social Security cost-of-living increases to the 'chained' CPI is a foolish way to tackle the deficit — a goal that itself has been revealed to be largely based on erroneous research.
Politico | Democrats call for regular budget order
Democrats have begun beating the drum that Republicans aren’t playing by the rules when it comes to negotiating a deal on the budget.
Econ Comments & Analysis
LA Times | Chained thinking on the federal deficit
Tying Social Security cost-of-living increases to the 'chained' CPI is a foolish way to tackle the deficit — a goal that itself has been revealed to be largely based on erroneous research.
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