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Fuel for the Financial Fire by John Taylor
Stanford professor John Taylor has an article in Forbes, which puts much of the blame for the current economic recession on the federal government and not with Wall Street.
American’s Underestimate Retirement Needs–An Interview with Wells Fargo VP Lynn Ford
The Fox Business Channel has an interview with Wells Fargo vice president Lynn Ford, who talked about American’s lack of understanding regarding retirement needs. Watch the interview.
The Economy Grew 3.5% in Third Quarter
The Bureau of Economic Analysis reported the economy grew 3.5 percent in the third quarter of 2009. This is certainly good news as it is the first increase in quarterly Gross Domestic Product (GDP) since the second quarter of 2008 and the largest since the third quarter of 2007.
Yet if you delve into the numbers one [...]
Retirees Will Receive a Cost-of-Living Adjustment
The big news in Washington yesterday was the announcement that retirees would not receive a cost-of-living-adjustment (COLA) for 2010. The reason was the drop in the Consumer Price Index over the past twelve months.
Because 2010 is an election year, President Obama and some Democrats in Congress propose sending each Social Security recipient a check for [...]
The Value-Added Tax Explained
Dan Mitchell of Cato and the Center for Freedom and Prosperity provides an explanation (via YouTube) of the impact a value-added tax would have on the budget.
h/t Mark Perry’s Blog Carpe Diem
U. of Chicago Economist Steven Davis Proposals for Job Creation
Economist Steven Davis puts together a list of proposals Congress and the president could enact to spur job growth—without the federal government spending additional money.
h/t Greg Mankiw’s Blog
Paper: Macroeconomic Effects from Government Purchases and Taxes
In September, Harvard economists Robert Barro and Charles Redlick published a working paper titled: Macroeconomic Effects from Government Purchases and Taxes. The paper looks at past economic data in order to develop a multiplier for government expenditures. Their research found for defense spending, the multiplier was 0.6-0.7–until the unemployment rate reach 12%, at which time it [...]
Items in the News
Fed Rejects Geithner Request for Study of Governance Structure — bloomberg.com
Blame Friedman: Or, How I Learned to Stop Worrying and Love the Bailout — Kevin Williams, nationalreview.com
Stimulus Spending Sags After Deadline Rush — The Washington Times
The President’s Best Hope in the GOP — The New York Times
Amid Health Reform, Massive Medicare Agency Still Headless — [...]
Items in the News
Affordability Is Major Challenge for Reform – The Washington Post
Baucus and the Threshold — Paul Krugman, NY Times
New Tax in Senate Health Plan Draws Bipartisan Fire — New York Times
Obama Begins Health Plan Media Blitz — The Washington Times
The Stimulus Didn’t Work
Economists John Cogan, John Taylor, and Volker Wieland have an opinion piece in today’s Wall Street Journal in which they have analyzed recent economic data and concluded the recent federal government stimuls plan did nothing to increase consumption or economic growth.
A couple of questions arise from their conclusion: 1) what will be the impact on [...]
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