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Tim Duy: Markets Are Witnessing a Yellen Fed at Its Humblest
Posted: March 24, 2017 at 05:00 AM (Friday)

It finally looks like when Federal Reserve officials say markets can expect multiple interest-rate increases this year, they really mean it. Even noted dove Chicago Federal Reserve President Charles Evans believes that another two hikes in 2017 is possible following last week's boost. Going one further, Philadelphia Federal Reserve ...


Avik Roy: Bring GOP Right-Wingers And Pragmatists Together On Obamacare -- By Making Premiums Affordable
Posted: March 24, 2017 at 01:23 AM (Friday)

Thursday, March 23 was a wild day in Republicans’ quest to repeal and replace Obamacare, with vote cancellations, last-minute amendments, CBO analyses, and Presidential ultimatums. But the most surprising development of all was this: a way has emerged to get both hard-line and pragmatic conservatives to support the American Health Care Act. ...


Avik Roy: Here’s How 51 Senators Can Reduce Premiums
Posted: March 23, 2017 at 06:58 PM (Thursday)

The secret to repealing ObamaCare’s regulations through reconciliation is buried in the Ryan bill. As this week’s jousting between Speaker Paul Ryan and the Freedom Caucus makes clear, the Republican Party’s conservative and pragmatic wings don’t always agree. But there’s consensus on this: The American Health Care Act, the GOP’s bill to ...


Janet Orient: ObamaCare Repeal Vs. Reality
Posted: March 23, 2017 at 04:45 PM (Thursday)

The attempt by House Speaker Paul Ryan and other powerful Republicans to "repeal and replace" the Affordable Care Act (ACA or ObamaCare) has run into a buzz saw of opposition from both sides. Most proponents of the American Health Care Act (AHCA) concede that the act is "not perfect." But there is political reality to consider. In other ...


John Taylor: It’s Time to Pass the Financial Institutions Bankruptcy Act
Posted: March 23, 2017 at 04:09 PM (Thursday)

Today the House Judiciary Subcommittee lead by Tom Marino held a hearing on the Financial Institution Bankruptcy Act (FIBA) which lays out in clear legislative language the “Chapter 14 type” reform proposals that Stanford’s Hoover Resolution Project have been working on since the financial crisis. Based on this hearing, which included top ...


Charles Hughes: No, Professor Deaton, Better to be Poor in America
Posted: March 23, 2017 at 09:41 AM (Thursday)

Nobel laureate Angus Deaton, a Princeton economics professor, recently said , “If you had to choose between living in a poor village in India and living in the Mississippi Delta or in a suburb of Milwaukee in a trailer park, I’m not sure who would have the better life.” As Deaton acknowledges, poverty is a complex subject and ...


Jared Bernstein: Health-care reform is a lot harder than tax cuts. So why are the Republicans trying to do it first?
Posted: March 23, 2017 at 06:00 AM (Thursday)

While I'll admit my tendency to assault readers with budget minutiae, I rarely take you too far down into the weeds. But there's something weedy going on that I want you to know about. To compensate for the pain, I promise you some fun riddles at the end. Today, the House Republicans are voting on what I consider their awful ...


Anne-Marie Slaughter: Nationalists and Globalists
Posted: March 23, 2017 at 05:49 AM (Thursday)

WASHINGTON, DC – The Dutch election was the first bright spot in a while for people in Europe and the United States who are deeply worried that the backlash against globalization will bring even more white "Judeo-Christian" nationalist parties to power. Dutch Prime Minister Mark Rutte defeated the anti-Islam candidate Geert Wilders, who has ...


Sally Pipes: ObamaCare's Unhappy 7th Birthday
Posted: March 23, 2017 at 05:00 AM (Thursday)

As the GOP's fractious debate over health care reform drags on, some Americans are beginning to look back on ObamaCare through rose-colored glasses. Although voters put in power on Nov. 8, 2016, a party committed to repealing and replacing ObamaCare, public approval for the health law just reached 54% — an all-time high. But a sober assessment ...


Mohamed El-Erian: The Many Culprits in Tuesday's Market Selloff
Posted: March 23, 2017 at 01:00 AM (Thursday)

Tuesday's selloff in stocks was wonderfully brief, reinforcing two hypotheses that have served investors well for several years now: that markets are extremely resilient, and that any notable market dip should be treated as a buying opportunity.But this should not distract from the information contained in the list of suspects that analysts ...


Paul Ryan: Keeping Our Promise to Repeal ObamaCare
Posted: March 22, 2017 at 06:39 PM (Wednesday)

Our bill guts the failing law and enacts conservative reform without pulling the rug out from under anyone. The election of Donald Trump and a Republican Congress provides an opportunity: We can immediately halt the leftward drift of American social policy, while renewing prosperity through market-based, state-driven solutions that empower ...


Mark Perry: U.S. Energy Boom Depends On Team Trump Continuing To Deregulate
Posted: March 22, 2017 at 05:31 PM (Wednesday)

Across the country, oil and gas production is gaining momentum, thanks to innovative technologies and practices that have led to ongoing reductions in costs, dramatic improvements in productivity — and a resurgence in U.S. manufacturing. Yet oil and gas producers are encumbered by some long-running legal roadblocks that, by many measures, ...


Robert Book and Paul Howard: Yes, It Was The "Affordable" Care Act That Increased Premiums
Posted: March 22, 2017 at 01:39 PM (Wednesday)

While the debate proceeds over some details of the American Health Care Act, it’s worth pausing to take another look at how awfully misnamed the so-called “Affordable” Care Act has turned out to be, especially for people who buy their health plans on their own, rather than obtain it through an employer. While advocates and politicians have ...


Noah Smith: Hey, Look! Federal Bureaucrats Are Backing Off
Posted: March 22, 2017 at 07:00 AM (Wednesday)

When I was an academic economist, I sometimes did lab experiments. These would usually involve a simulated financial market, where a room full of students would trade made-up assets for an hour or so. Made-up money was the prize, with successful traders getting more of it. Nobody was put in medical, ethical or psychological peril. ...


Robert Shiller: Robotization Without Taxation?
Posted: March 22, 2017 at 05:29 AM (Wednesday)

NEW HAVEN – The idea of a tax on robots was raised last May in a draft report to the European Parliament prepared by MEP Mady Delvaux from the Committee on Legal Affairs. Emphasizing how robots could boost inequality, the report proposed that there might be a "need to introduce corporate reporting requirements on the extent and proportion of ...


Emmett Tyrrell: Chuck Brunie, an investor exemplar
Posted: March 21, 2017 at 09:22 PM (Tuesday)

As a financial wizard and thinker, he gave freely to the expansion of freedom. What are more important to the health of an intellectual movement, writers and academics or investors and philanthropists? That thought occurred to me when I was informed of the death of Chuck Brunie, the former longtime chairman of the board of the Manhattan ...


Sam Johnson and Tim Walberg: Save Small Business From ObamaCare
Posted: March 21, 2017 at 07:22 PM (Tuesday)

Association health plans would give them the same options as big companies.. Aetna CEO Mark Bertolini warned last month that the Affordable Care Act is in a “death spiral.” Because ObamaCare is failing, we are debating how best to repeal and replace it. But amid this debate, it’s important to remember the people ObamaCare is hurting. Here is ...


Jesse Hathaway: Government-Spending Limits Protect Against Invasion Of Taxmen
Posted: March 21, 2017 at 03:03 PM (Tuesday)

No one knows exactly from where they come, but they descend like a horde of locusts, consuming resources people have labored all year to gather. Tasked with serving the "collective," they take our resources without providing anything in return and then return from wherever they came. Who are they? They're the taxmen, and they're coming to ...


Yukon Huang: America’s Trade Deficit With China Doesn’t Matter
Posted: March 21, 2017 at 12:49 PM (Tuesday)

Bilateral trade balances alone aren’t an accurate reflection of a country’s economic strength. The recent failure of G-20 financial leaders to reaffirm their support for free trade illustrates the chasm between the views of the U.S. and the other major economies. The White House sees the U.S. trade deficit as impeding economic growth and ...


Jared Bernstein: You want faster productivity growth? Then run a high-pressure economy, An interview with Josh Bivens
Posted: March 21, 2017 at 06:00 AM (Tuesday)

We need to get to and stay at full employment, and we really need faster productivity growth. Economist Josh Bivens says the former begets the latter.Josh Bivens directs research at the Economic Policy Institute, is a great economist, an old friend, and the author of an excellent new paper I wanted folks to know about. Here he is, answering ...


Kemal Derviş: Getting Basic Income Right
Posted: March 21, 2017 at 05:19 AM (Tuesday)

WASHINGTON, DC – Universal basic income (UBI) schemes are getting a lot of attention these days. Of course, the idea – to provide all legal residents of a country a standard sum of cash unconnected to work – is not new. The philosopher Thomas More advocated it back in the sixteenth century, and many others, including Milton Friedman on the ...


Ben Emons: The Quiet Bear Market in Bonds
Posted: March 21, 2017 at 05:00 AM (Tuesday)

Don't be fooled by the surprising rally in bonds after the Federal Reserve raised interest rates and signaled that at least two more increases are likely to happen before the year is over. The quiet bear market that has been under way since yields bottomed in mid-2016 is alive and well.The way to think about this bear market is not in terms ...


Benjamin Domenech: How Trump Can Fix Health Care
Posted: March 21, 2017 at 03:21 AM (Tuesday)

President Trump has mostly stayed on the sidelines of the messy policy debates regarding health care reform. But amid the war on Capitol Hill among Republican factions, he could seize the opportunity to provide leadership consistent with his campaign message to disrupt existing health policy.Instead of trying to satisfy the free-market wing of ...


Avik Roy: One Step Forward, One Step Backward: House GOP Publishes 'Manager's Amendment' To Ryancare
Posted: March 20, 2017 at 11:34 PM (Monday)

On Monday night, House Republican leadership published 21 pages of modifications to the American Health Care Act, their Obamacare replacement bill. The so-called “Manager’s Amendment” contains a series of measures designed to gain the support of reluctant House Republicans, and get the bill out of the House. But the amendments fail to solve ...


Diana Furchtgott-Roth: Want to Help Women? Lower Marginal Tax Rates
Posted: March 20, 2017 at 11:14 PM (Monday)

This year April 17 is Tax Day. Those who pay little tax count themselves as lucky winners. Some of the biggest losers will be married, working women, who are being discouraged from working by high rates of tax. Higher marginal tax rates discourage married women from working. When single women work and are considering marriage, higher ...


Review & Outlook: Saving Private Health Insurance
Posted: March 20, 2017 at 07:24 PM (Monday)

The House ‘stability fund’ would help states help high-risk patients. The biggest gamble in the House health-care bill is whether it includes enough reform to arrest the current death spiral in the individual insurance market. No one knows for sure, but critics are overlooking important provisions that will help people who are now exposed ...


Daniel Hemel and Lisa Larrimore Ouellette: How 'Price Discrimination’ Helps Less-Affluent Countries
Posted: March 20, 2017 at 07:03 PM (Monday)

The Supreme Court takes up a patent-law case with repercussions far beyond U.S. borders. Supreme Court decisions affect ordinary Americans on matters from health care to housing, but rarely does a ruling make a material difference for people abroad. On Tuesday the high court will hear a case that represents an exception to ...


Kenneth Rogoff: Trump’s damaging border tax
Posted: March 20, 2017 at 06:31 PM (Monday)

In many ways, the Republican Party's plan to implement a "border adjustment tax" in the United States is the virtual complement of the physical wall President Donald Trump plans to erect on the US-Mexican border. But it could end up affecting the average American a lot more — and not necessarily in a good way. The basic idea is to slap a tax ...


California's Boondoggle Bullet-Train Goes Off The (Fiscal) Rails
Posted: March 20, 2017 at 05:58 PM (Monday)

State Waste: The Golden State's vaunted bullet-train project, planned to connect San Francisco to Los Angeles, may be in its financial death throes. If so, it's probably the best fiscal news for the Golden State in years. To say that Gov. Jerry Brown's pet project, the so-called high-speed train, is troubled would be an understatement. From ...


Mitch McConnell: Middle class families are counting on Trump
Posted: March 20, 2017 at 01:00 PM (Monday)

In his first visit to Kentucky since his Inauguration, I am proud to welcome President Trump to Louisville to discuss the future of health care. Every day, Kentuckians are hearing stories and seeing headlines that Obamacare is a failure. Supporters of Obamacare promised lower costs, but it sent them soaring. They promised families could keep ...


Adam Millsap: A Weak Economy And A Pension Problem Is A Bad Combination
Posted: March 20, 2017 at 09:34 AM (Monday)

State pension systems are drastically underfunded—even according to their own optimistic yet faulty assumptions—and this is causing problems for governors and state legislators around the country. And to make matters worse, many of the states with the worst pension systems have weak economies, which will make fixing their pension problems ...


Scott Dorf: Bond Traders Finally Start Giving the Fed Some Respect
Posted: March 20, 2017 at 08:10 AM (Monday)

Federal Reserve policy makers have managed to do what the skeptics in the bond market thought was impossible. They regained credibility over a period of three weeks by getting traders to buy into their forecasts of three interest-rate increases this year. But even more impressively, they were able to do that without triggering an all-out ...


Sally Pipes: Putting the CBO's Score of the American Health Care Act in Perspective
Posted: March 20, 2017 at 08:00 AM (Monday)

The Congressional Budget Office’s new analysis of the American Health Care Act seems to provide plenty of ammunition for Obamacare’s defenders. But if the last few years have proven anything, it’s that we shouldn’t put too much faith in the CBO’s predictions — especially about the future. The report simultaneously exaggerates the ...


Charles Hughes: How to Reorganize the Government Without Congress
Posted: March 20, 2017 at 07:26 AM (Monday)

As well as releasing his budget, President Trump recently signed an executive order to make the executive branch more efficient. In signing the order, he said “Today there is duplication and redundancy everywhere. Billions and billions of dollars are being wasted.” So far the budget has overshadowed the executive order. But the two work ...


Mohamed El-Erian: America’s Confidence Economy
Posted: March 20, 2017 at 05:49 AM (Monday)

LAGUNA BEACH – Financial markets seem convinced that the recent surge in business and consumer confidence in the US economy will soon be reflected in "hard" data, such as GDP growth, business investment, consumption, and wages. But economists and policymakers are not so sure. Whether their doubts are vindicated will matter for both the ...


Paul Krugman: America’s Epidemic of Infallibility
Posted: March 20, 2017 at 03:21 AM (Monday)

Two weeks after President Trump claimed, bizarrely, that the Obama administration had wiretapped his campaign, his press secretary suggested that GCHQ — Britain's counterpart to the National Security Agency — had done the imaginary bugging. British officials were outraged. And soon the British press was reporting that the Trump administration ...


Mohamed El-Erian: U.S. Prevails in an Unusual G-20 Communique
Posted: March 20, 2017 at 01:39 AM (Monday)

In one of the most highly anticipated Group of 20 communiques in a long time, the U.S. administration appears to have prevailed over the objections of many countries, including from Europe, Australia and China.In an outcome that not so long ago would have been deemed unlikely, the communique dropped the world's most economically ...


Stephen Moore: Donald Trump fiscal policy makes conservatives cheer
Posted: March 19, 2017 at 09:02 PM (Sunday)

For fiscal conservatives, Trump’s budget moves fiscal policy in the right direction. What hypocrites liberals and the media are. For weeks on end they've been beating up President Trump for not taking the initiative on the $10 trillion debt build-up under Barack Obama or the runaway entitlement programs that could bankrupt our nation.Now that ...


Peter Morici: Raising interest rates will have consequences
Posted: March 19, 2017 at 08:58 PM (Sunday)

What it really means for consumers and borrowers. The Federal Reserve appears intent on raising interest rates at a quicker pace over the next two years.Higher oil prices are pushing annual consumer price inflation close to the Fed's 2 percent goal, and labor markets are tightening. It wants to moderate the pace of recovery before the ...


Andrew Stein and Douglas Schoen: Democrats Turn Against Israel
Posted: March 19, 2017 at 05:04 PM (Sunday)

In 1972 ours was the first party to back moving the U.S. Embassy to Jerusalem. Rep. Keith Ellison’s selection as deputy chairman of the Democratic National Committee is the latest ratification of our party’s turn away from Israel. Mr. Ellison, who complained in 2010 that “United States foreign policy in the Middle East is governed by what is ...


Robert Samuelson: Medicaid is out of control. Here’s how to fix it.
Posted: March 19, 2017 at 04:06 PM (Sunday)

It's time to take control of Medicaid before it takes control of us. Unless we act — and there is little evidence that we will — Medicaid increasingly becomes another mechanism by which government skews spending toward the old and away from the young. In the raging debate over the Affordable Care Act (Obamacare), this is a subject that ...


Amity Shlaes: Would You Rather See Trump’s Tax Return or Have Saturday Off?
Posted: March 17, 2017 at 07:04 PM (Friday)

Make the economy roar like it did in the 1920s and the issue will go away. Americans tend to be interested in presidential tax returns partly because presidents tend to be wealthy. But our tradition of tax privacy shields the returns of wealthy Americans from prying eyes.

That wasn’t always the case. In 1924 Congress passed a tax law that included what was known as a “Peeping Tom” provision. It required that the names of all taxpayers, and the amount of tax they paid, be made public. Unbelievably, the information was posted on the walls at ...


Jim Talent and Dennis Shea: To Preserve Stability in the Asia-Pacific, Finish the Pivot
Posted: March 17, 2017 at 05:40 PM (Friday)

Strong U.S. engagement is an essential bulwark against China’s ambitions. In direct violation of international law, China recently installed antiaircraft and other short-range defensive weapons systems on all of its claimed artificial islands in the South China Sea. On three of the seven features, China is now building structures ...


The Big Missing Piece In The ObamaCare Replacement Debate
Posted: March 17, 2017 at 05:38 PM (Friday)

Health Reform: Critics of the Republican's ObamaCare replacement plan — and many moderate Republicans as well — complain that it will result in millions losing insurance. What nobody asks is whether we have too much insurance today. Insurance, after all, is supposed to make health care more affordable. But what if it's making it less ...


Jeffery Kupfer: Border Adjustments Would Help, Not Hurt, American Consumers
Posted: March 17, 2017 at 05:00 PM (Friday)

We recently marked another positive step toward much needed tax reform for American businesses and consumers. In his speech to a joint session of Congress, President Trump acknowledged that in order to accomplish his domestic and foreign policy goals, the country needs major changes to our antiquated and counterproductive tax system.
And ...


Greg Ip: While Markets See Growth, Fed Officials Rightly Wait and See
Posted: March 17, 2017 at 02:33 PM (Friday)

The Fed offers justified agnosticism on fiscal stimulus out of Washington. The Federal Reserve is a lot less exuberant than financial markets about the economic outlook, and the reason seems to be fiscal policy. Investors expect President Donald Trump and Congress to deliver a solid boost to growth. The Fed is much more agnostic. Based on ...


Grace-Marie Turner: Allow Our 'Laboratories Of Democracy' To Help People Escape Poverty
Posted: March 17, 2017 at 10:07 AM (Friday)

The political world changed in August 1996 when a Democratic president signed a welfare reform law that ended a federal entitlement to cash benefits created by the New Deal. President Bill Clinton’s decision to “end welfare as we know it” was a political anomaly much like Nixon going to China. Early in his first term, Clinton had launched ...


Merrill Matthews: Federal Oil And Gas Leases Could Pay For The Republican Health Plan
Posted: March 17, 2017 at 09:50 AM (Friday)

One problem with the Republican health care plan is that it includes almost no way to pay for it. So here’s an idea: Use the tax and royalty income from expanding oil and natural gas drilling on federal lands and offshore. The Congressional Budget Office (CBO) estimates that repealing the Affordable Care Act and replacing it with the ...


Diana Furchtgott-Roth: President Trump should have made even deeper cuts in Washington’s bloated budget
Posted: March 17, 2017 at 08:27 AM (Friday)

But the least that Republicans can do is support his budget as is. On Thursday President Trump released his proposed budget for fiscal 2018. It would increase defense spending by $54 billion and cut the budgets of other government agencies by the same amount. He wants to trim executive-branch agencies with a chain saw rather than with pruners. ...


Diana Furchtgott-Roth: President Trump should have made even deeper cuts in Washington’s bloated budget
Posted: March 17, 2017 at 08:27 AM (Friday)

But the least that Republicans can do is support his budget as is. On Thursday President Trump released his proposed budget for fiscal 2018. It would increase defense spending by $54 billion and cut the budgets of other government agencies by the same amount. He wants to trim executive-branch agencies with a chain saw rather than with pruners. ...