Economics Roundtable

May 2014 Payroll Employment

After 76 months, we finally got back to the prerecession level of payroll employment.

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Jobs

The best summary of the state of our economy is the graph (below) of employment as a fraction of population for people over 16 years old. The decrease is large, but the most troubling feature of the graph is the flat trend .


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Graph-of-the-Year Candidates

Donald Marron likes European interest rates. Click on the image to get a bigger version. Can you find three distinct subperiods?

Brad DeLong favors the U.S. gdp gap.


Remember M1?

Money Supply M1 growth is now over 20% per year over a 12 month lag. M1 growth has touched 20% before, but not with excess reserves of $1.6 trillion. Where is M1 headed?


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EconModel

The Economics Roundtable is sponsored by EconModel.

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Tax Foundation


June 27, 2016, 1:03 pm, 1648823

Today is June 27, the 86th birthday of Ross Perot, who ran for President as an independent in 1992 and received 19 percent of the vote. His platform was an interesting mix of left and right, with calls for entitlement reform, opposition to NAFTA, and avoiding social issues. On ...


June 24, 2016, 1:03 pm, 1648235

This morning, the office of House Speaker Paul Ryan released a blueprint for tax reform that would overhaul major components of the U.S. tax code and lower taxes for households and businesses. The key details of the plan are listed below:

Individual Income Tax Changes

Consolidates the current seven tax ...


June 24, 2016, 9:03 am, 1648137

Today is June 24, the date of the UK’s enactment of the Iron Act 1750, which repealed taxes on British exports of finished goods to America, and on American raw material exports to Britain. Because other trade taxes remained, its purpose was to focus American trading with Britain and ...


June 23, 2016, 5:03 pm, 1647971

Republican presumptive presidential nominee Donald Trump has proposed lowering the corporate income tax rate from 35 percent – one of the highest rates in the world – to 15 percent. This proposal, much like any other tax cut, has been criticized heavily for reducing federal revenue. The critics ...


June 23, 2016, 1:03 pm, 1647882

Today is June 23, the date in 1921 when the Bureau of the Budget was established as part of the executive branch. Today called the Office of Management and Budget (OMB), it serves as the White House’s analytical arm, preparing the budget and overseeing federal executive agencies. Its creation was important ...


June 22, 2016, 11:03 am, 1647507

Today is June 22, the date in 1936 when the U.S. first adopted a graduated corporate income tax. Unlike individual income taxes, a progressive corporate income tax doesn’t make much sense. The tax is paid in some combination by shareholders, consumers, and employees, and the income profile of these ...


June 21, 2016, 1:03 pm, 1647194

Today is June 21, the date in 1788 when New Hampshire joined the Union. New Hampshire has no sales tax and no income tax (aside from a tax on interest and dividends). When Massachusetts announced a sales tax holiday of a couple days, New Hampshire responded with billboards ...


June 21, 2016, 11:03 am, 1647157

This past Friday, two prominent tax economists released a detailed and thoughtful tax reform proposal, calling for a major overhaul of the U.S. corporate income tax. In a report titled “A Proposal to Reform the Taxation of Corporate Income,” Eric Toder of the Tax Policy Center and ...


June 20, 2016, 5:03 pm, 1646959

Broader bases and lower rates: these are the two pillars of tax reform. Unfortunately, when it comes to reforming America’s tax code, Donald Trump’s tax plan has only half of the blueprint; while Mr. Trump’s plan slashes tax rates across the board, it fails to broaden the ...


June 20, 2016, 1:03 pm, 1646865

Today is June 20, the anniversary of West Virginia statehood in the midst of the Civil War. Because the constitution requires that a state consent to any division, the Unionist government of Virginia in exile approved the decision. Two additional counties were annexed to West Virginia shortly thereafter, and ...