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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Tax Foundation


November 26, 2014, 5:03 pm, 1378556

In the Tuesday Wall Street Journal, Professor Alan Blinder wrote of his puzzlement at the very slow growth of productivity in the last three years. There is really no mystery. The rate of growth of investment in equipment in this economic recovery has lagged far behind that of ...


November 26, 2014, 3:03 pm, 1378501

The Washington Post’s Wonkblog yesterday got to write a dramatic lede: “This is what oligarchy looks like.” The data described in the blog post are, in fact, fairly dramatic, but Wonkblog does not do a good job describing the data.

The problem starts with the headline: “The top 400 ...


November 26, 2014, 1:03 pm, 1378419

While over 90 percent of all firms have between 0 and 20 employees, these firms only employ 19.2 percent of all private sector workers. These small firms can be anything from coffee shops to small car dealerships and are organized as both pass-through businesses and C corporations.

On the other ...


November 26, 2014, 11:03 am, 1378339

In the debate over the tax extenders, the 55 or so tax provisions that need to be extended year after year, it’s easy to just throw up your hands and say: “let’s just get rid of them all- they are just a bunch of wasteful loopholes that benefit the ...


November 25, 2014, 7:03 pm, 1377908

The most immediate issue in U.S. Federal tax policy today is the issue of the “tax extenders:” orphaned, temporary tax provisions that get their name from the way they are “extended” by Congress on an ad-hoc basis.

They are likely to be used as bargaining chips against other temporary ...


November 25, 2014, 3:03 pm, 1377739

Looking to buy season tickets for your favorite college’s football or basketball games? Be prepared to spend more than you bargained for, because the biggest sports powerhouses require large donations in order to secure a season ticket. The benefit for these season ticket holders? The mandatory donations are


November 25, 2014, 1:03 pm, 1377659

While there are significantly more pass-through entities than C corporations, corporations still earn the largest portion of total gross receipts. In 2011, corporations earned 62 percent of the $30.9 trillion in total business receipts. Meanwhile, pass-through businesses make up nearly 95 percent of all firms and account for the ...


November 24, 2014, 5:03 pm, 1377124

According to Tax News, Spain’s legislature has approved a tax reform with the following changes:

The Spanish corporate income tax will fall from 30 percent to 28 percent in 2015. It will drop to 25 percent in 2016. The minimum personal income tax rate, or the bottom marginal rate, will ...


November 24, 2014, 3:03 pm, 1377080

The Congressional Budget Office (CBO) has released its annual study on the distribution of household income and federal taxes. (See here.) The numbers are for 2011 (latest available data.) A valuable feature of the study is that CBO estimates the amounts and distributional effects of government transfers and ...


November 24, 2014, 3:03 pm, 1377079

Much of the growth in business income since 1980 has come from pass-through businesses. Pass-throughs now earn over 60 percent of all net business income. In 2011, pass-throughs earned $1.3 trillion in business income compared to around $800 billion earned by corporations.

Corporations saw a huge collapse in their income ...