Economics Roundtable

Database Maintenance 7/4/15

Routine database maintenance will induce some duplicated items for the next day or two.


May 2014 Payroll Employment

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

Click on the image to get a bigger version.


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 .


Click on the image to get a bigger version.


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?


Click on the chart for a larger version.


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Tax Foundation


July 2, 2015, 5:03 pm, 1500856

Michigan has been tangled up in a transportation funding back-and-forth for the last year or so. The most recent episode was a May ballot initiative to raise sales and gas taxes that failed 80-20. As of yesterday, news sources report that legislators in the House and Senate have ...


July 2, 2015, 1:03 pm, 1500700

Compared to taxes on alcoholic beverages such as wine and beer, distilled spirits are taxed at much higher rates across the states, ostensibly to adjust for higher alcohol content. Today’s map shows how spirit excise taxes in your state ...


July 2, 2015, 11:04 am, 1500621

Last week, New Hampshire Governor Maggie Hassan (D) vetoed the State Legislature’s budget bills, HB 1 and HB 2. In her veto message, the governor explained her opposition to the budget, criticizing the proposed business tax cuts:

“I have vetoed the budget passed by the legislature ...


July 1, 2015, 7:03 pm, 1500285

Washington has been navigating mostly uncharted waters since the state became one of the first in the country to legalize recreational marijuana. The prospect of legalization has been sweetened by the idea of new tax revenue, and the state has explored different ways of taxing the drug, but ...


July 1, 2015, 5:03 pm, 1500196

California might be facing calls for a higher cigarette tax in the near future. This session, the state Senate had been considering SB-591, which would raise the tax to $2 per pack. Despite clearing committee, the bill never made it to the floor and was relegated to the ...


June 30, 2015, 7:03 pm, 1499607

With a veto threat looming over their heads, Pennsylvania legislators adopted a $30.2 billion budget that eschews tax increases. A $1.2 billion increase in spending over last year’s budget—largely to cover rising pension obligations—relies heavily on the use of a present surplus and other one-time revenue transfers, along ...


June 30, 2015, 7:03 pm, 1499606

Yesterday, the governor of Puerto Rico announced that his government’s $72 billion of debts are not payable, in advance of $1.92 billion in debt service payments due on Wednesday. This announcement follows over a year and a half of uncertainty about Puerto Rico’s ability to meet ...


June 30, 2015, 5:03 pm, 1499536

Indiana’s 2015 General Assembly session ended just about two months ago. While this year’s tax code reforms were less extensive than past sessions, the legislature made welcome fixes to two policies in particular: the throwback rule and personal property taxes.

The throwback rule is a little-known but ...


June 30, 2015, 5:03 pm, 1499535

In a rare move that caps an intense legislative session, the Maine Legislature has overridden Governor Paul LePage’s budget veto, thereby completing the budget process with mere hours to go before the start of the new fiscal year.

LePage’s introduced budget proposed sweeping tax reform, and the Governor repeatedly expressed ...


June 29, 2015, 5:03 pm, 1498822

Last Friday, the Supreme Court issued a ruling in a 5-4 decision of the Obergefell v. Hodges case making same-sex marriage legal in all 50 states and territories of the United States. The ruling has allowed same-sex couples to have the same tax filing options as opposite-sex couples. ...