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.
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 .
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.
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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"Musings on Economics, Finance, and Life”
Behavioral “nudges” can increase college enrollment by low-income students, boost health insurance take up, encourage federal workers to save for retirement, cut delinquencies on student loans, reduce vendor fraud, and save paper, according to the first annual report of the White House’s “nudge” unit.
President Obama established the unit—officially known ...
In this TEDx talk, Bob Litan shows how economic insights shaped the web economy, from dating to search to travel to logistics.
Suppose your aunt decides to start a business making pizza ovens. She will design and build the ovens, and her daughter will manage operations. A bank is ready to lend her $100,000 to get started, but it wants someone to co-sign and be on the hook if she misses any ...
Dane Stangler at the Kauffman Foundation debunks four myths about entrepreneurship:
Spoiler: 20-somethings make headlines, but founders in their 30s and 40s are more important.
(Disclosure: The Kauffman Foundation funds some of my research at the Urban Institute.)
Lending programs create special challenges for federal budgeting. So special, in fact, that the Congressional Budget Office estimates their budget effects two different ways. According to official budget rules, taxpayers will earn more than $200 billion over the next decade from new student loans, mortgage guarantees, and the Export-Import ...
Treasury closed the financial books on fiscal 2014 last week. As my colleague Howard Gleckman noted, the top line figures all came in close to their 40-year averages. The $483 billion deficit was about 2.8 percent of gross domestic product, for example, slightly below the ...
The House recently changed the rules of budget scoring: The Congressional Budget Office and the Joint Committee on Taxation will now account for macroeconomic effects when estimating the budget impacts of major legislation. Here are three things you should know as we await the first official dynamic score.
1. Spending and ...
The Department of Energy snookered the media last week with a report that seems to show that its clean energy lending programs are profitable. “Remember Solyndra? Those loans are making money,” went a typical headline.
Unfortunately, that’s not true. Taxpayers are losing money on DOE lending. Less than originally ...
Our tax system includes many provisions to boost business investment, particularly by startups and innovative firms. In a new Tax Policy Center study, Joe Rosenberg and I find that those incentives are often blunted by other features of the tax code:
We examine how tax policies alter investment incentives, with a ...
Climate change is hot. From the pope’s encyclical to the upcoming United Nations conference in Paris, leaders are debating how to slow and eventually stop the warming of our planet.
We economists think we have an answer: put a price on carbon dioxide and the other gases driving climate change. When ...