January 2014 Payroll Employment
We are getting closer to the previous peak.
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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Economic Policies for the 21st Century
While not quite inducing Beatlemania, French economist Thomas Piketty’s visit this week to America has inspired the Washington analog of teenage frenzy. On Tuesday, the inequality expert spoke here in D.C. (top one percent share: 28%) at multiple events. Wednesday he was in New York (Manhattan top share: ...
No one likes paying taxes. But this year, some of the biggest losers are married working women, who are being discouraged from working by high effective marginal tax rates, both at the bottom and the top end of the income scale.
Other losers are working women, or unemployed women who receive ...
This article appeared in National Review on April 18, 2014.
If you have time to read only one book about the causes of the 2008 financial collapse, read this one. You will discover that the banking crises that occur in some countries but not others are part ...
Earlier this month there was tremendous press attention to new data indicating that enrollment in the Affordable Care Act (ACA)’s health insurance exchanges had surpassed 7 million. The White House took a victory lap while much of the press, desperate to write something positive after months of reporting ...
Is it possible that working more could actually cost you money? The notion seems impossible, but under the subsidies and penalties of the Affordable Care Act, up to 11 million Americans could find themselves in this situation, concludes University of Chicago economist Casey Mulligan.
Mulligan’s latest paper, just out from the ...
By Tax Day, April 15, Americans have spent an average of 27 hours filling out their tax returns. Tax collections are at a record high. The government's numerous encounters with the debt ceiling and a potential default have placed fiscal policy front and center in this year's midterm elections.
Running on ...
Today, Tax Day, everyone understands that it is not just paying the taxes that is painful, it is getting together all the information and filling out the forms. The cost is time as well as money, time that could be far better spent.
Over the first 100 years of Federal Reserve System history, the United States enjoyed both price stability and the absence of banking crises in only about a quarter of those years. Two main influences explain persistent Fed failure: politicization of Fed decisions (especially to elicit Fed assistance in accomplishing short-term ...
As the Affordable Care Act reshuffles the health-care deck, some of the winners are walk-in clinics in drugstores and supermarkets, which offer treatments for simple illnesses and provide some preventative-care services such as flu shots.
These clinics are booming because they offer streamlined medicine in a less-regulated environment. Walk-in clinics do ...
The recent outbreak of meningitis in Los Angeles has led to the deaths of three young men. The affected gay community has been encouraging people to get vaccinated and is even offering vaccinations free of charge. Acting quickly is critical to battling this dangerous infection. But for the ...