Economics Roundtable

NOTICE 4/30/18

The Economics Roundtable is back. The technical problem that has limited the set of blogs has been resolved. The RSS feed is, however, still not working.

Flushing caches will likely cause some old posts to show up for a day or two.

Employment as a Percentage of Population

The graph below shows employment as a fraction of population for people over 16 years old.

Click on the image to get a bigger version.

March 2017 Payroll Employment

Payroll employment has not grown impressively since 2000. Some baby-boomers retired, but that does not totally account for this graph.

Click on the image to get a bigger version.

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.

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.

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- Recent Entries

September 21, 2018, 5:23 pm, 1901586

That Republicans suffer from a “gender gap” has for decades been a nearly unshakable assumption of American political journalism. Dick Polman recently put it this way in The Atlantic: “The gender gap — essentially, the difference in the way men and women vote — has generally plagued ...

September 21, 2018, 5:23 pm, 1901585

That Republicans suffer from a “gender gap” has for decades been a nearly unshakable assumption of American political journalism. Dick Polman recently put it this way in The Atlantic: “The gender gap — essentially, the difference in the way men and women vote — has generally plagued ...

September 21, 2018, 5:03 pm, 1901582

This past Wednesday, the Pentagon released an unclassified summary of its new cyber strategy and, Thursday, National Security Advisor John Bolton provided a brief, public account of what the new strategy entails.

September 21, 2018, 4:45 pm, 1901581
Financialisation is a process where the financial sector grows both in scale and complexity, becoming more important as a share of national output. Financialisation means lending and investing in financial assets for example in providing a wider range of ways in which households can take on more debt.

September 21, 2018, 4:41 pm, 1901580

September 21, 2018, 4:34 pm, 1901574

Even if it could be proven that Christine Blasey Ford deliberately slandered Supreme Court nominee Brett Kavanaugh — and I am not saying that’s the case — that act of willful character assassination wouldn’t be the worst thing about this horrid chapter in American life.

Donald Trump has received an enormous ...

September 21, 2018, 3:44 pm, 1901558
From Merrill Lynch:

We are tracking robust 3.7% qoq saar growth for 3Q and 4.4% for 2Q. [Sept 21 estimate].
emphasis added

And from the Altanta Fed: GDPNow

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2018 ...

September 21, 2018, 3:07 pm, 1901545

"The business of buying weapons that takes place in the Pentagon is a corrupt business — ethically and morally corrupt from top to bottom. The process is dominated by advocacy, with few, if any, checks and balances. Most people in power like this system of doing business and do not ...

September 21, 2018, 3:04 pm, 1901544
A few excerpts from a Merrill Lynch research note:

We are calling it: existing home sales have peaked. We believe that the peak was at 5.72 million, reached in November last year. From here on, sales should trend sideways. If this is indeed the peak, it would be comparable ...

September 21, 2018, 2:35 pm, 1901534

In the aftermath of the Salzburg summit, where the Chequers plan was dismissed by the EU, and PM May demanded “respect”, the pound has plunged.


Deutsche Bank (Harvey, et ...

September 21, 2018, 2:35 pm, 1901533
(Don Boudreaux)

Sen. John Hoeven (R-ND)
Washington, DC

Sen. Hoeven:

September 21, 2018, 2:34 pm, 1901531
Visiting Scholar John Yoo discusses Judge Brett Kavanaugh's nomination on Fox News' 'Cavuto Coast to Coast."

September 21, 2018, 1:27 pm, 1901518

September 21, 2018, 1:27 pm, 1901517
The quote in the title should be the motto for the 2018-2019 FOMC. For the FOMC is set to raise its interest rate target next week and expected to raise it several times more in 2019 despite a flattening treasury yield curve.

September 21, 2018, 1:09 pm, 1901513

A single unit of housing for a low-income family can cost nearly $750,000 to build in California, according to a government report that provides new details on the cost to taxpayers of building affordable housing in states with high land prices and heavy land-use regulations.

A new report from the

September 21, 2018, 1:04 pm, 1901511

20,521 applications rejected as ineligible. 96 borrowers approved.  Those are the early results for the Public Service Loan Forgiveness program. PSLF promised student borrowers with federal Direct Loans who worked in qualifying public service jobs that they would have their loan balances discharged after 10 years of ...

September 21, 2018, 1:03 pm, 1901509

On September 24, AEI will host a luncheon and discussion addressing the question “Did we win the War on Poverty?” The measurement and extent of poverty ...

September 21, 2018, 12:38 pm, 1901503

Democratic governments, almost all of them, are normally run by career pols. They have ravenous appetites for wealth. They almost always have big plans to expand the government, which means they always want more money. (I remember Hillary Clinton’s recent book, What Happened. Here she spoke about her plans for ...

September 21, 2018, 12:34 pm, 1901502

Backfire Economics: Trump’s trade war hits Walmart and its suppliers and customers

More evidence of Trump’s trade war backfiring on the US economy, ...

September 21, 2018, 12:05 pm, 1901494

That’s the caption to this graph:

Source: Polansek/Reuters.

Contrast with this comment posted yesterday:

Soybeans are fungible. Actually most oilmeals are fungible. It’s a big world, and US crops will ...

September 21, 2018, 12:04 pm, 1901492

As North and South Korea negotiate an “end of war” declaration and press the United States to do the same, Washington must remember that, though testing has paused, North Korea remains one of the world’s most dangerous threats. An “end of war” declaration with the United States is meaningless since ...

September 21, 2018, 11:43 am, 1901485

I live in Fauquier County, Va. Some years ago, yellow license plates with the Gadsden flag, featuring a coiled snake and the words “Don’t tread on me,” began popping up on pickup trucks all over this county. Personally, I never viewed the snake as a threat. On the contrary, it ...

September 21, 2018, 11:23 am, 1901475

September 21, 2018, 11:23 am, 1901474
“What Keynes Ignored” Ruth Sutherland wrote in The Daily Mail a couple of days ago: Here is how Keynes “ignored” those “workaholic tendencies”: Yet there is no country and no people, I think, who can look forward to the age of leisure and of abundance without a dread. For we have been ...

September 21, 2018, 11:03 am, 1901465

In the policy world it’s rare to see proposals that solve serious problems without any obvious tradeoffs. That’s why our new paper from health care economist Peter Buerhaus, “Nurse practitioners: A solution to America’s primary care crisis,” deserves attention.

September 21, 2018, 11:03 am, 1901466

In the spring of 2018, scores of teachers across several states walked out of their schools, attracting extensive media attention. AEI’s Rick Hess and RJ Martin analyzed ...

September 21, 2018, 10:45 am, 1901464
From the BLS: Regional and State Employment and Unemployment Summary

Unemployment rates were lower in August in 13 states, higher in 3 states, and stable in 34 states and the District of Columbia, the U.S. Bureau of Labor Statistics reported today. Eleven states had jobless rate decreases from a ...

September 21, 2018, 10:38 am, 1901459

My latest Bloomberg column focuses on Jeff Bezos in particular, and his recently announced $2 billion gift to preschool education and to help the homeless.  Here is one excerpt:

…the gift is unlikely to take the form of Jeff Bezos dictating terms, even if he is the ...

September 21, 2018, 10:35 am, 1901458

September 21, 2018, 10:34 am, 1901456


History is full of instances where a rising power, aggrieved and dissatisfied, acts aggressively to obtain new borders or other international concessions.  In Russia, today we see a much more unusual case, for here the increasingly menacing and ambitious geopolitical actor may actually be a state whose power is in ...

September 21, 2018, 10:08 am, 1901448

We take a break from economics this week to welcome our old friend Jim Bovard for an unflinching look at the disastrous politicization of everything in America. The nasty fight over Brett Kavanaugh's Supreme Court confirmation is only the latest example of a trend Rothbard identified decades ago, one that ...

September 21, 2018, 9:23 am, 1901439

Economic growth — and the hope of better things to come — is the religion of the modern world. Yet its prospects have become bleak. In the United States, eighty percent of the population has seen no increase in purchasing power over the last thirty years and the situation is ...

September 21, 2018, 9:03 am, 1901437

Jay Greene, chair of the University of Arkansas department of education reform, has a famously eclectic set of research interests, ranging from school choice to field trips to the effect of schools on civic values. While Jay’s school choice scholarship has been cited four times by the U.S. Supreme Court, ...

September 21, 2018, 8:35 am, 1901432
(Don Boudreaux)

… is from pages 6-7 of my late Nobel-laureate colleague Jim Buchanan‘s 1966 paper ...

September 21, 2018, 8:05 am, 1901423
Note: This is not Mortgage Equity Withdrawal (MEW) data from the Fed. The last MEW data from Fed economist Dr. Kennedy was for Q4 2008.

The following data is calculated from the Fed's Flow of Funds data (released yesterday) and the BEA supplement data on single family ...

September 21, 2018, 7:47 am, 1901419

The revolving door between government and private industry creates opportunities for regulatory capture. Dick Cheney’s moves between Secretary of Defense, CEO of Halliburton and Vice-President certainly raised eyebrows. Secretaries of the Treasury, Robert Rubin, Hank Paulson and Steve Mnuchin were all former bankers at Goldman Sachs. Former members ...

September 21, 2018, 7:27 am, 1901414

Only for a short while did the collapse of the Soviet Union silence Marxism. The fatal attraction of the thoughts of Karl Marx has returned — not because they are right but because they are wrong. Marxism serves to convert resentment into a social problem. Marxism is ...

September 21, 2018, 7:25 am, 1901413
Here's this week's Economics Quiz. Good luck!

September 21, 2018, 7:09 am, 1901403

This is the web version of the WSJ’s newsletter on the economy. You can sign up for daily delivery here.

Good morning. Today we look at a buoyant U.S. economy, a sluggish European economy, the U.K.’s decision to play Chequers while the EU plays chess, the U.S.-Korea trade deal, Swiss contrarianism, and ...

September 21, 2018, 6:40 am, 1901402

Hedging With Volatility
Mario Alagoa (Sacred Heart University)
May 9, 2018
A risk-averse investor with a long equity position is presumably interested in identifying a hedging strategy that protects the value of that investment. The common approach encompasses using either financial derivatives or holding assets ...

September 21, 2018, 6:19 am, 1901394
Whoever says that fire services are a public good, or even a quasi-public good? In the United States, record breaking wildfires are fuelling - no pun intended - the rise of private firefighters. They are funded by both homeowners and, increasingly, insurance companies wanting to reduce the size of their ...

September 21, 2018, 6:19 am, 1901395
What a fantastic enrichment resource for students - David Grossman's The New Age of Capitalism is a series of ten fifteen minute podcasts.

September 21, 2018, 6:19 am, 1901393
This World Bank clip looks at the most fundamental property right of all: to an identity. The Identification for Development Program is trying to give the 1 billion people without proof of identity their identity and thus greater ability to access public services among other things. We take this for ...

September 21, 2018, 6:19 am, 1901391
The UK's Takeover Panel, in consultation with all interested parties is to determine the outcome of rival Sky bids via an auction.

September 21, 2018, 6:19 am, 1901392
The IMF looks at why empowering women is a good thing for development: it's relatively simple. Women represent more than 50% of the potential workforce and increasing female education also reduces fertility rates. However, governments have an important role to play in creating an environment that can empower women and ...

September 21, 2018, 6:09 am, 1901383

Tedeschi Trucks Band.

Link courtesy of Michael Greenspan.


September 21, 2018, 6:07 am, 1901382
How can you not after this story?

September 21, 2018, 6:04 am, 1901381

As September rolls around once more, so does the annual Telecommunications Policy Research Conference, beginning today in Washington, DC.

One of the “hot topics” in past years has been zero-rating — the pricing policy where internet service providers (ISPs) supply a range of content to (particularly mobile) internet consumers without charging ...

September 21, 2018, 5:48 am, 1901374

McSweeney's. Ouch. Pretty funny unless, of course, you're one of them.


September 21, 2018, 5:28 am, 1901369

How the Mafia arose from a protection racket for Sicilian lemons.


September 21, 2018, 5:09 am, 1901368

US imposes sanctions on China for buying Russian military equipment: Reuters
European Council president: UK’s Brexit plan “will not work”: BBC
Fed Chairman Powell talks to Congress re: the central bank’s independence: CNBC

September 21, 2018, 4:39 am, 1901360

Suppose, for an instant, that there's nothing unique about ...

September 21, 2018, 3:07 am, 1901351

A 2003 Mercedes station wagon fetched nearly $420,000 at a Delaware auction last month—$6,800 for the car, $410,000 for the license plate.

“I wanted it,” says the tag’s winning bidder, William Lord. “I’m happy I did it.”

And who wouldn’t be? The plate reads “20,” a highly coveted low Delaware ...

September 21, 2018, 12:38 am, 1901335

Matthew Prewitt wrote this interesting piece “Reimagining Property: A Philosophical Look at Harberger Taxation.”  As he defines a Harberger tax, you report the value of your property, pay a tax on that amount, but if you under-report the value someone can buy the property from you ...

September 21, 2018, 12:06 am, 1901333

As Wisconsinites will recall, as late as August 2013, Governor Walker was reiterating his promise to create 250,000 new private sector jobs by the end of his first term (January 2015). As of July 2018, Wisconsin’s private sector net job creation surpassed Walker’s promised target — a full 3.5 ...

September 20, 2018, 6:38 pm, 1901293

Today's headline at The Wall Street Journal looks wonderful: "U.S. Household Net Worth Neared $107 Trillion in Second Quarter." The journal is reporting on a new report form the federal reserve.

Unfortunately, the fact that the aggregate national net worth is up doesn't tell us ...

September 20, 2018, 6:35 pm, 1901292
Earlier: From the Philly Fed: September 2018 Manufacturing Business Outlook Survey

Regional manufacturing activity continued to grow in September, according to results from this month’s Manufacturing Business Outlook Survey. The survey’s broad indicators for general activity, new orders, shipments, and employment remained positive and increased from their ...

September 20, 2018, 4:35 pm, 1901279
(Don Boudreaux)

Here’s a letter to an occasional Cafe Hayek reader who tells ...

September 20, 2018, 4:34 pm, 1901278

Economic growth — and the hope of better things to come — is the religion of the modern world. Yet its prospects have become bleak. In the United States, eighty percent of the population has seen no increase in purchasing power over the last thirty years and the situation is ...

September 20, 2018, 3:47 pm, 1901267
Volume 2, No. 1 (Spring 1999)


One of the most dependable ways of demonstrating the inconsistency of a general principle, theory, or proposition is to deduce some necessarily contradictory consequences from its major premises. In 1849, Gustave de Molinari confronted his fellows at the Journal Des Economistes—a bastion of free-market thought—with ...

September 20, 2018, 3:03 pm, 1901251
Visiting Scholar John Yoo discusses the status of Judge Kavanaugh's nomination to the Supreme Court.

September 20, 2018, 3:03 pm, 1901250
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.buffon { display: inline-block; text-align: center; vertical-align: middle; padding: 12px 24px; border: 1px solid #008bcc; ...

September 20, 2018, 2:35 pm, 1901234
From CoreLogic: Homeowner Equity Q2 2018

CoreLogic analysis shows U.S. homeowners with mortgages (roughly 63 percent of all properties) have seen their equity increase by a total of nearly $981 billion since the second quarter 2017, an increase of 12.3 percent, year over year.

Homeowners Emerge from ...

September 20, 2018, 2:35 pm, 1901233

September 20, 2018, 2:34 pm, 1901231

For those of us who watch elections, the 2018 campaign has been going on for what seems like an eternity. For voters, not so much. But tomorrow, 46 days before the election, voters will begin to have their say. According to the immensely useful website Ballotpedia, which ...

September 20, 2018, 2:06 pm, 1901222

September 20, 2018, 2:04 pm, 1901221

On August 6th, thousands of China’s Hui Muslim minority gathered to protest the demolition of a rebuilt mosque in Weizhou, a major city in Ningxia, an autonomous region with a large Muslim minority. Local authorities announced the demolition two days prior, claiming that the mosque was not ...

September 20, 2018, 1:27 pm, 1901210

September 20, 2018, 1:27 pm, 1901209

September 20, 2018, 12:38 pm, 1901201

We are constantly bombarded with bad news. There are disasters, dangers, challenges, and woes. On the political scene, we find perpetual discord peppered with lurid denunciations and shrill condemnations. Media reports are alternately dismaying, disappointing, distressing, disgusting, or depressing. But despair not, friends: All is not lost!

Here let me serve ...

September 20, 2018, 12:35 pm, 1901200
The Federal Reserve released the Q2 2018 Flow of Funds report today: Flow of Funds.

According to the Fed, household net worth increased in Q2 2018 to $106.9 Trillion, for $104.7 Trillion in Q1 2018:

The net worth of households and nonprofits rose to $106.9 trillion during the ...

September 20, 2018, 11:47 am, 1901176

A number of you have questioned that point I made yesterday, arguing that a standard monopolist that becomes a monopsonist will restrict output by hiring less labor, for fear of driving up the price of that labor.

I don’t think Amazon has significant monopsony ...

September 20, 2018, 11:44 am, 1901175
Earlier: NAR: Existing-Home Sales Unchanged at 5.34 million in August

Two key points:

1) This is a reasonable level for existing home sales, and doesn't suggest any significant weakness in housing or the economy. The key for the housing - and the overall economy - ...

September 20, 2018, 11:23 am, 1901170

This week on Banter, we’re joined by AEI Senior Fellow Karlyn Bowman to discuss the 2018 midterm elections, including what the latest polls are showing about the chances of a blue wave this November and how big of a factor Trump will be for voters. At AEI, Bowman analyzes American ...

September 20, 2018, 11:03 am, 1901164

The United States Census Bureau’s 2017 report on income and poverty in the United States can present the reader with ...

September 20, 2018, 10:37 am, 1901157

By Sonali Jain-Chandra

September 20, 2018

A gardener outside a luxury auto showroom in Beijing. China has moved from being moderately unequal in 1990 to being one of the world’s most unequal countries (photo: Stephen ...

September 20, 2018, 10:35 am, 1901156
From the NAR: Existing-Home Sales Remain Flat Nationally, Mixed Results Regionally

Existing-home sales remained steady in August after four straight months of decline, according to the National Association of Realtors®. Sales gains in the Northeast and Midwest canceled out downturns in the South and West. Total existing-home sales, ...

September 20, 2018, 10:34 am, 1901154

China becomes richer and more technologically advanced every day. America’s strategy to slow that momentum? Massive and onerous tariffs.

This is pure folly.

At best, this course of action means near-term pain for U.S. businesses and consumers. But the bigger risk is that a distracted America, beset by populist politics, will neglect ...

September 20, 2018, 10:34 am, 1901155
Visiting Scholar John Yoo discusses how the FBI and the Senate Judiciary Committee should proceed in the wake of the sexual assault allegations against Supreme Court nominee Brett Kavanaugh.

September 20, 2018, 10:08 am, 1901143

Although students of Austrian economics are familiar with Mises, Hayek, and the other major figures of the school, there are many economists who worked in and around the Austrian tradition—and made crucial contributions to it—whose writings are today neglected. One of the most significant of these is the American

September 20, 2018, 10:04 am, 1901142

In 2013, after months of secret negotiations between imprisoned Kurdistan Workers Party (PKK) leader Abdullah Ocalan and Turkish leader Recep Tayyip Erdogan’s representatives, Turkey and the PKK agreed to a cease-fire, one condition of which was the departure of PKK fighters from Turkey. As part of that agreement, many ...

September 20, 2018, 10:04 am, 1901141

Neither of the two competing visions for market-driven health care — “managed competition” or consumer-led purchasing of medical services — are without challenges, as two recent papers make clear. Proponents of competitive solutions in health care should consider what might be done to improve both models.

The architects of the managed competition framework ...

September 20, 2018, 9:43 am, 1901129

The Wall Street Journal has an interesting article discussing the fallout affecting the German chemical company Bayer after the recent court case finding for plaintiffs against Monsanto (and specifically its Roundup weedkiller). Less than two months after Bayer took over Monsanto, the verdict came down and the ...

September 20, 2018, 9:04 am, 1901118
The DOL reported:

In the week ending September 15, the advance figure for seasonally adjusted initial claims was 201,000, a decrease of 3,000 from the previous week's unrevised level of 204,000. This is the lowest level for initial claims since November 15, 1969 when it was 197,000. The 4-week ...

September 20, 2018, 7:27 am, 1901084

Europe is today in the midst of a debate on the future of the European Union. It is not the first one: back before the Maastricht Treaty was passed in 1992, political leaders were discussing as well about where the EU, or as it was called back then, the European ...

September 20, 2018, 7:27 am, 1901083

The socialist policies of the Venezuela government continue to impose a living hell on its people. Hyperinflation has turned its currency to literal garbage. Mortality rates have skyrocketed for groups such as infants, pregnant mothers and the elderly as clinics have shut down and medicine grown scarce. Food has ...

September 20, 2018, 7:24 am, 1901082
(Don Boudreaux)

… is from page 312 of Jonah Goldberg’s 2008 book, Liberal Fascism:

September 20, 2018, 7:23 am, 1901079
A hypothesis for Prof. Krugman: the transmission method was FEAR In his recent column disagreeing with Ben Bernanke, Paul Krugman asks for an explanation as to how a financial panic could lead to years thereafter of a slow recovery. Specifically, Krugman says that he “really really wants to hear about ...

September 20, 2018, 7:10 am, 1901078

September 20, 2018, 7:09 am, 1901077

US economic growth remains strong, based on data published to date, but today’s business-cycle profile continues to suggest that we’ve seen the peak. Recession risk remains low and near-term projections point to more of the same. The question is whether there’s trouble brewing for 2019?

At this stage ...

September 20, 2018, 7:09 am, 1901066

This is the web version of the WSJ’s newsletter on the economy. You can sign up for daily delivery here.

Good morning. Today we look at the U.S. economy’s soft spot, U.S.-China trade friction and fallout, Europe’s Amazon investigation, million-dollar relocation packages, and the price of a beer during Oktoberfest.


September 20, 2018, 6:09 am, 1901050

I like this one and totally agree with the author over Pollan: "Embrace the Improvements We've Made Since Your Great-Grandmother Was Cooking".


September 20, 2018, 6:09 am, 1901049

Short version: almost all of the cast makes nada. Jerry and Larry are the only ones who get a cut.


September 20, 2018, 6:09 am, 1901048

It sounds convincing, but it's still hard for me to believe that trillions of galaxies  each with trillions of stars orignated in one bit of a microsecond in one teeny-tiny bit of space. (But I don't have a better idea.)

Related: "A New Test for the Leading Big ...

September 20, 2018, 6:09 am, 1901047

"If you want to live a long time, you should stick to a hard-and-fast regimen of regular exercise and healthy food. Your sleep schedule should run like a Swiss railroad. But if you want your life to seem like it’s lasting a long time, pack it with surprises."

September 20, 2018, 6:04 am, 1901046

Tech policy columns like this one often focus on the ways that new, cutting-edge technologies can improve society. But sometimes we can achieve similar gains by applying new ideas to legacy technologies, looking at older systems in a new light. Next week the Federal Communications Commission (FCC) will take up ...

September 20, 2018, 5:50 am, 1901045

US prepared to resume denuclearization talks with North Korea: Reuters
Polls continue to give Dems edge for taking back House in Nov: RCP
China set to cut average trade tariffs for most of its partners:

September 20, 2018, 5:03 am, 1901034

(p. A11) New York

"I rarely have an urge to whisper," says George Gilder--loudly--as he settles onto a divan by the window of his Times Square hotel room. I'd asked him to speak as audibly as possible into my recording device, and his response, while literal, could ...

September 20, 2018, 4:09 am, 1901029

How has the taste of Americans for alcohol changed since the start of the 21st century?

We're going to answer that question today using excise tax collection data reported by the Alcohol and Tobacco Tax and Trade Bureau to the Internal Revenue Service from ...

September 20, 2018, 1:27 am, 1901009

Michael S. Sparer and Anne-Laure Beaussier has a new and interesting piece on this topic, here is part of the abstract:

First, the United States outperforms its European peers on several public health metrics. Second, the United States spends a comparable proportion of its health dollar on ...

September 20, 2018, 1:27 am, 1901008

Michael S. Sparer and Anne-Laure Beaussier has a new and interesting piece on this topic, here is part of the abstract:

First, the United States outperforms its European peers on several public health metrics. Second, the United States spends a comparable proportion of its health dollar on ...

September 20, 2018, 12:38 am, 1901006

Jaroslav Bobrowski knows a good deal when he sees one. Accordingly, an all-you-can-eat offer at one sushi restaurant is no longer available to him.

The triathlete follows a special diet in which he fasts for 20-hour periods. So when he does sit down for dinner, he tries to make up ...