Ben Bernanke sees the great slowdown in technological progress http://t.co/oqFL0Oz3Hj
59 minutes ago
Roubini Topic Archive: North America
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By One Key Budget Indicator, the Structural Primary Balance, Even Greece Is Doing Better Than the United States. Why That Should Worry Us.
We in the United States know that we have a deficit problem, but when we hear news of the ongoing crisis in Europe, we feel a little better. At least we’re in better shape than Greece, Italy, and the other Eurozone basket cases. Aren’t we? Think again. By one key measure of fiscal health, the [...]
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Sharp Slowdown in Nominal GDP Growth Adds to Pressure on Fed
The latest data from the Bureau of Economic Analysis show real GDP growth slowing to a 1.5 percent annual rate in Q2, down from 2 percent (revised) in Q1. That pathetic figure looked almost good to many observers who expected even worse. However, the more worrisome, although less noticed, number was the slowdown of nominal [...]
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U.S. Domestic Income Grows Strongly in Q4 2011, Outpacing Growth of GDP
According to the final figures released this week by the Bureau of Economic Analysis, U.S. Gross Domestic Income grew at a strong 4.4 percent annual rate in Q4 2011. Growth of GDI outpaced that of GDP, which was unrevised at 3 percent, itself the strongest of the year. As the chart shows, it was the [...]
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How to Protect Wetlands and How Not to Do it: Lessons from Tax Policy
Tax reform is a hot topic. Both Republicans and Democrats say they’re for broadening the tax base, closing loopholes, and lowering tax rates. Bruce Bartlett’s new book is getting a lot of well-deserved attention. So while we’re at it, why not reform implicit taxes, too? Regulations to protect wetlands, to the extent that they reduce [...]
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Please, Secretary Chu, Retract your Retraction. High Gas Prices are Good. You Were Right the First Time.
Why would a president want to bring an eminent scientist like Energy Secretary Steven Chu into government? In the hope, one would suppose, that he would speak truth to power. Sadly, that hope seems to have been been dashed in the case of Secretary Chu. In 2008, before becoming part of the cabinet, he had [...]
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February Jobs Market Report Shows Across the Board Strength
The latest report from the BLS shows across the board strength in the U.S. jobs market. Data on payroll jobs, unemployment rates, and labor force participation all showed a gradually strengthening economy. The headline increase of 227,000 new payroll jobs (233,000 in the private sector) was down a little from the January report. However, that [...]
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Finally, Proof (Real Proof, not Just Data) of What Inflation Has Done to Our Economy
Anyone who has ever risked blogging about inflation knows there are two kinds of commenters out there. First, there are those who are sure that inflation, although quiet lately, is poised for a big breakout that will destroy the economy. Second, there are those who are sure inflation has already done so, and that anyone [...]
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Latest Data Suggest Output Gap is Closing but Employment Gap is Closing Faster
The latest GDP data from the Bureau of Economic Analysis indicate that the output gap narrowed in Q4 2011 at a slightly more rapid pace than previously estimated. The second estimate, released February 29, showed US real GDP growing at a 3 percent annual rate last quarter, up from the 2.8 percent advance estimate released [...]
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Updated Seasonal Factors Remove Much of the Volatility from 2011 Monthly CPI Data
2011 was a roller coaster ride for U.S. consumer price inflation—or was it? If you went by the releases from the Bureau of Labor Statistics, monthly CPI inflation, stated as annual rates, bounced from over 6 percent in February, down to under -2 percent by June, and then back up over 6 percent in July. [...]
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Reforming the Payroll Tax: We Need More Than Another Temporary Cut. We Need a Permanent Fix
President Obama’s 2013 budget includes a proposal to extend the current 2 percent payroll tax cut, first put in place last year, for the balance of 2012. Congress will probably go along after another round of grandstanding. Yes, the payroll tax is too high. In itself, even a small, temporary cut might be welcome, but [...]
