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David Rivkin and Richard Raile: Should Noncitizens Be Represented in Congress?
Posted: April 22, 2019 at 06:28 PM (Monday)

That is the deeper political and legal question behind today’s Supreme Court census case. The Supreme Court Tuesday will hear oral arguments in the Trump administration’s appeal of lower-court orders forbidding it to ask a citizenship question in the 2020 census. The justices’ task in Department of Commerce v. New York won’t be difficult: The ...


Art Carden: Who Pays for Tariffs and Trade Restrictions? Consumers Do.
Posted: April 22, 2019 at 03:19 PM (Monday)

Amid much fanfare and in his wave of protectionist fervor, President Trump has promised that the Chinese would pay and pay dearly for the right to sell us stuff. New research by economists at the Federal Reserve Board and the University of Chicago confirms what economists teach about tariffs and trade restrictions in principles of ...


Glenn Harlan Reynolds: Mueller report: Donald Trump collusion conspiracy theories are now exposed. Will they end?
Posted: April 22, 2019 at 09:51 AM (Monday)

After two years of mass hysteria afflicting a huge portion of our political class, the cognitive dissonance after the Mueller report is painful. “Donald Trump broke the brains of a lot of people.” That’s leftist journalist Glenn Greenwald, talking about the way conspiracy theories have occupied the media despite the absence of any actual ...


Stephen Mihm: An Old Tool to Fight a New Recession: Perishable Money
Posted: April 22, 2019 at 08:30 AM (Monday)

Note to the Fed: A currency that lostvalue unless it was spent right away worked wonders in Depression-era Austria. Almost 10 years after the Great Recession ended, the growing threat of a new economic slowdown raises a troubling question: When the next recession strikes, what can the world’s central banks do? With interest rates low ...


Peter Morici: Let the free market take America cashless
Posted: April 22, 2019 at 08:28 AM (Monday)

Market forces are taking America cashless but local politicos, like the luddites destroying machines that replaced craftsmen, are throwing up roadblocks. Most folks purchasing a Curry Chickpea Bowl at Sweetgreen or a Nora Roberts novel at an Amazon brick-and-mortar stores reflexively pay with a credit or debit card or an app—they would ...


Chris Pope: Canaries in the Medicare-for-All Coalmine
Posted: April 22, 2019 at 08:04 AM (Monday)

The core appeal of the 2020 Democratic presidential candidate’s Medicare-for-All proposals, whether it’s optional buy-ins floated by moderate Democrats or Sen. Bernie Sanders’s comprehensive single-payer reforms, is the notion that enormous savings could be generated by dispensing with private insurance. Advocates claim that that insurer ...


Nouriel Roubini: Bipolar Markets in the "New Mediocre"
Posted: April 22, 2019 at 05:30 AM (Monday)

NEW YORK – After the global risk-off of late 2018, a newfound dovishness on the part of central bankers has combined with other positive developments to revive investors' animal spirits. But with a wide array of financial and political risks clearly in view, one should not assume that the current ebullience will last the year. Financial ...


Mohamed El-Erian: What’s Missing for a Market ‘Melt Up’
Posted: April 21, 2019 at 07:44 PM (Sunday)

Stronger global fundamentals need to underpin elevated asset prices, and the Fed must maintain a tricky policy balance as the U.S. continues to outperform advanced countries. It is no surprise that the possibility of a market “melt up” for the rest of 2019 is becoming a more common refrain among investors. After all, the unsettling volatility ...


Robert Samuelson: Can the Fed stay 'independent’?
Posted: April 21, 2019 at 06:59 PM (Sunday)

It’s unclear whether one or both, or neither, of President Trump’s selections for the Federal Reserve Board — Stephen Moore and Herman Cain — will win Senate confirmation. What is clear is that this is a teachable moment concerning the Fed’s vaunted “independence.” If you think it means the Fed can do whatever it wants and is truly independent ...


Judy Shelton: The Case for Monetary Regime Change
Posted: April 21, 2019 at 03:07 PM (Sunday)

Central bankers aren’t omniscient. A linked-currency system could improve economic growth. Since President Trump announced his intention to nominate Herman Cain and Stephen Moore to serve on the Federal Reserve’s board of governors, mainstream commentators have made a point of dismissing anyone sympathetic to a gold standard as crankish ...


Stephen Moore: The immigrants we need most
Posted: April 21, 2019 at 02:57 PM (Sunday)

Of all America’s immigrant visa programs, arguably the most successful for the U.S. economy has been the H1B program. This program admits highly-skilled foreigners that fill vital employment niches to make our Made in America businesses more successful in international markets. Larry Kudlow, the director of President Trump’s National ...


Joseph Stiglitz: Progressive Capitalism Is Not an Oxymoron
Posted: April 19, 2019 at 08:31 PM (Friday)

The public is open to standard progressive arguments about taxes and spending. We can save our broken economic system from itself. Despite the lowest unemployment rates since the late 1960s, the American economy is failing its citizens. Some 90 percent have seen their incomes stagnate or decline in the past 30 years. This is not surprising, ...


Arthur Brooks: Want to be happier? Take this lesson from Martin Luther King Jr.
Posted: April 19, 2019 at 07:29 PM (Friday)

“I want to turn your attention to this subject: ‘Loving Your Enemies.’ ” I have recently written a book on that theme, but the words are found in a sermon by the Rev. Martin Luther King Jr., delivered in Montgomery, Ala., on Nov. 17, 1957. King was referencing the teaching of Jesus in Matthew’s Gospel and exhorting the congregants to live ...


Heather Boushey: The left should resist the siren song of 'modern monetary theory’
Posted: April 19, 2019 at 12:25 PM (Friday)

Over the past year, a new economic concept has moved to the center of the political debate, as economists, pundits and policymakers hold it up as the answer to our economic problems. Modern monetary theory, or MMT, supposedly explains how “We Can Pay for a Green New Deal,” as one of its leading advocates recently argued in HuffPost. “Here’s ...


Jared Bernstein: Economists are rethinking monetary and fiscal policy. That’s a potentially positive development
Posted: April 19, 2019 at 08:00 AM (Friday)

A perceptive, progressive politician I know once described economists as “the people who tell you why you can’t do the things you want to do.” That’s not wrong, but there are some substantial changes brewing in the way economists think about two of the most critical areas of economic policy, monetary policy run by the Federal Reserve and ...


Alan Dershowitz: The legal dispute between Barr and Mueller
Posted: April 18, 2019 at 11:14 PM (Thursday)

The Robert Mueller report is finally out, with very few redactions. As I have long predicted, it includes serious criticisms of President Trump and his associates, but it does not conclude that the president committed any crimes. The report is divided into two volumes. The first deals with the investigation of the relationship between the ...


Paul Krugman: Bernie Sanders and the Myth of the 1 Percent
Posted: April 18, 2019 at 10:30 PM (Thursday)

A peculiar chapter in the 2020 presidential race ended Monday, when Bernie Sanders, after months of foot-dragging, finally released his tax returns. The odd thing was that the returns appear to be perfectly innocuous. So what was all that about? The answer seems to be that Sanders got a lot of book royalties after the 2016 campaign, and was ...


Scott Jennings: Mueller report: Takeaways for Trump, Russian interference, Democrats
Posted: April 18, 2019 at 05:17 PM (Thursday)

Donald Trump, use Mueller report as election security roadmap; Democrats, drop impeachment and work on 2020; and Rep. Adam Schiff, you should resign. The Mueller report will not change political opinions of President Donald Trump. Democrats will continue to hate the president and Republicans will continue to think Trump got a raw deal because ...


MMT: "Modern Monetary Theory", Why exactly is it so "modern"?
Posted: April 18, 2019 at 12:00 PM (Thursday)

“Modern Monetary Theory” has been talked about so much lately. Why exactly is it so "modern"? Here are some recent stories relating to "MMT - Modern Monetary Theory"
Heather Boushey: The left should resist the siren song of 'modern monetary theory’ 04/19/2019 12:25 PM - Over the past year, a new economic concept has moved to the center of ...


Richard Haass: The Structure of a Diplomatic Revolution
Posted: April 18, 2019 at 10:24 AM (Thursday)

NEW YORK – As Israeli politics has shifted rightward, assumptions that underpinned a half-century of Middle East policy have been invalidated. It is time for a paradigm shift in how we think about the Middle East, not because a better diplomatic model has presented itself (it has not), but because the current paradigm is increasingly at odds ...


Jed Graham: Retail Sales Surge 1.6% In March; Dow Jones Gains On Consumer Strength
Posted: April 18, 2019 at 09:04 AM (Thursday)

Retail sales rebounded in a big way in March, surging 1.6%, the Commerce Department reported Thursday. Outside of autos, retail sales rose 1.2%. After a surprisingly soft retail sales trend in recent months, the latest data will ease concerns that the American consumer is retrenching. Dow Jones futures slightly higher ahead of the stock ...


Michael Strain: Did Corporate Tax Cuts Strengthen Wages? Don’t Believe What You Hear
Posted: April 18, 2019 at 09:00 AM (Thursday)

Ignore the claims from the law’s supporters and the attacks by its opponents. It’s too soon to tell. Is the Trump corporate tax cut working? Is it increasing wages and investment? This debate has raged ever since the corporate cuts were adopted in December 2017. Unfortunately, these questions have mostly provoked confusion over how the tax law ...


Herman Cain: The Fed and the Professor Standard
Posted: April 17, 2019 at 06:55 PM (Wednesday)

The central bank needs new voices that will speak up for a stable dollar, which leads to prosperity. Real income for America’s bottom 90% reached an all-time high in 1999, and at the time Pew Research found that 81% of Americans agreed that free enterprise was a major reason for the country’s success in the 20th century. By June 2015, ...


Caroline Baum: The Fed knows how to hit its inflation target — it just refuses to do so
Posted: April 17, 2019 at 09:55 AM (Wednesday)

It’s time to put money back into the equation of monetary policy. The Federal Reserve has consistently undershot its 2% inflation target ever since it adopted an explicit target in 2012. Policy makers, desperate to find a culprit outside of themselves, have settled on the public’s subdued inflation expectations as the likely suspect. In order ...


Nikhil Patel and Shang-Jin Wei: Getting Exchange Rates Right
Posted: April 17, 2019 at 09:20 AM (Wednesday)

NEW YORK – Standard calculations of a country's real effective exchange rate (REER) ignore global value chains that spread production processes across countries. Taking this factor into account leads to more accurate REER calculations, which can have profound policy implications. The real effective exchange rate (REER) may sound arcane ...


Tim Duy: The Fed's Soft Landing Is in Sight
Posted: April 17, 2019 at 05:00 AM (Wednesday)

By avoiding an imminent recession, the central bank’s focus now shifts to sustaining the expansion. The Federal Reserve seems to be achieving the fabled soft landing. With growth likely to transition down toward the longer-term trend in 2019, expect monetary policy to remain on hold for the foreseeable future. If the Fed were to move, the ...


Review & Outlook: Who Wants to Be a Millionaire?
Posted: April 16, 2019 at 07:32 PM (Tuesday)

Bernie Sanders takes grief for the fruits of his capitalist labors. Self-styled socialist Bernie Sanders is being derided by some as a “millionaire” after his tax returns showed that he and his wife earned more than $1 million for a couple of years. Welcome to the club of non-millionaire millionaires, comrade. Herein is a parable of ...


Yanis Varoufakis: First They Came for Assange
Posted: April 16, 2019 at 07:46 AM (Tuesday)

ATHENS – Mike Pompeo, Trump's first CIA director and now US Secretary of State, once described WikiLeaks as "a non-state hostile intelligence service." That is exactly right, and it is an equally accurate description of what every self-respecting news outlet ought to be. My meetings with WikiLeaks founder Julian Assange all took place in the ...


John Tamny: In His Defense of the Phillips Curve, Greg Ip Doth Protest Too Much
Posted: April 16, 2019 at 06:57 AM (Tuesday)

For every coal and steel worker in the U.S. today, there are twenty-five retail workers. One out of every eight “American” jobs is in retail. This rates mention mainly because online shopping, along with brick & mortar advances of the Amazon Go variety promise to render redundant a high portion of retail jobs in the not-so-distant future. As ...


Andrew McCarthy: Behind the Obama administration’s shady plan to spy on the Trump campaign
Posted: April 15, 2019 at 11:07 PM (Monday)

In Senate testimony last week, Attorney General William Barr used the word “spying” to refer to the Obama administration, um, spying on the Trump campaign. Of course, fainting spells ensued, with the media-Democrat complex in meltdown. Former FBI Director Jim Comey tut-tutted that he was confused by Barr’s comments, since the FBI’s ...


Norbert Michel: Housing Finance Reform Has Never Really Been About Affordable Housing
Posted: April 15, 2019 at 09:18 PM (Monday)

Now that the Senate hasconfirmed Mark Calabria as the director of the Federal Housing Finance Agency (FHFA), the Trump administration can implement important reforms to make housing more affordable. Calabria need not—and should not—wait for Congress to act. A full decade has passed since the mortgage meltdown, yet virtually the same system ...


Steven Rattner: Trump’s Attacks on Health Care Will Backfire
Posted: April 15, 2019 at 07:00 PM (Monday)

The administration’s chaotic reversals on Obamacare could deprive millions of coverage. In Donald Trump’s two-plus years as president, his approach to policymaking has often been defined by an unsavory stew of indecision, inaction, flip-flops and outright lies.Nowhere has this been truer than with health care, where the administration has ...


Phil Gramm and Michael Solon: Enemies of the Economic Enlightenment
Posted: April 15, 2019 at 06:19 PM (Monday)

Elizabeth Warren and others seek corporate ‘reforms’ that resemble medieval royal charters. The 18th-century Enlightenment liberated mind, soul and property, empowering people to think their own thoughts, worship their own gods, and benefit from the fruits of their own labor and thrift. As labor and capital came to serve their owners, not ...


Juscelino Colares: Stephen Moore offers supply-side diversity to Federal Reserve
Posted: April 15, 2019 at 12:38 PM (Monday)

Moore's supply-side views would be a welcome addition to the deliberations of the Federal Open Market Committee, which sets interest rate policy. Liberal commentators have assailed Stephen Moore, President Donald Trump's intended nominee to the Federal Reserve Board of Governors, on two main grounds: Moore has made wrong predictions on ...


Bill Frist: How Changing Tobacco Laws Can Save Thousands Of Lives, Billions Of Tax Dollars
Posted: April 15, 2019 at 09:19 AM (Monday)

Today we have a massive and growing public health challenge that is substantially shortening the lives of millions, negatively impacting the health of our children, and adding an astounding $170 billion in health care costs to our nation annually. Unknown to most, it has been for years the leading cause of preventable death in the United ...


Jonathan Gruber and Simon Johnson: How to jump-start America
Posted: April 15, 2019 at 09:01 AM (Monday)

In the decades that followed World War II, the United States led the world in innovation, creating entirely new sectors such as jet aircraft, life-saving drugs and vaccines, microelectronics, satellites, and digital computers. Widespread innovation boosted productivity. Household income increased faster than ever before, while inequality ...


Brian Riedl: How Your 2019 Taxes Will Be Spent
Posted: April 15, 2019 at 07:45 AM (Monday)

As another tax day arrives, Americans are surely wondering where their hard-earned federal taxes go. This year, Washington will spend a staggering $35,148 per household and collect $26,677 per household in taxes. The resulting budget deficit of $8,471 per household will bring the total national debt to $177,000 per household. Federal spending ...


Narayana Kocherlakota: Fed Needs to Start Fighting the Next Recession Now
Posted: April 15, 2019 at 07:30 AM (Monday)

Its tools are limited, so the central must compensate by being aggressive. Almost 10 years after the Great Recession ended, the growing threat of a new economic slowdown raises a troubling question: When the next recession strikes, what can the world’s central banks do? With interest rates low and their balance sheets still loaded with ...


Steven Mnuchin: The Tax Cuts and Jobs Act is working
Posted: April 15, 2019 at 06:39 AM (Monday)

Americans just finished filing their taxes for 2018. And this is the first year that the benefits of the Tax Cuts and Jobs Act (TCJA) have been improving the lives of our citizens. In fact, we are pleased to report that we have experienced a year of more jobs, bigger paychecks, increased business investment and lower tax liability. Lower ...


Peter Morici: The dollar could be a curse for America
Posted: April 15, 2019 at 06:01 AM (Monday)

Dollar’s reserve currency status will allow U.S. to spend, spend, spend. Oil has proven a curse for many developing countries and now, troubles abroad and growing reliance on the dollar could prove the same for America. Petroleum permits national leaders to engage in socialist giveaways, placate elites by padding their bank accounts ...


Jeffrey Sachs: Our Zero-Emission Future
Posted: April 15, 2019 at 04:56 AM (Monday)

NEW YORK – A low-cost shift to clean energy is now feasible for every region of the world, owing to the plummeting costs of solar and wind power, and breakthroughs in energy storage. The total system costs of renewable energy, including transmission and storage, are now roughly on par with fossil fuels. The solution to human-induced climate ...


Marcus Ashworth: This Brexit Delay Is a Bond Market Opportunity
Posted: April 15, 2019 at 12:00 AM (Monday)

With the EU divorce now months away, there’s plenty of time for the yield-hunters to swoop on U.K. corporate bonds. Market fundamentals are in excellent shape. The pound is stable versus other major currencies, and the Bank of England is unlikely to raise rates until there is certainty on how the economy will be affected by any resolution ...


John Tamny: To the Rich and Left Wing, Please Don't Pay Your 'Fair Share'
Posted: April 15, 2019 at 12:00 AM (Monday)

The left-leaning rich frequently complain that they don’t pay enough in the way of taxes. To right the alleged wrong they claim they’ll vote for politicians who will legislate higher rates of taxation on them. Apparently there’s nobility in self-flagellation. The problem is that low-tax types on the right encourage the ...


Mohamed El-Erian: What the Data Say About China and the Global Economy
Posted: April 14, 2019 at 06:47 PM (Sunday)

Short-term improvements don’t warrant long-term optimism. The slowing of the Chinese economy, along with growing evidence of European growth under pressure, cast a big cloud of uncertainty over the global economy coming into 2019. Data released last week provided further support for the notion of short-term stabilization in China, but ...


Alan Blinder: The Individual Mandate Is Here to Stay
Posted: April 14, 2019 at 03:20 PM (Sunday)

The logic of American health care precludes other options, from single payer to an employer mandate. Believe it or not, America may be debating ObamaCare yet again. “Repealing but not replacing”—a terrible idea, you may remember—has come bouncing back like a bad penny. This time the effort is judicial rather than legislative, but it will run ...


Stephen Moore: Is America running out of workers?
Posted: April 14, 2019 at 03:00 PM (Sunday)

If you want one number that encapsulates the enormity of the economic turnaround under Donald Trump it is this: Today in America so far this year there have been between 7.1 million and 7.6 million unfilled jobs. This number is larger than the entire population of the state of Indiana. That is how powerful and relentless the hiring spree has ...


Greg Ip: What You Need to Be on the Fed...and It Isn’t a Ph.D.
Posted: April 14, 2019 at 02:47 PM (Sunday)

The real value of economics is in how you think, not your degree. Neither Stephen Moore nor Herman Cain, political allies that President Trump hopes to put on the Federal Reserve Board, has a Ph.D. in economics. For fans and even some foes, that’s a virtue, not a vice. In these populist times, knowing too much economics means you’re out of ...


Jim DeMint: Green New Deal has a dirty secret
Posted: April 13, 2019 at 12:00 PM (Saturday)

The dirty little secret of the Green New Deal is not that it is an unserious proposal that has nothing to do with the environment and everything to do with the sense of entitlement of elite progressives. That is not a secret at all. It is common knowledge. The secret of the Green New Deal is that this valentine to socialism from Senator Ed ...


Betsy McCaughey: A deadly infection is sweeping some NY hospitals — but health officials won’t say where
Posted: April 12, 2019 at 07:40 PM (Friday)

A killer germ is raging through some New York hospitals and nursing homes. But public health officials are deliberately keeping the public in the dark about it. New York state is ground zero for this germ, called Candida auris. Over half the nearly 600 cases nationwide are right here, mostly in New York City. New Jersey hospitals are also ...


Andrew Roberts: The Establishment Coup Against Brexit
Posted: April 12, 2019 at 06:18 PM (Friday)

What would Washington have done if Loyalists told him independence would cost America 3% of GDP? ‘The means by which Providence raises a nation to greatness,” Edmund Burke observed, “are the virtues infused into great men.” How lucky Britons were to have people of the virtues of Burke and Winston Churchill when their country needed them. ...