Reading the news this morning I feel like we’re reliving the Carter years. The drop in consumer sentiment reported today by the University of Michigan, as well as Bush’s dismal approval ratings, both seem like echoes from the late 1970s. From Marketwatch: Consumer sentiment plunges to 7-month low WASHINGTON (MarketWatch) – U.S. consumers’ attitudes about […]
Greg Kaza is elated that the politicians will start (ab)using dynamic scoring: Dynamic scoring, however, attempts to measure the feedback-effects ignored in these models – those feedback-effects potentially becoming excellent ammunition for supply-side policymakers and tax-cut advocates. There’s no doubt that dynamic scoring is today being taken seriously within the budgeting community … More importantly, […]
The FOMC (the interest rate-setting committee at the Fed) raised the Federal Funds rate to 5.0% today. Here’s the important bit of the accompanying statement: Economic growth has been quite strong so far this year. The Committee sees growth as likely to moderate to a more sustainable pace, partly reflecting a gradual cooling of the […]
The Employment Situation Summary for April 2006 reports that employment per the payroll survey rose by 138,000. The household survey shows an increase of only 47,000. I wish I had better new for this Cinco de Mayo. I also want to know what the heck CNN means by this: But the report had one reading […]
Via Mark Thoma comes a debate between David Frum and Bruce Bartlett as to the prospects of achieving fiscal responsibility through cuts in government spending. The short answer is that we cannot. Let’s have Mr. Frum up first: In the 1990s, the newly elected Republican congressional majority enjoyed what we can now see was the […]
As a supplement to the GDP report, the Bureau of Economic Analysis provides an estimate of aggregate mortgage interest and the effective rate of interest on mortgage debt outstanding. It should come as no surprise that the effective interest rate is increasing. Click on graph for larger image. After twenty years of declining rates, the […]
Arianna Huffington should consider John Derbyshire to do her Russert Watch: Watching Meet the Press roundtable on the gas price kerfuffle. Russert, challenging Energy Secretary Sam Bodman: “Oil demand is up. Supply is down. So why are prices rising?” Er……….. OK – Rachel Sklar did a nice job echoing something CalculatedRisk observed: Bodman says that […]
Do today’s marches in Los Angeles slightly inconvenience me? Perhaps – but I support today’s boycott even if I have to work at home for one day. If you are wondering where I live Mark Kleiman gives you a clue: Note to my Westside friends: Yes, Highland Park is on the wrong side of Interstate […]
Via Dean Baker comes Eric Dash of the New York Times writing about one aspect of the compensation package for Denny’s CEO: For leading the turnaround of the Denny’s restaurant chain, Nelson J. Marchioli was all but given an extra $500,000 last year, slightly more than his reported bonus for 2005. For leading the turnaround […]
The Advance Estimate for the first quarter of 2006 is out reporting 4.8% real GDP growth on an annualized basis, which basically makes up for the weak 1.7% figure for the last quarter of 2005. Investment growth remains strong and consumption grew relative to GDP. Andrew Samwick is worried that private savings remains low. Rubinomics […]