" Where economics isn't just a job, but an adventure"
Hi All, I'll be on vacation the next couple of weeks so posts will be sporadic.
Quote of the Week
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Blog Topics 2016
January Should Insider Trading be Legalized: Part 2 February The Presidential Election & the Economy March Does Narcan Increase Heroin Use April Is NOAA destroying the American Fisherman June Will California Style Power Outages Happen in New England July Textbooks, Inflation & the FTC Sept Economic strangulation by Regulation Oct Is this the Best we have? Nov The High Cost of Prescription Drugs Dec Trump, the Economy & Animal Spirits
Blog Topics 2015
January Does Implementation of the Death Penalty lead to higher costs February Less Competition and Higher Hospital Costs March Millionaires Who Get Subsidies from the Affordable Care Act April The Unintended Obama Legacy May The NY Times and $15 Minimum Wage June Are Disability Payments Bankrupting Social Security August Seattle's $15 minimum wage and it's Surprising Consequence October The Great Stagnation: The Obama Legacy November Poverty in the United States December Should Insider Trading be Legalized: Part one by Olivia Marchioni
Blog Topics 2014 blog topics for 2013 are at page bottom
January Will Lake Meade become another Aral Sea February Does Taxing the rich hurt the economy March The Cause of the Great Depression April Temporary Agricultural Subsidies lead to wealthy Farmers and Higher Prices May The Presidents Stance on Gun Control leads to Increased Gun Ownership June Is there really a Gender Pay Gap July Did the Supreme Court decision in Roe v. Wade lower the crime rate August Department of Education and wasted Money October The Financial Follies of the EPA November Social Security and Portfolio Diversification December The White House and Terrorism
December Jobs Report
The economy created 156,000 jobs in December when 178,000 were expected and the unemployment rate rose slightly to 4.7%. The real unemployment rate, which includes part-time workers as unemployed and marginally attached workers in the labor force, went down slightly to 9.2%. The big news was a sharp gain in average hourly earnings (.4%) which increased to $26/hour (after decreasing in November), which represents an annual gain of 2.9%. This was the biggest gain since 2009. Inflation remains below 2%. The average work week was unchanged at 34.3 hours. At the same time, the declining work force also stood out. Those counted outside the labor force increased to 95.1 million while the labor force participation rate was 62.7%, the lowest since the 1970's. The long term unemployed (unemployed for more than 26 weeks) accounted for nearly 25% of all those unemployed. Among the major worker groups, the unemployment rates for adult men (4.4 percent), adult women (4.3 percent), teenagers (14.7 percent), Whites (4.3 percent), Blacks (7.8 percent), Asians (2.6 percent), and Hispanics (5.9 percent) showed little change in December (BLS). The final report of 2016 also comes as the U.S. prepares for what could be a significant shift ahead. President-elect Donald Trump has promised aggressive fiscal measures including tax cuts and higher domestic spending to pull the economy out of the steady but below-trend gains it has seen during Barack Obama's eight years as president (CNN).
After advancing 99 points yesterday and coming within striking distance of 20,000, the Dow is down 166 points at 19,788 shortly before noontime today. It is the worst session so far since the November election and it is a function of how the street reacted to Trumps press conference yesterday. Initially, the market felt good, but there is some 2nd guessing. The market appears to expect large health care cutbacks, but has moderated its initial post-election expectations for increased infrastructure spending," Goldman Sachs analysts wrote in a note on Wednesday. "On the tax side, the equity market appears to expect corporate tax cuts, but the evidence that a switch to a border-adjusted tax is even partially priced is only mixed. Within minutes of saying that drug prices are out of control (see Nov 2016 blog), biotechs, pharmaceuticals and related ETF's plunged 5-6%, pretty much across the board. They have stabilized somewhat today but there are still concerns. Crude oil prices rebounded Wednesday despite a weekly reading on inventories showing an increase nearly four times what analysts had expected by rising over 4 million barrels as opposed to an expected rise of 1 million. he U.S. Energy Information Administration on Tuesday increased its forecast for U.S. crude output this year to 9 million barrels a day, up from 8.78 million in its previous forecast. A weekly report on Friday showed U.S. drilling activity increase for the 10th consecutive week in a row (market watch). Oil is currently tarding at $53.17/barrel. What else is hurting the market today is Trump's failure, at yesterday's conference, to provide new details on three of his key policies: tax reform, deregulation of certain sectors and fiscal stimulus. As a result, investors are being risk adverse and taking their profits. If you look at the attached stock, we are still in a trading range where the market is consolidating. Safe haven assets rose on Thursday, with gold futures breaking above $1,200 per ounce, a key technical level. U.S. Treasury prices also rose, with the benchmark 10-year note yield falling to 2.32 percent and the short-term two-year note yield slipping to 1.16 percent. The dollar is weaker at $1.07/Euro and the price of a gallon of regular gas nationwide is constant at $2.356.
After dropping 35 points today, the market continues to trade sideways (down 5 in the premarket at 19,850) in anticipation of Trumps press concerence scheduled for later this morning at 11 AM. The only data scheduled for today are weekly oil inventory numbers due out at 10:30 AM. Oil is currently trading at $51.12/barrel. Speaking of Trump, the World Bank (formed by the Bretton Woods conference of 1944) stated that Trump's economic policies can produce world growth by 3% by 2018. Overall, the World Bank expects a “moderate recovery” this year, with global growth forecast to increase to 2.7% from a post-crisis low of 2.3% last year. Commodity prices are expected to increase moderately during 2017-2019. Oil prices are projected to average $55 per barrel in 2017, up 28% from 2016 levels. The dollare is higher at $1.05/Euro, gold is up slightly at $1187/oz and the price of a gallon of regular gas nationwide is up to $2.361.
The Dow dropped 76 points yesterday to finish at 19,887. Fourth quarter earnings season is underway andboth JP Morgan and Bank of America will be reporting this week. Last quarter ended the 5 quarter earnings recession and the outlook is optimistic for ththe 4th quarter and 2017, in part because of the expectations of the Trump administration. Stocks are trading sideways in the pre-market in anticipation of Trump's news conference on Wednesday, his first since July. No president-elect in at least the past 40 years has gone so long without addressing the media. No major economic reports are due for release Tuesday. The National Federation of Independent Business said its optimism index jumped 7.4 points to 105.8, the strongest reading since 2004. Data on job openings and wholesale inventories for November are scheduled for release at 10 a.m. Eastern (Market Watch). Oil prices inched higher at $52.18/barrell as investor optimism increased that both OPEC and non OPEC producers would stick to a planned production cut. As the Trump trade is cooling and the markets are trading sideways (not a bad thing given the past run-up) , buyers have been piling into Treasurys, sending prices higher and yields lower given feelings of uncertainty. The 10 year yield has gone from a post election high of 2.64% (which drives up mortgage rates ) to 2.36% yeasterday (which drives rates down). Gold is up to $1183/oz, the dollar weakened to $1.06/Euro and the price of a gallon of regular gas nationwide is down very slightly to $2.365.
For the week, the Dow climbed 1.02% to settle at 19,964. On Friday, the Dow came within one point (intraday) of reaching 20,000; and while it was close, "no cigar". "Janet Yellen and the rest of the FOMC have been waiting on wage growth, so the market's focus on these higher wages is justified," said Chris Gaffney, president of world markets at EverBank. "If we continue to see wage growth, investors may start to add to their bets that the FOMC will get more aggressive with rates in 2017." Also during the week, minutes from the FED's last FOMC meeting were released. This minutes noted that a more expansionary fiscal policy from the Trump administration could be met with more rate hikes from the FED which would combine an expansionary fiscal policy with a contractionary monetary policy. Depending on the fiscal policy, that would probably outweigh the contractionary FED policy, at least, in the short run. The U.S. dollar rose 0.7 percent against six other currencies, a day after falling sharply. The euro dropped 0.6 percent against the greenback to $1.053 and the yen slid around 1.3 percent to 117. A continuing strong dollar could be a headwind for over half the firm on the S&P 500 and all the companies on the Dow. A strong dollar makes American goods more expensive on the international market (see FED speak). Treasury prices, erased slight gains following the employment data release, with the 10-year note yield rising to 2.42%. Stocks and Treasury yields have skyrocketed since President-elect Donald Trump's victory amid the prospects of looser regulations in certain sectors, lower tax rates and fiscal stimulus (CNBC). Oil is still strong at $53.75/barrel, gold gave up a little to finish the week at $1173/oz and the price of a gallon of regular gas nationwide is up again to $2.369.
After advancing 60 points yesterday, the Dow is down 15 1 hour into the trading day at 19,928. Yesterday's Dow was helped by info out of China which showed the China services sector accelerated to a 17-month high in December which added to upbeat factory and service sector surveys out of the United States, Europe and Asia released this week. Obviously we are in a global economy and the service sector, in all countries is a large portion of GDP. For instance, in the US where Consumption is about 70% of GDP, the Service sector is 60% of consumption. The other components, durable and non-durable good comprise the remaining 40%. Also helping we're the FED minutes. The minutes of the FED's December meeting showed that policymakers were keen to emphasize the uncertainty of the outlook even while anticipating better growth and inflation for the U.S. economy. This is an indication that we may see less than 4 interest rate hikes in 2017. Oil remains above $50 at $54.01/barrel. Today, investors are digesting several pieces of economic data. First, ADP said private employers added 153,000 jobs last month, considerably below thee expected 170,000. Meanwhile, weekly jobless claims came in at 235,000, below a consensus estimate of 260,000. This did'nt have that much effect on the Dow since most investors have their eyes turned towards tomorrow's December jobs report. Other economic data released Thursday includes the December IHS Markit services PMI, which came in at 53.99, below November's print of 54.6. The ISM nonmanufacturing index, meanwhile, hit 57.2, above a consensus estimate of 56.6. A number above 50 indicates expansion within the sector, and a number below 50 shows contraction (CNBC). The dollar is slightly weaker at $1.05/Euro (still strong by historical standards), gold is up to $1180/oz and the price of a gallon of regular gas nationwide is up slightly to $2.359.
After advancing 120 points yesterday (its best day in 3 weeks) to finish at 19,981, the Dow is up another 42 in the rpe-market 1/2 hour before the open. The early-year optimism on Wall Street vs. the dark pessimism at the start of 2016 can be attributed to a number of key factors: Last year, U.S.-produced crude plunged to a 13-year low in January amid fears of a severe economic slowdown in China. A mainland China stock market crash prompted Beijing to halt trading on two days in the first week of 2016. This is not the case this year as oil finished above $55/barrel yesterday (a 16 month high) and China's stock index is up 1% in day one amidst increased production and GDP; and of course, let's not forget that the less than business friendly Obama administration is soon to be history and the businessman Trump is in office. As I've said before, the sweet spot for oil is between $50-$60/barrel, since this leaves gas and heating prices relatively low but its high enough to allow American fracking wells to remain profitable. The Bakers Hugh exploratory Rig Count is up once again (chart). What is also different is the FED. The Federal Reserve was threatening to raise interest rates four times at the beginning of 2016 at a time when commodity prices were tanking and the global economy was weakening. This time they suggest three rate hikes but commodity prices are firm, oil has doubled since the February 2016 low and the U.S. and other economies are showing strength," says Bruce Bittles, chief investment strategist at Baird (USA Today). Yesterday was the 1st up day for the year in 3 years. There is no major data set for release today except for the release of FED minutes from the last FOMC meeting, but later on this week will see the release of oil inventory figures and the December jobs report on Friday. The dollar continues to be strong at $1.04/Euro, Gold is stable at $1165/oz and the price of a gallon of regular gas nationwide is up again to $3.353.
See this week's stock pick for info on OPK
Updates/Advisories 1-1-2017 Happy New Year
For the 1st time since the election, all 3 averages were down 3 days in a row. The Dow lost 57 points to cinsih the year at 19,763, a gain of 13.4% where most of it came since the election of Donald Trump, and this in spite of the Dow's worst January ever. The big winner in 2016 was the small-company Russell 2000 stock index, which gained 19.5% to close out the year at 1357.13. The small-cap index got a huge lift after Election Day, surging nearly 14% as investors began to price in what they believe will be a better outlook for smaller, domestically focused U.S. companies under a Trump administration (USA). Smal cap stocks are those stocks that have a market capitalization (stock price x shares outstanding) of less than $5 billion. These stocks generall outperform mid and large cap stocks during an expansion but take a beating during a corrcetion and/or recession. Oil has had it's best year since 2009, advancing 45% for the year and closing Friday at $53.72/barrel. Treasury yields were mostly lower on Friday. The yield on the benchmark 10-year Treasury note ended the year at 2.446 percent, up from its Dec. 31, 2015 close of 2.275 percent. The 30 year fixed rate mortgage, which is a function of the yield on the 10 year (see FED speak), finished the year at 4.675%. Gold was down slightly at $1152/oz, the dollar stable at $1.05/Euro, and the Price of a gallon of regular gas nationwide is up again, this time to $2.336/gallon; and also uo from last year when it was $1.98.
January Effect According to investopedia: the January effect is a seasonal increase in stock prices during the month of January. Analysts generally attribute this rally to an increase in buying, which follows the drop in price that typically happens in December when investors, engaging in tax-loss harvesting to offset realized capital gains, prompt a sell-off. It is also attributed to additional money entering the stock market from year end and christmas' bonuses. The January effect seems to affect small caps more than mid or large caps. Since the beginning of the 20th century, the data suggests that these asset classes have outperformed the overall market in January, especially toward the middle of the month. Investment banker Sidney Wachtel first noticed this effect in 1942. This historical trend, however, has been less pronounced in recent years because the markets seem to have adjusted for it. Another reason analysts consider the January effect less important as of 2016 is that more people are using tax-sheltered retirement plans and therefore have no reason to sell at the end of the year for a tax loss.
GOLD DOLLAR CHART
After advancing 90 points yesterday, the Dow gave up 14 points todau to finish at 19,819. Wednesday marked the 10th trading session since the Dow first came within 1/4 percent of 20,000. Although it took only one trading session for the benchmark average to cross 19,000 after first coming within 1/4 percent of it, this hasn't been the case with 20,000. However, the Dow is trading within a range and is consolidating, for what I believe, to be another run higher. This appears to be the big debate on the street. Even tho the Obama administration posted sanctions against Russia, which will most likely be reversed by Trump, for allegedly interfering with the election, most analysts stated that this had no effect on the market today. The Dow Jones industrial average first went negative during late-morning trade, led by JPMorgan Chase and Goldman Sachs, which finished at the bottom of the average (think profit taking). Meanwhile, the country's trade deficit in goods grew last month, according to a report released by the Commerce Department on Thursday. The initial estimate, which does not include trade in services, showed that the country exported $1.2 billion less in November than in October. Imports rose by $2.2 billion during the month. This isn't really a surprise since this is typical of a strong dollar down slightly at $1.05/Euro). The dollar is up 5% since the election and 30% since 3 years ago. Oil was down slightly to $53.77/barrel (oil is up 20% this month), gold was up to $1159/oz, it usually moves in the opposite direction of the dollar (chart), and the price of a gallon of regular gas nationwide is up again to $2.303.
After advancinging 12 points yesterday, the Dow is down 3 points today at 19,944 as we approch the noontime hour. What seems to be hurting the Dow is the transportation average with nearly every component down. there isn't much macro news, however, pending home sales fell, driving the National Association of Realtors Home Sales Index down 2.5 percent in November from October. Consensus forecasts called for a 0.4 percent increase in home sale contracts signed but not yet closed, following a 0.1 percent rise in October. Treasury yields were mixed, with the 10-year yield near 2.54 percent and the 2-year yield around 1.27 percent. The 5-year yield was 2.06 ahead of the note auction (CNBC). The big question that investor's are asking, has the market gone to0 far too fast? In a previous update, I mentioned that I would like the Dow to go thru a consolidation period, which it is currently doing (chart), and if you look at my post of 12/12, I mentioned there is still plenty of room for the Dow to run given a long term technical analysis. I am still looking for a January rally powered in part by Trump, and the January Effect. Oil is up to $54.19/barrel, and the energy sector is doing well, The dollar is still at 14 year highs against the Euro at $1.04/Euro, gold is stable at $1139/oz and the average price of a gallon of regular gas nationwide is up to $2.291. The stronger dollar will, potentially, pose a challenge to fourth quarter corporate earnings that begin to be reported in January. A stronger dollar can cut into overseas sales by U.S. companies and lead to lower than expected earnings as weaker currencies are converted into dollars on corporate income statements.The news that U.S. economic growth in the third quarter had been revised upward to 3.5% from an earlier 3.2% has been a mixed blessing for the financial markets. (Juback) Higher growth has helped stocks resume their post-election rally but there is still the harbinger of additional FED rate hikes. (next post will feature the January effect).
Like the man said in Indiana Jones, "hold on to your cookies lady, we're going for a ride." Obamacare, also misnamed the Affordable Care Act, is about to implode with premiums set to skyrocket 25% (this is on every news website from Mother Jones to Fox). The large premium increase is a national average, but it ranges from 116% in Arizona to 3% in Indiana. However, since 85% of Obamacare subscribers are subsidized, you and I, the taxpayer, will be shouldering the bulk of the cost. When Obamacare was first passed, the estimated cost to the taxpayer over 10 years was $859 billion. That cost is now closing in on $3 trillion according to the Congressional Budget Office (CBO), and other analysts, myself included, feel that it will exceed $3 trillion (see my June and July blog 2013). The number of carriers will drop to 228 next year in the federal exchange and selected states, down from 298 in 2016. Some 21% of consumers returning to the exchanges will only have one carrier to chose from, though that insurer will likely offer multiple plan choices. Five states -- Alaska, Alabama, Oklahoma, South Carolina and Wyoming -- will only have one insurer providing plans on the federal exchange in 2017. In spite of this, the number of uninsured Americans is still 25 million (CNN). Obamacare meets my definition of a dismal failure.
In the recent debate, Hillary Clinton stated that supply side economics of lower taxes and regulation doesn't work. She needs better economic advisers. If you look at the above chart, GDP soared after the Reagan stimulus and the average GDP post stimulus was 4.83 (a 40 year average is about 3.2); whereas post Obama stimulus, increased taxes and regulation, was a meager 2.23%. We have not been above 3% during his entire presidency and this has been the slowest recovery since the great depression.
UNH Study Results 5-31-2016
In other News: First, a little history. In 1800, 90% of the adult population were farmers (lots of factory child labor), by 1900, 25% of the population and currently, about 2% as a result of technology garnering greater yield/acre. As a result much farmland from the 19th century is no longer. In a recent study out of UNH, it was found that 75% of the farmland from the mid 19th century is now covered by trees and this is contributing to warmer winters. Trees causing higher temperatures you say; how is this possible? It is very simple physics. In the winter in NH (and most other states), farm pastures are covered with snow, and this reflects sunlight, and heat, into space. Now that 75% of these pastures are covered with trees, the dark trees absorb the heat and it permeates into the atmosphere causing a general warming and milder winters. If you've ever wondered what a stone wall was doing in the middle of the woods, those woods were once pastures and delineated borders and contained live stock.
Here's something you don't here everyday, a prominent democrat bashing a serving democratic president. While speaking in Spokane Washington on behalf of his wife, Bill Clinton said the following; "If you believe we can rise together, if you believe we've finally come to the point where we can put the awful legacy of the last eight years behind us", obviously a slam at Obama and his failed presidency. The Web site is cnn and the following link will get you there. http://www.cnn.com/2016/03/21/politics/bill-clinton-hillary-obama-legacy/index.html.
A number of people have asked me about Bernie Sanders tax plan and he is in the same fantasy land as Obama. First, it would never pass a republican Congress and early indications are that the Republicans will definitely maintain control of the house. He wants to make all state university's free; let's just look at NH. At UNH there are 14,500 students of which 45% are out of state. Just tuition, not including room and board for out of state students is $30,000 and in-state $17,000. If you do the math that's a total of $331,325,000, and that doesn't even include Plymouth, Keene and Granite state which are also part of the state University system Do that for every state and it is an astronomical cost that his fantasyland proposal doesn't even begin to cover. I hesitate to do the cost for California that has 38 million people as opposed to NH's 1.6 million. What I find particularly disconcerting, is all the people who are buying this.
This platform has now been adopted by Hillary Clinton and the Democratic Party
California Drought of 2015 California is in the middle of a drought; it must be global warming or now the more politically correct term (spare me), climate change. In case you haven't noticed, the climate is always changing. It is in a constant state of flux. If you notice the chart below right, California has had a number of mega-droughts during the medieval ages and this was considerably worse than it is now. Oh yea, and probably the father of these current climate alarmists were predicting an ice age in the 1960's (click on pictures below).
The Congressional Budget Office predicted this week that more than 2 million people will leave the labor force because of Obamacare. Specifically, more people will leave the labor force or reduce their hours, to stay under the cap for federal subsidies. If you are a family of 4, and household income is under, WAIT FOR IT, $94,000, you are eligible for a federal subsidy. The number of part time/temporary workers has already increased by 35% since Obamacare was passed in 2010; and yes it will get worse, wait until 2015 when it becomes mandatory for businesses.
For a good laugh on Obamacare, go to this web site and watch this video; http://www.youtube.com/watch?v=qpa-5JdCnmo. It shows the president on 36 different occasions stating that if you like your healthcare plan you can keep it. Obviously there are 1 of two explanations for this misunderstanding. He was ill advised on the 2700 page, 4500 provision Affordable Care Act, or he knew about it and lied. According to a study by Forbes magazine, the ACA will increase premiums to men under 27 by 77%, 40 year olds, 37% and 64 year olds by 37%.
When Obamacare was 1st released, The Congressional Budget Office predicted that it would cost $900 billion over 10 years. At the time, I made a prediction to my students that I estimate the final cost would be closer to $3 trillion. Three years later, the CBO has raised it's estimate to $1.6 trillion. At this rate, we are on pace to reach the $3 trillion mark. www.healthcare.gov, the official website to sign up for Obamacare had an original cost of $100 million. That cost is now up to $2.6 Trillion and rising. If the government can't manage the costs on a web site, and these costs have trippled since it opened on October 1, how can it possible manage a 2700 page, 4500 provision bill. The words of Nancy Pelosi (see above) are acting as a harbinger of doom: "We have to pass the bill, so we can find out what's in it."
More on Obamacare In a recent survey by the New York FED on businesses, the median increase in healthcare premiums is expected to be 10%. More than a quarter of the manufacturing and service firms surveyed said they either have or will boost prices for goods and services "because of the effects that the ACA is having on your business." About 20 percent of respondents said they were reducing their number of workers and/or raising the share of part-time workers as a result of the ACA. His is in stark contrast to the presidents remarks earlier this year that healthcare costs are decreasing. Maybe CEO's were right when they said the president "Just doesn't get it".
Commentary on Minimum Wage
The main argument concerning minimum wage is that it will help to alleviate poverty. That is clearly not the case. As you can see from the chart at the left, the poverty rate dropped dramatically in the 1960's. This was a function of great society legislation; specifically, increase in Social Security benefits in addition to the inception and implementation of Medicare and Medicaid. Since then, the poverty rate has fluctuated between 9-15% and is highly correlated with the unemployment rate. The vertical grey area's in the graph represent periods of recessions in the US. As can be expected, unemployment rises during recessions and peaks at the end (unemployment is said to be a lagging indicator). As you can also see from the chart, so too does the poverty rate. There is no indication whatsoever that the poverty rate is affected by increases in the minimum wage. Generally, this is quite the contrary. As can be evidenced from the below left chart, increases in minimum wage can contribute to unemployment and as we can infer from the above chart, as unemployment increases so to does poverty. If you look at NH, they have the lowest state poverty rate in the nation and it generally parallels the national unemployment rate. By raising the minimum wage, you increase business costs. As a result; businesses either pass these costs onto the consumer (in which case inflation nullifies any wage increase), substitute capital for labor, or simply go out of business. If you look at the chart below right, UAW (United Auto Workers) membership has decreased in the late 1970's from 1.5 million to 350,000 in 2009. The reason for this is simple. Detroit isn't making fewer cars, they are making more, but they have made their assembly lines more robotic and have substituted capital for labor, which became cheaper in the long run. This can also happen to those fast food workers who want a $15 minimum wage. There is currently a machine on the market that can make 300 burgers/hour. In other words, capital can be substituted for labor. Someone please e-mail me and explain how someone is better off unemployed at $8.25/hour as opposed to being gainfully employed at $7.25/hour
You cannot legislate equality. If you want to decrease poverty, implement policies to insure that higher levels of education is available to all.
BLOG Topics 2013
January Do Protected Seals lead to Depleted Fish Stocks February Prohibition: Profits to Cartels & Increased Violence for Americans March Increased Minimum Wage & Extended benefits lead to Higher Unemployment April Ethanol from corn & Agflation May Cash for Clunkers lead to Higher Used Car Prices & Wasted Tax Dollars June The Affordable Care Act; Anything but Affordable Part 1 July The Affordable Care Act; The poster Child for False Advertising August Detroit: Higher Taxes + Liberal Benefits = Bankruptcy September No Keystone Pipeline leads to more pollution October Global Warming! Or is it Global Cooling! November Poverty & Benefits December Does Affirmative Action lead to Reverse Discrimination?
The United States has amongst the lowest savings rate for all technological nations. The iOMe challenge is a nationwide competition between Colleges where teams submit a 10,000 page essay on how Americans can improve their savings rates. In addition, teams must produce an approximate 60 second video which complements the essay. If you click on the iOMe logo above, it will take you to Bentley University's 2012 video submission. The faculty adviser for the challenge is John Tommasi and is offered during his Fall EC 351 course, Contemporary Issues in Economics. I'm pleased to announce that on February 15, Bentley was declared the winner of the iOMe video portion of the contest. Congrats to the team members and great job!
EC 3900 Energy Economics
EC 3900, Energy Economics and International Markets, is a 3 credit, Short Term Program, that is offered during Spring semester. After 7 weeks of lecture, the class takes a 10 day educational/cultural tour to France where 80% of their electricity is produced by nuclear power. During the 10 day trip, students travel to, and tour various nuclear facilities Last year's class visited; Marsailles, Aix en Provance, Lyons, Brest and 4 days in Paris.
If there were ever words that can strike fear into the hearts of any man women or child, it's: "I'm from the Government and I'm here to help". On a monthly basis my blog, from an economic standpoint, will explore government laws, decisions and actions, which while well intentioned, had inadvertent results that were either disastrous, or made a bad situation worse. It wouldn't surprise me if you reached the conclusion that congress does two things well, nothing and overreact; and you may ask yourself, do Congressional members vote for what is best for the economy, or what will get them re-elected.