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The Ledger 5/10/2013

The Ledger 5/10/2013

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A weekly snapshot of news, views, and economic cues from AEI's economic policy team
A weekly snapshot of news, views, and economic cues from AEI's economic policy team

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Categories:Types, Research
Published by: American Enterprise Institute on May 13, 2013
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07/11/2013

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Immigration
TESTIMONY -- Immigration and our economy.
 Madeline Zavodny: "Immigration overall does not have any adverse effect on employment among U.S. natives, and highly educated immigrants actually have a
positive effect on natives’ employment."
From the AEI archives. 
(2013): “If the U.S. doubled its total immigration and prioritizedbringing in new workers, it could add more than half a percentage point a year to expected GDP growth.”
(2013): “
 An additional 100 immigrants with advanced degrees
regardless of field or where they obtained their degrees
is associated with an additional 44 jobs among US
natives.”
 
Economy 
NEW STUDY -- State spending limits don't work.
 Ben Zycher :"30 states have enacted formal limitations on taxes, budgets, or outlays as tools with which to strengthen fiscal discipline . . . theempirical finding reported here is simple and powerful: [they] are not effective."
A good jobs report should worry Obama.
 Kevin Hassett:"The sequester is not crushing the economy.
In addition to making the administration’s apocalyptic rhe
toric look foolish, there was another bit of badnews for the Obama administration in the data..."
How the online sales tax got through the Senate.
 Tim Carney: "Once Wal-Mart and Amazon join hands, pro-business Republicans were happy to support legislation leading to higher taxes."
Inflation not our biggest concern.
 Steve Conover :"For some strange reason [Republicans] are wrongly giving fear of money printing a higher priority than the growth debate."
Do Keynesians care about the future
? Jim Pethokoukis: "[Niall] Ferguson casually suggested that John
Maynard Keynes’s advocacy of running big budget deficits during downturns evidenced comp
letedisregard for the future."
The changing tune of austerity (and why 2023 could bring an encore).
"Let’s hope
the Administration and Congress undertake tax and entitlemen
t reform before it’s too late."
 ***
Highlights from AEI
’s
Annual Dinner on Wednesday.
 Rep. Paul Ryan(R-WI): "The progressive state offers a sense of security.
But it’s a false sense of security
 
 
because government can’t keep all its
promises. . . .
We have to explain that conservatism is about more than the economy. It’s also about our culture. It’s about the kind of country we want to be. It’s about the kind of life we want to share
. . . . Wehave failed to communicate this vision to those who have never heard of it."***
Finance
 
NEW STUDY -- Dodd-Frank harms community banks.
 Tanya Marsh and Joseph Norman: "Credit and banking services will be eliminated or become more expensive for small businesses, those living in ruralcommunities, and millions of American consumers and businesses."
Don’t just take their word for it.
(Event video) Representative Barr (R-KY): "Character lending no longer  has a place in community banking." Cam Fine (ICBA): "There are 1200 counties where the only financialservices provider is a community bank." Peter Wallison (AEI): "The policies that Washington is followingin order to prevent the larger banks from failing may be causing many of the smallest banks to withdrawservices."
Too-big-to-fail spreads to insurance.
 Peter Wallison:"Most of the folks who are busy denouncing TBTF voted for the Dodd-Frank Act, which in effect authorizes . . . federal regulators to create new TBTF firms."
Energy 
Richer and safer.
:“Selling American natural gas…not only makes theU.S. better off financially, but also strengthens a crucial alliance between the U.S. and an important ally.”
 
Should the US export natural gas?
 (Event video and resources)Indian Ambassador Nirupama Rao: "There is a clear benefit for India if exports of US natural gas are permitted."
US oil output surges to highest level in 21 years.
 Mark Perry: "Welcome to Amer 
ica’s shale energy
revolution."
International Economics
Froman
’s
nomination is the first step in a big agenda.
 Claude Barfield:"The Obama administration has embarked upon the most ambitious trade policy agenda undertaken by an administration in twodecades."
Austerity breeds populism.
:"Last week’s very strong showing by the populist UKIndependence Party (UKIP) in the UK’s local elections s
hould serve as yet another wake-up call."
Keeping Japan up at night.
 Des Lachman:"Who will be buying the Japanese government bonds that will be needed both to finance Japan's large budget deficit?"
Mark Your Calendar 
5.10 Treasury releases its monthly account of the government deficit5.13 AEI Event: Shadow Financial Regulatory Committee announcing policy on Basel III, SEC disclosure, swap trading, and too big to fail, Peter Wallison5.15 AEI Event: What should be done with Fannie and Freddie? Peter Wallison, Alex Pollock 5.15 AEI Event: Game changer: Japan and the Trans-Pacific Partnership Agreement,Japanese  Ambassador Kenichiro Sasae, Claude Barfield, Michael Auslin5.15 Eurozone GDP figures released5.16 US CPI data released
Sign up for a weekly copy of the LEDGER here. 
Read more from the American Enterprise Institute economic policy team at www.aei.org.  Questions or comments about what you read? Contact Abby at abby.mccloskey@aei.org. 
American Enterprise Institute for Public Policy Research | 1150 Seventeenth Street, NW,Washington DC 20036 | 202.862.5800 | www.aei.org 

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