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The Ledger 09/13/13

The Ledger 09/13/13

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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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Published by: American Enterprise Institute on Sep 13, 2013
Copyright:Attribution Non-commercial

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12/31/2013

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If you have trouble reading this message, click here to view it as a web page. 
Economic recovery 
WORKING PAPER
Political dysfunction made the Great Recession worse. 
:
Did high levels of economic and policy uncertainty contribute to the large and persistentincrease in unemployment from 2007 to 2009? . . . Our baseline results suggest that if uncertainty levelsin all states had been at those of the five states facing the lowest levels of uncertainty in 2009, that would
have been associated with a national unemployment rate that was 1.4 percentage points lower.”
 
Surely Obamacare has nothing to do with it. 
:“Four years after the Great
Recession officially ended, the American job market remains a mess
whether or not the Obama White
House chooses to believe or concede it.”
 
Americans are strong, but fiscal challenges are stronger. 
“Both the foresight that
 Americans demonstrated during the recent recession and the ensuing stable recovery of householdbalance sheets are encouraging signs of the promise that our resilience holds for facing futurechallenges. . . . The fiscal challenges our economy faces in the coming decades cannot be resolved onlyby increased le
vels of thrift and financial buffering among the public.”
 
Special announcement 
Attention all iPhone users, online bankers, and Googlers.
 AEI’s new Center for Internet,
Communications, and Technology Policy launches next week. The
 
center’s
first public event, 
 will be on Tuesday, featuring keynoteaddresses by Council of Economic Advisers Chairman Jason Furman and Representative Greg Walden(R-OR).
Fiscal policy 
Get smart fast on taxes. 
:“On September 8, 2008,
Tax Notes
published the inaugural issue of the On the Margin column
[with AEI]. Since the column’s introduction, 35 articles, covering 279
Tax Notes
pages (more than 200,000 words), have appeared. . . . The column's five-year anniversary offers anopportunity to look back at the articles and provide updates on related pol
icy developments.”
 
 
READ
 Stop trying to defund Obamacare. 
:“If your goal is to
momentarily rile up someconservative activists and voters, then that is a reasonable demand. If your goal is to improve the long-term fiscal outlook of the United States, or to give Republicans a chance to win the upcoming politicalfights over government
funding and the debt limit, then it is not.”
 
Financial services
TESTIMONY
The Fed is as bad at future telling as everyone else. 
:“A striking lesson
of the 100-year history of the Federal Reserve is how it has been able from its beginning to now to inspireentirely unjustified optimism about what it can know and what it can accomplish.
 

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