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Slightly Left of Center Economics Blog
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Surprise! CBO Estimates Lower Expense For Obamacare
CBO and the staff of the Joint Committee on Taxation (JCT) have updated their estimates of the budgetary effects of the provisions of the Affordable Care Act (ACA) that relate to health insurance coverage. Relative to their previous projections made in February 2014, CBO and JCT now estimate that the ACA’s coverage provisions will result in lower net costs to the federal government.
ALEC: Destroying The American Economy, One State At A Time
The American Legislative Exchange Council — which authors ultra-conservative legislation and promulgates it to state legislatures nationwide — has a little index measure of states’ “competitiveness,” which supposedly results in greater prosperity for those states that rank highly.
Wage Inflation And Expected Price Inflation
I noted that an expectations un-augmented Phillips curve fits data from the past two decades rather well. Here is an even simpler illustration of the point that lagged price inflation has not correlated with wage inflation for the past two decades.
What’s Happening With The Phillips Curve?
Paul Krugman notes that it is standard practice to estimate an accelerationist Phillips curve in which the change in inflation is related to unemployment. To get to the punch line and cut to the chase, this post concludes that Krugman is right.
Scott Sumner Thinks Volcker Recession Was Unintended… Really?
Yesterday I wrote that causing a recession to correct policy mistakes would reflect the medical wisdom of re-breaking a bone in order to set it correctly. Yes, there is pain in re-breaking a bone. Yes, the patient screams. But the patient is better off in the long-run. I said people would think I was crazy, and Scott Sumner thinks I am crazy.
Christina Romer & Not Fearing An Economic Correction Of Mistakes
A talk given by Christina Romer was very good. (Posted by Mark Thoma) She said many practical things about economic downturns. She loved to refer back to the Great Depression.
Why It Doesn't Matter How Many Obamacare Enrolless Were Uninsured Last Year
Charles Gaba, the enrollment guru who has been tracking Obamacare sign-ups since October, now estimates that by April 15, some 17 million Americans will have purchased their own insurance policies either in the Obamacare Exchanges (8 million) or off-Exchange (9 million) But how many of them were uninsured and how many were simply replacing policies that the Affordable Care Act (ACA) had forced insurers to cancel?
Obamacare Enrollment Heads For 17 Million
Charles Gaba, who has become the “Nate Silver” for Obamacare enrollment numbers; now predicts that by April 15, 17 million Americans will have purchased their own healthcare coverage.
What The Supreme Court Is Suggesting About The Outcome Of The Hobby Lobby Controversy
What the Supreme Court’s refusal today to suggest that it will strike down the federal statute that bars corporations from making contributions directly to candidates and political parties might suggest about the outcome of Hobby Lobby.
Larry Summers’ Inverse Say’s Law Sheds Light On Lack Of Effective Demand…
By way of Mark Thoma, there is a new video of Larry Summers talking about Inverse Say’s Law. It is a wonderful video and one that could wake up economists about Effective Demand. His idea of Inverse Say’s Law is that “lack of demand creates overtime lack of supply”, a situation when weak Effective Demand leads to higher unemployment and lower utilization of capital capacity.
Thinking About Piketty’s “Capital”
he quotes in this post’s subject line are very much intended as a double entendre. I’m of course referring to the title of Piketty’s book (which I’ve read about 80% of, jumping around). But even more, I’m talking about his definition of “capital.”
No, Mr. Kleiner, John Roberts Showed That He Knows Perfectly Well How Money Works In Politics
An article by Sam Kleiner posted yesterday on the New Republic’s website is titled “John Roberts shows he has no idea how money works in politics.” But Kleiner is all wrong.
What Is Seth Klarman Seeing?
Seth Klarman’s work is to take money from clients and invest it. Yet, he made news recently by returning some $4 billion back to his clients. He did not want to invest their money. Why would he do such a thing when it is his job to invest money?
Overhead Allocation Vs.Theft
I was reading Dean Baker’s excellent post today on high speed trading. My initial reaction was that this was simply theft, high frequency traders supply absolutely no value to anyone but reduce the gains made by legitimate traders.
Obamacare Enrollment Hits 7 Million, Putting Downward Pressure On 2015 Premiums; Word-Of-Mouth Spreads The Truth
As the “train wreck” called Obamacare pulls into the station it’s becoming clear that some 7 million Americans are signing up to purchase insurance in the Exchanges.
The IMF And Ukraine
The International Monetary Fund last week announced an agreement with Ukraine on a two year Stand-By Arrangement. The amount of money to be disbursed depends on how much other financial support the country will receive, but will be total at least $14 billion.
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