The Bowtie Economist's Daily Dose of 70-Word Wisdom

In 2013, proved US oil reserves hit a record 36.5 billion barrels and natural gas reserves reached a record 354 trillion cubic feet. However, the level of reserves varies over time. Exploration and technological advances increase them, while production reduces…

The Friday File: In 2014, flavored, unflavored, carbonated and non-carbonated non-alcoholic beverage sales in the US fell by 1% to 12.76 billion gallons, or 40 gallons/person, the 10th consecutive year of declining volume. The top seller, Coke with a 17.3%…

The key is less the rollback of the Iranian nuclear program, but more the ability to monitor it in real time. Absent that, it will be impossible to determine if the Iranians are being honest and for us to impose…

For those who enjoy worrying about global economic health, here is a handy checklist. Macroeconomic risks have declined, but easy credit and low interest rates have caused pension funds and insurance companies to chase yield and in the process make…

Perhaps surprisingly, 56% of federal and state welfare program spending (EITC, Medicaid, TANF and food stamps) went to households headed by a working adult. 52% of fast-food workers receive government assistance, 48% of home care workers, 46% of child-care workers…

The California drought can be overcome with a grand compromise. Shift some water from agriculture to residential use. Purify wastewater into drinking water, recycle graywater to be reused as irrigation, and improve stormwater retention. Simultaneously, raise the price of water,…

After a dismal February, housing bounced back slightly in March, but is still quite weak. While starts jumped a weather-related 115% in the Northeast and 31% in the in the Midwest, they inexplicably fell 4% in the South and 19%…

While China has the largest trade surplus at $380 billion, Germany, with a trade surplus of $250 billion, may soon take that title. China’s surplus is about 2% of its GDP, but Germany’s is almost 7% and rising. It’s high…

In 2014, the bottom fifth of Americans (incomes up to $24,200/year) earned 4.5% of income and paid -2.2% of income taxes (because of credits like EITC). The next quintile earned 9.3% of income and paid -1% of income taxes. The…