The Bowtie Economist's Daily Dose of 70-Word Wisdom
Deficit Reductions? It looks bad…
9 of the 12 members of the Joint Select Committee on Deficit Reduction, tasked with finding $1.2 trillion in deficit reductions over the decade, have been announced; it looks bad. Because there are 6 Ds and 6 Rs, 1 member…
Read MoreNew Jobs? Uh…
The July jobs report showed 117K new jobs, but the report also showed no rise in temporary help, no jump in hours worked, no bump in overtime. And, annualized wage growth of 2.8% in July was less that the 3.4%…
Read MoreWealth Matters
The stock market has fallen by about 10% in the last two weeks, destroying about $2 trillion of wealth. If the market does not rebound quickly this will cut GDP by about $70 billion; half a percent. Here’s why. Suppose…
Read MoreBlackmailer’s Paradox
Faced with a no new taxes or a debt default ultimatum from the Tea Party, Obama should have either called their bluff and appeared genuinely willing to let the US default or should have pursued the 14th amendment option with…
Read MorePork Bellies: RIP
No future for pork bellies: Two weeks ago at the ripe old age of 50, pork belly futures passed away. Once the most popular and glamorous contract on the Chicago Mercantile Exchange it was also the first involving livestock. But,…
Read MoreEverything is falling…
Rural America Empties Out
New census data show metro areas booming while Rural America empties out. The share of people living in rural areas over the past decade fell to 16%, from 20% and from 72% (yes, 72%) in 1910. Conversely, 51% of people…
Read MoreCorporate Profits at Record Levels
Federal Budgeting is Nutty
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