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Review & Outlook: A Made-in-China Contagion
Posted: January 27, 2020 at 07:24 PM (Monday)

The coronavirus is exposing Beijing’s public-health deficiencies. China has reported more than 2,700 infections and 82 deaths from its latest coronavirus, and some experts say there could be hundreds of thousands of cases not yet confirmed. The outbreak is exposing the vulnerabilities of China’s top-down government, and the damage is spreading ...


Norbert Michel: Treasury And Congress Set To Pass Off New Regulatory Burden On Small Businesses
Posted: January 27, 2020 at 04:35 PM (Monday)

The White House constantly trumpets its deregulatory agenda. The administration has also criticized China for constructing “a 21st century surveillance state with unprecedented abilities to censor speech and infringe upon basic human rights.” How strange, therefore, that Treasury has joined the effort to saddle small businesses with ...


Mohamed A. El-Erian: Markets Are Getting Used to Shocks But Mask Risks
Posted: January 27, 2020 at 04:01 PM (Monday)

The reaction to the coronavirus follows a pattern that obscures long-term challenges. The market reaction on Monday to anxiety about the spread of the coronavirus fell largely in line with textbook expectations, and did so in an orderly fashion. However, it did little to reconcile longer-term uncertainties that in the last few years have ...


Veronique de Rugy: A Tour De Force, Indeed!
Posted: January 27, 2020 at 03:28 PM (Monday)

Michael Brendan Dougherty writes about Daniel McCarthy’s piece over at Law & Liberty. Dougherty seems to think the piece is full of truths about the failure of free-market economic thinking, and I assume, therefore the legitimacy of McCarthy’s call for government intervention in the form of industrial policy. Dougherty calls McCarthy’s piece ...


Andrew Biggs: Factcheck: Do 40% Of Retirees Rely On Social Security For Their Entire Income?
Posted: January 27, 2020 at 02:20 PM (Monday)

Americans are concerned and even afraid for their retirement security. And the news headlines often don’t make them feel better. The latest is a claim from the National institute for Retirement Security that “A plurality of older Americans, 40.2 percent, only receive income from Social Security in retirement.” If true that’s very worrying. ...


Niall Ferguson: Cognitive dissonance and the Trump reelection buzz at Davos
Posted: January 27, 2020 at 01:09 PM (Monday)

DAVOS, Switzerland Do you smoke cigarettes despite knowing the risk of cancer? Do you drive after drinking alcohol, despite its being both dangerous and unlawful? Do you give speeches about climate change at international conferences, having flown there by private jet? Do you ever sit in a big black car in a traffic jam, when you could ...


Stephen Roach: A Global Economy Without a Cushion
Posted: January 27, 2020 at 10:51 AM (Monday)

NEW HAVEN – From 1990 to 2008, annual growth in world trade was fully 82% faster than world GDP growth. Now, however, reflecting the unusually sharp post-crisis slowdown in global trade growth, this cushion has shrunk dramatically, to just 13% over the 2010-19 period, leaving the world economy more vulnerable to all-too-frequent shocks. With ...


Andrew Sheng and Xiao Geng: Re-Engineering China’s Economy
Posted: January 27, 2020 at 10:22 AM (Monday)

HONG KONG – The recent "phase one" trade deal between the United States and China does not resolve core outstanding bilateral issues, and the two countries' strategic rivalry will likely intensify in the medium to long term. But the accord gives China's leaders a new opportunity to develop better and more open domestic markets. On January 15, ...


Peter Morici: Are universities morphing into Orwellian states?
Posted: January 27, 2020 at 06:00 AM (Monday)

Electronic surveillance, speech codes don’t let college students become independent, free thinkers. Americans are experimenting with methods similar to China’s social credit system. By tracking student movements and regulating faculty to standards of political correctness, they risk socializing young people to the methods of ...


Robert Samuelson: America’s debt spree isn’t stopping. It might soon be too late.
Posted: January 26, 2020 at 08:10 PM (Sunday)

What is missing in this campaign, as I have written before and no doubt will write again, is an informative and honest discussion of the role of government in American life. We don’t want to admit that government worth having is worth paying for, through taxes — with the well-known exceptions of recessions and wars, when deficits are ...


Betsy McCaughey: U.S. Hospitals Aren’t Ready for the Coronavirus
Posted: January 26, 2020 at 01:12 PM (Sunday)

Lessons from Canada’s 2003 SARS outbreak, when Toronto got sick and Vancouver didn’t. No one knows whether the coronavirus will substantially threaten the U.S., where it has already been detected, but one thing is certain: American hospitals aren’t ready for the deadly virus or a future global contagion. Travelers from China’s Wuhan region ...


How Under Armour Lost Its Edge
Posted: January 26, 2020 at 01:00 PM (Sunday)

Once heralded as the next Nike, the sportswear giant has been hurt by slumping sales and unflattering revelations about its corporate culture. In the summer of 2018, two top Under Armour executives traveled to the West Coast on a critical mission. Kevin Plank, the sports apparel company’s founder and chief executive, and Patrik Frisk, ...


Mark Zandi: Why is Philadelphia’s poverty rate sky high, and what can be done about it?
Posted: January 26, 2020 at 08:00 AM (Sunday)

Philadelphia is a great American city, and it is thriving. Unemployment is about as low as it has ever been. Jobs and wages are up. Housing and commercial real estate development is in full swing in many neighborhoods. So why does Philadelphia have one of the highest poverty rates of any major city in the country? Close to one-fourth of ...


Julian Lee: Peak Permian Is Approaching Faster Than You Think
Posted: January 26, 2020 at 02:00 AM (Sunday)

The region that’s driving U.S. oil growth is already showing signs of peaking, making the goal of U.S. energy independence as elusive as ever. The heart of America’s oil renaissance is found in the Permian basin, which is showing signs of maturing fast. And for shale basins, that’s not a good thing. If the rich petroleum region wanes, U.S. ...


Mohamed El-Erian: China Virus Poses Longer-Term Economic Threat
Posted: January 25, 2020 at 04:18 PM (Saturday)

The outbreak adds risks and complications to the country’s development process. In assessing the complicated risks posed by the outbreak of the coronavirus to China and the global economy and markets, the main focus has rightly been on the effectiveness of containing its spread, treating those infected and preventing a recurrence. But a ...


Review & Outlook: And Congress Shall Be King
Posted: January 24, 2020 at 07:01 PM (Friday)

The House claims it, and only it, can define executive privilege. Democratic Rep. Jerrold Nadler on Thursday summed up the case for ousting President Trump this way: “Simply stated, impeachment is the Constitution’s final answer to a President who mistakes himself for a king.” Which brings us to the case Democrats made Friday for their ...


Peter Morici: Why Trump deal with China is good for free trade
Posted: January 24, 2020 at 12:29 PM (Friday)

It provides a template for the EU and others to negotiate with China. President Trump’s Phase One trade deal may save the World Trade Organization from breakdown and takes international commerce to a better place in a world divided between democratic market and autocratic ...


Randall Lane: 8 Takeaways From The Davos Day Of Innovation And Solutions
Posted: January 24, 2020 at 11:00 AM (Friday)

With that in mind, Forbes helped convene Imagination in Action, in partnership with Tata Consultancy Services (TCS), MIT Connection Science and Global Citizen, the advocacy group that in September will put on Global Goal Live, the largest live broadcast cause-related event in history. The day was designed to highlight amazing minds and ...


Mark Mills: Digital Traffic Will Fuel the Next Dramatic Economic Expansion
Posted: January 24, 2020 at 09:13 AM (Friday)

Digital traffic will fuel the next dramatic economic expansion—but digital machines need the reliable and affordable energy that only hydrocarbons can provide. Once upon a time, tech companies were upstarts, striving to change the world order. Not anymore. With financial potentates gathering in Davos this week for the 2020 World Economic ...


Arthur Brooks: Suicide is not someone else’s problem. It’s a problem for all of us.
Posted: January 24, 2020 at 08:00 AM (Friday)

On Friday, Washington was the site of the March for Life, an annual event that focuses largely on abortion, one of the nation’s most controversial issues. There is another life issue that we should pay attention to this year as well, one that might help unite people across the political spectrum: the epidemic of suicide. According to the ...


Lanhee Chen: The Myth of the 'Moderate’ Public Option
Posted: January 23, 2020 at 07:11 PM (Thursday)

The Biden and Buttigieg plans would bust federal budgets, hurt patient care and gut private insurers. Joe Biden, Pete Buttigieg and Mike Bloomberg claim they’re proposing a moderate, less disruptive approach to health-care reform when they advocate a public option—a government policy offered as an alternative to private health insurance—in lieu ...


Steven Malanga: The Future Does Not Look Bright For Government Unions.
Posted: January 23, 2020 at 03:08 PM (Thursday)

Membership in government unions falls to a 20-year low. Government-union membership fell again in 2019, continuing a decade-long decline. Workers in public-sector unions now number 7.066 million, representing a drop of nearly 100,000 in one year and the smallest government-organized labor membership in 20 years. Since 2009, when the ranks ...


George Soros: How a Democratic Counteroffensive Can Win
Posted: January 23, 2020 at 02:00 PM (Thursday)

DAVOS – With authoritarian nationalism continuing to gain ground around the world, it would be easy to give in to despair. But there are also grounds to hope for the survival of open societies, which are, despite appearances, far stronger and more stable than repressive regimes. We're living at a transformational moment in history. The survival ...


Jonathan Meer: The Real Cost of Doubling the Minimum Wage
Posted: January 23, 2020 at 01:34 PM (Thursday)

The New York Times’ editorial board recently added its voice to the chorus of calls for a $15 per hour federal minimum wage. The justifications include a grab-bag of unsupported claims including the notion that companies can simply pass along higher labor costs through prices—ignoring the effects that higher prices have on consumer ...


Adam Millsap: Medicaid Spending Is Taking Over State Budgets
Posted: January 23, 2020 at 08:32 AM (Thursday)

Health care in the United States is expensive. Health insurance premiums and out-of-pocket costs continue to rise, driven largely by higher prices at hospitals and other health care providers. The costs of the two big government programs—Medicaid for lower-income people and Medicare for the elderly—also continue to rise. Recent research from ...


Narayana Kocherlakota: Trump's Federal Reserve Nominees Will Mean Lower Interest Rates
Posted: January 23, 2020 at 08:30 AM (Thursday)

If confirmed, count on Judy Shelton and Christopher Waller to push for lower interest rates. There are two vacancies on the Federal Reserve Board of Governors. President Donald Trump has nominated monetary policy experts Judy Shelton and Christopher Waller to fill them, subject to confirmation by the U.S. Senate. The president picked Shelton ...


Scott Gottlieb: The world is better prepared for the coronavirus threat. But we remain tragically vulnerable.
Posted: January 23, 2020 at 07:00 AM (Thursday)

Health authorities’ concern about the new coronavirus in China, with cases spreading in Asia and as far as the United States, deepened Wednesday with news that the Chinese government plans to shut down transportation from Wuhan, a city of 11 million people that is considered ground zero of the pneumonia-like virus. After the outbreak began ...


Caroline Baum: Davos elites warm to Trump, recoiling at the prospect of a Sanders or Warren presidency
Posted: January 23, 2020 at 06:38 AM (Thursday)

The Democratic presidential candidates pose more of a threat to the powerful and wealthy than Trump does. Armed with two newly signed trade deals, U.S. President Donald Trump arrived in Davos and was greeted, if not exactly as a hero then at least not as the pariah he was in 2018. Some have even gone so far as to suggest that Trump may be the ...


Jim Bianco: Federal Reserve’s Repo Market Fix Is No Fix at All
Posted: January 23, 2020 at 06:00 AM (Thursday)

The central bank has become the lender of first resort when it should be the lender of last resort and offer funds at a penalty rate. With their best intentions in mind, central banks and governments have instituted rules to ensure that financial institutions have enough liquidity to withstand another crisis. But liquidity coverage ratios, ...


Veronique de Rugy: Trump’s Labor Department Provides Clarity on Joint Employment
Posted: January 23, 2020 at 12:01 AM (Thursday)

Good news on the economic front. Three years into the Trump administration, we see a clear pattern forming. The Obama administration implemented labor rules that make the labor market less flexible, often at the expense of smaller businesses, but in ways that made unions happy. The Trump administration then takes these rules away. The ...


Stephen Moore: Democrats’ War on Fracking Will Cost Them in Battleground States
Posted: January 22, 2020 at 06:14 PM (Wednesday)

Ohio and Michigan have more than 400,000 shale workers, and Pennsylvania alone has 320,000. Most presidential campaigns feature a familiar refrain: Each candidate promises to create millions of new jobs. The 2020 primaries are unusual in that nearly all the Democratic candidates, including Joe Biden, Elizabeth Warren, Bernie Sanders and ...


Sally Pipes: Elizabeth Warren's Medicare for All isn't affordable for anyone
Posted: January 22, 2020 at 02:00 PM (Wednesday)

Candidate engages in fuzzy math to downplay what the middle class would have to pay for her program. Democratic presidential candidate Elizabeth Warren has released her new road map for Medicare for All. She’s proposing a series of executive actions and bills that would transition the country to a government-run health system during her first ...


Greg Ip: U.S. Seeks to Reset Clock on China Engagement
Posted: January 22, 2020 at 01:21 PM (Wednesday)

Comments in Davos illustrate opposing interpretations of China’s journey since joining World Trade Organization in 2001. A week after the U.S. and China reached a truce in their trade war, the two countries took to the world stage this week to blame each other for starting it. “Before I was elected, China’s predatory practices were ...


John Taylor: Restoring Fiscal Order in the United States
Posted: January 22, 2020 at 09:37 AM (Wednesday)

STANFORD – The United States' federal budget deficit is currently projected to explode, increasing the federal debt to unprecedentedly high levels. A very gradual fiscal consolidation, with federal spending as a share of GDP declining slightly each year, would both raise economic growth and create a more resilient economy. In recent years, the ...


Lakshman Achuthan and Anirvan Banerji: The Strength of Consumers Is Overstated
Posted: January 22, 2020 at 06:00 AM (Wednesday)

Weakening sales trends and wage growth underscore a sustained slowdown in spending. The consensus is that the U.S. consumer is still strong enough to propel the economy forward even though the manufacturing sector has weakened. This view underpins expectations for improved corporate earnings in 2020. But the hard economic data strikes a ...


Ken Roberts: The 10 Fastest-Growing U.S. Trade Partners Will Contain Some Surprises
Posted: January 22, 2020 at 05:00 AM (Wednesday)

The 10 countries listed below share something in common that certainly won’t be obvious and will probably surprise you: Vietnam Denmark Egypt Taiwan Belgium Austria The Netherlands France The Dominican Republic Poland They will have proven to be, in order, the 10 fastest-growing U.S. trade partners for 2019 from among the nation’s top 50, ...


Mohamed El-Erian: ECB Strategy Review Can’t Magically Solve Its Main Problem
Posted: January 22, 2020 at 03:00 AM (Wednesday)

Christine Lagarde has inherited a conundrum that will be difficult to overcome without political help. At the end of a two-day policy meeting on Thursday, Christine Lagarde, the new president of the European Central Bank, is expected to provide some details, however preliminary, on the bank’s strategy review, its first since 2003. Expectations ...


Stephen Moore: The truth behind Obama's job numbers
Posted: January 22, 2020 at 12:03 AM (Wednesday)

Almost all of us know (because President Trump boasts of it in nearly every speech) that our 3.5% unemployment rate has reached a 50-year low. But this official decline in joblessness doesn’t tell the entire story of the improvement in the job market in the United States. And it doesn’t fully capture the change in direction between what ...


Betsy McCaughey: Behind the White House’s impeachment battle plans
Posted: January 21, 2020 at 08:43 PM (Tuesday)

The White House fired back at President Trump’s impeachers Monday, taking aim at their far-fetched legal arguments and blatant dishonesty. Trump’s lawyers called the Democrats’ grounds for impeachment a “made-up theory.” They singled out House Intelligence Chairman Adam Schiff for “lying,” violating “basic fairness” and “concocting” ...


Salena Zito: The Second Amendment Sanctuary Movement Isn’t Going Away
Posted: January 21, 2020 at 07:00 PM (Tuesday)

The media smears them as ‘white supremacists,’ but thousands showed up in Richmond, Va., Monday. Troy Carter, 49, says that, other than voting, he’d never been involved in politics. That changed late last year, when he heard that a county board of supervisors in Virginia voted to become a gun sanctuary. On Monday he was one of an estimated ...


Andrew Restuccia and Greg Ip: Trade Tensions With Europe Flare as Trump Flexes Economic Muscle
Posted: January 21, 2020 at 05:34 PM (Tuesday)

President says he will impose new tariffs on European car imports if EU doesn’t agree to a new trade pact. Fresh threats by the U.S. to place tariffs on some of its closest allies—just days after reaching an initial trade deal with China—show that economic pressure remains President Trump’s weapon of choice in international disputes. Even as ...


Eli Dourado: Trump Administration Right to Fix the Environmental-Review Process.
Posted: January 21, 2020 at 02:38 PM (Tuesday)

The Trump administration is right to streamline the environmental-review process. The United States seems incapable of developing modern infrastructure, despite bipartisan support for that goal. Since 2008, China has built more than 15,000 miles of high-speed rail, while the U.S. has built none and is unlikely to do so anytime soon. According ...


Vincent Geloso: The Overuse of the "Roaring Twenties"
Posted: January 21, 2020 at 02:00 PM (Tuesday)

Late last week, IMF president Kristalina Georgieva compared the modern era with “roaring 1920s” and criticised wealth gaps in the UK and elsewhere. By this, she was referring to the decade following the First World War which was marked by a rapid rate of economic growth. It also was, so it is believed, accompanied by a rapid increase ...


John Tamny: The Federal Reserve, 'Repo' Rates, and Much Ado About Nothing
Posted: January 21, 2020 at 06:07 AM (Tuesday)

In August of 2008 Jimmy Lee, J.P. Morgan's legendary financier, quietly let Blackstone CEO Stephen Schwarzman in on a harrowing truth: for three days the bluest of blue chip banks "hadn't been able to roll over its commercial paper." And it wasn't just J.P. Morgan whose assets were no longer wholly trusted. The since-deceased Lee told ...


Peter Morici: Fed should turn to digital money to combat next recession
Posted: January 21, 2020 at 06:00 AM (Tuesday)

Congress should allow Fed to inject helicopter money into consumer, business accounts. The Federal Reserve appears content to leave the federal funds rate—now targeted at 1.5% to 1.75% —steady through 2020. Growth looks solid enough and inflation within Chairman Jerome Powell’s comfort zone but longer term, the economy faces challenges that ...


Greg Ip: Mnuchin Warns U.K., Italy Over Digital-Tax Plans
Posted: January 21, 2020 at 04:29 AM (Tuesday)

Treasury secretary says the European countries will face tariffs if they implement their planned taxes. Italy and Britain will face U.S. tariffs if they proceed with a tax on digital companies such as Alphabet Inc.’s Google and Facebook Inc., U.S. Treasury Secretary Steven Mnuchin warned. Mr. Mnuchin issued the warning after France agreed to ...


Preston Cooper: Taxpayers Fund College Degrees That Don’t Pay Off
Posted: January 21, 2020 at 02:30 AM (Tuesday)

Late last year, the Education Department publicly released the typical student debt and starting salary for graduates of thousands of higher education programs nationwide. A new interactive tool from the Texas Public Policy Foundation (TPPF) puts this data to innovative use, showing where the typical student’s debt burden is high relative to ...


Doug Collins: Pelosi Knows Impeachment Is Weak
Posted: January 20, 2020 at 04:02 PM (Monday)

Follow the speaker’s own advice: reject a partisan and unconvincing case against the president. Compelling, overwhelming and bipartisan: These are the criteria Speaker Nancy Pelosi drew as she publicly announced last March that she wouldn’t support impeachment. Back then she claimed impeaching the president with anything less would be divisive ...


Andrew Ross Sorkin: The Davos Plutocrats Warm Up to Trump
Posted: January 20, 2020 at 03:57 PM (Monday)

DAVOS, Switzerland — C.E.O.s have come to accept the president, in spite of his populist views and governance-by-Twitter style. Tax cuts and a record stock market speak volumes. The last time President Trump arrived at the World Economic Forum’s annual meeting, his trip was treated with deep skepticism, if not disdain, by the business ...


Douglas Holtz-Eakin and Robert E. Moffit: Sacrificing public and private health insurance for 'Medicare for All'
Posted: January 20, 2020 at 03:29 PM (Monday)

Trade-offs include destruction of existing coverage, regardless of personal preferences. A majority of House Democrats are co-sponsoring legislation (H.R.1384) to outlaw virtually all Americans’ public and private health insurance and replace their coverage with a new government plan. In the Senate, Sen. Bernie Sanders’s “Medicare for All” ...