20 | December | 2012

Friday, May 24, 2013

Oil production increases to highest level since 1993

Mark J. Perry | December 20, 2012, 4:47 pm

According to data released this afternoon by the Department of Energy, U.S. oil output increased last week to 6,863,000 barrels per day, reaching the highest level of domestic crude oil production since early May 1993, more than 19 and one-half … read more >

Economics, Pethokoukis

Michael Kinsley’s very strange take on taxing capital gains

James Pethokoukis | December 20, 2012, 2:40 pm

It just kind of bugs Michael Kinsley, at a gut level, that the US tax code gives a preference for investment income. Kinsley in his Bloomberg column: Critics of the capital-gains tax are absolutely correct when they say that a … read more >

Note: Derived by author on the basis of data on official transfers, price changes, and population change. Sources: US Bureau of Economic Analysis, US Dept. of Labor, US Census International Data Base

Economics, Entitlements

A nation of beneficiaries

Henrik Temp | December 20, 2012, 2:05 pm

A new survey from the Pew Research Center finds that 55% of Americans have received government benefits from at least one of the six most well-known federal entitlement programs. Those would be Social Security, Medicare, Medicaid, welfare, unemployment benefits, and/or … read more >

Economics, Pethokoukis

The chart that shows why JPMorgan calls the fiscal cliff ‘nothing but theatrics’

James Pethokoukis | December 20, 2012, 1:17 pm

Economist Michael Feroli of JPMorgan makes a great point in a new report about the fiscal cliff. Almost whatever the outcome, he points out, it will do little to nothing to change the nation’s lethal long-term budget trajectory. Focusing, as … read more >

A bronze sculpture of the New York Stock Exchange Bull is seen at the Museum of American Finance in New York October 2, 2008. REUTERS/Shannon Stapleton

Economics, Pethokoukis

The 7 most illuminating economic charts of 2012

James Pethokoukis | December 20, 2012, 11:51 am

From unemployment to debt to inequality, these are my Magnificent Seven economic charts for 2012! 1. The Obama White House’s frightening debt forecast. The president’s own Office of Management and Budget produced this chart showing the long-term fiscal impact of the administration’s 2013 … read more >

Image Credit: DVIDSHUB (Flickr) (CC BY 2.0)

Foreign and Defense Policy, Middle East and North Africa

Candidates to succeed Jalal Talabani

Michael Rubin | December 20, 2012, 11:25 am

Iraqi President Jalal Talabani has now been evacuated to Germany after suffering a stroke. While I wish him the best recovery, what some members of his inner circle tell me gives little reason for optimism. read more >

Carpe Diem

A few factoids from today’s report on existing-home sales

Mark J. Perry | December 20, 2012, 10:57 am

A few highlights from today’s report on existing-home sales from the National Association of Realtors: 1. The median sales price of $180,600 for homes sold in November was the highest median price for the month of November since 2007. 2. … read more >

Politics and Public Opinion, Polls

Is America still a center-right country? (Part 2): Social issues over time

Karlyn Bowman and Andrew Rugg | December 20, 2012, 10:30 am

Are Americans moving in a more liberal or permissive direction on social issues? Below, we graph the “conservative” responses to several trends on prominent social issues. There is clear movement on gay marriage and legalization of marijuana. On abortion, there … read more >

Image Credit: Barack Obama Flickr stream

Pethokoukis, Politics and Public Opinion

New GDP report shows economy may have sealed the deal for Obama campaign

James Pethokoukis | December 20, 2012, 9:35 am

For all the talk about Team Obama’s amazing campaign machine, it sure didn’t hurt that the economy turned in a pretty solid performance in the the third quarter. The Commerce Department has upwardly revised third-quarter real GDP to 3.1% from … read more >