A lot has happened this week. We learned that IRS higher-ups have known about targeting conservative groups since 2011. And yet they did nothing. On Wednesday, IRS acting commissioner Steven Miller resigned. On Thursday, Joseph Grant, commissioner of the tax-exempt … read more
Stock markets and corporate profits are up, wage growth anemic. So Fed Governor Sarah Bloom Raskin is wondering whether the “large and increasing amount of inequality in income and wealth” is hampering the current US economic recovery and perhaps “pose … read more
So which economy in the world is “suffering” most from austerity? As Capital Economics notes, the combination of US tax hikes and spending cuts means that over the next two years the federal budget deficit is expected to fall by … read more
Alex Tabarrok has argued that patent law should be stronger in business sectors where there are high “innovation-to-imitation costs” such as pharmaceuticals and weaker where costs are lower, such as software. Tabarrok: So, pharmaceuticals are really the classic case of where the … read more
What do you do when your boss asks you to purchase a tchotchke for his daughter’s school fundraising drive? If you are at all concerned about your career, you pinch your nose and pony up. The boss might be obnoxious, … read more
Republicans should pay close attention to what’s happening in Japan, where the Bank of Japan’s new bond-buying program is already bearing fruit. As the Financial Times reports, ”Japan’s economy grew at the fastest pace among Group of Seven countries last quarter, … read more
Less noticed in Japan’s GDP report is the fact that the GDP deflator inflation measure fell at 2% SAAR, so that nominal GDP growth of just 1.5% resulted in the reported 3.5% real growth rate. Deflation remains alive and well … read more
Tracing out the break-up-the-banks logic leads to some uncomfortable places. Alex Pollock’s new American Banker piece shows how the very reasons advocated for breaking up the banks (“they are too big, too leveraged, create too much systemic risk, have too … read more
OK, the CBO now projects the 2013 deficit will weigh in at $642B (4% of GDP) in 2013 and it will continue on a downward track (under current law) through 2015. Why: a) better economy, b) slowdown in the rate … read more
Nine years ago, I was one of the people contacted by an employee of the Indian drug company Ranbaxy. He alleged numerous fraudulent activities and I responded by increasing my investigations of fraud and drugs (read more here). He has … read more
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