Beige Book — October 16, 2013 (Federal Reserve); Never Saw It Coming: Why The Financial Crisis Took Economists By Surprise (Foreign Affairs); Sovereign Debt in Advanced Economies: Overview and Issues for Congress (CRS); Well-being and the global financial crisis (OECD); Impacts and Costs of the October 2013 Federal Government Shutdown (OMB); Rescuing the Recovery: Prospects and Policies for the United States (Levy Economics Institute, Bard College); and Home Value and Homeownership Rates: Recession and Post-Recession Comparisons From 2007-2009 to 2010-2012 (Census Bureau).
Archive for Economics
How Economic Insecurity in Children Changed Over the Course of the Great Recession: Fact Sheet (Urban Institute); Impact of 2008 global economic crisis on suicide: time trend study in 54 countries (British Medical Journal); Global Financial Stability Report: Transition Challenges to Stability (IMF); and Five years on: The European economic crisis leaves a legacy of poverty (International Red Cross and Red Crescent Societies).
Minimum wage debates at both state and federal levels are nothing new here. But what about minimum wages in the European Union countries? Does the EU have a standard rate crossing all countries and sectors? The answer is no; each country sets its own minimum levels. Buried on pages 23-24 of this draft report – A coordinated EU minimum wage policy? - are the minimum monthly wage levels and median monthly wage levels for all the EU countries for 2009 and 2010. (The countries are listed by their EU abbreviations; a list is available .) The figures must be used with caution as the data come from various sources and legislation, but they do allow for some comparative analysis. (A lengthier explanation is contained in the previous pages of this report; see especially p.22 for a succinct overview.)
Five Years After the Crash: What Americans Think about Wall Street, Banks, Business, and Free Enterprise (American Enterprise Institute); The Financial Crisis Five Years Later: Response, Reform, and Progress In Charts (U.S. Treasury Dept); Striking it Richer: The Evolution of Top Incomes in the United States (UC Berkeley); Living Below the Line: Economic Insecurity and America’s Families (Wider Opportunities for Women); Rebuilding Household Wealth: Implications for Economic Recovery (CRS); Financial Planning Profiles of American Households: The 2013 Household Financial Planning Survey and Index (Consumer Federation of America); Financial Crisis: Five Years Later (White House); and Bibliography of the Global Financial / Economic Crisis (European University Institute Library).
The Census Bureau’s American Community Survey has released three reports examining the above topics. Household Income 2012 presents data at the national, state levels along with the 25 largest metropolitan areas. Comparisons are made for 2000 and 2012. New Jersey’s median income dropped 3.4% between 2000 and 2012. Poverty: 2002-1012 profiles the same above government entities. New Jersey is one of just a few states with a poverty level under 11%. And Mitigating the Loss of Private Insurance With Public Coverage for the Under-65 Population 2008-2012 shows the erosion of private health insurance over time; fully 14.5% of New Jerseyans are without coverage.
How Bad Was It? The Costs and Consequences of the 2007–09 Financial Crisis (Federal Reserve, Dallas); Evaluating early warning indicators of banking crises: Satisfying policy requirements (BIS); and The relationship between the housing and labor market crises and doubling up: an MSA-level analysis, 2005–2011 (BLS).
Rising Income Inequality and the Role of Shifting Market-Income Distribution, Tax Burdens, and Tax Rates (EPI); Crisis Chronicles: 300 Years of Financial Crises, 1620-1920 (an ongoing series of articles, Federal Reserve); Credit and growth after financial crises (BIS); The Economics of Student Debt (Hamilton Place Strategies); and Global Risks 2013 (World Economic Forum).
From income inequality to natural disasters like la Hurricane Sandy to antibiotic-resistant bacteria, the world faces many threats according to Global Risks 2013 from the World Economic Forum. A thousand experts from various fields were asked to give their opinions on what constituted the greatest risks we now face. Figure 29 of this report has the five areas of concern: economic, environmental, geopolitical, societal, and technological along with the associated risks, numbering ten for each group. We should point out that one of the societal risks is “water supply crises”. This risk is also considered a … ” ‘centre of gravity’ – the one risk that they[survey-takers] thought is the systemically most important one in that group. Due to their influence on other risks, these are the risks to which leaders and policy-makers should pay particularly close attention.”(figure 36) The report is somber reading but nonetheless needs to be consulted. And nowhere does the spectre of nuclear conflict arise as a threat.
The Financial Crisis and the Impact on Households (Federal Reserve – St Louis); Regulatory Landscapes: A U.S. Perspective (Speech – Federal Reserve); National Financial Capability Study (FINRA); and The Financial Crisis, Capital Flows, and Global Liquidity (Speech – IMF).
This new tool from the Federal Reserve Bank of New York – Regional Indicators of Consumer Debt – covers New Jersey, New York and Connecticut. The data deal with credit card debt, student loans, car loans, and “other” loans and can be broken down by age group. For example, as of March 2013, 32% of the age group 18-34 in New Jersey carry student loans the median balance of which is $17,500. Other information presented includes delinquency rates by county, 90+ days delinquency rates, and percentage of credit scores above 620.
Private Pensions – Timely Action Needed to Address Impending Multiemployer Plan Insolvencies (GAO); Economic Recovery: Sustaining U.S. Economic Growth in a Post-Crisis Economy (CRS); and Job Sprawl Stalls: The Great Recession and Metropolitan Employment Location (Brookings).
The OECD has issued a vast array of employment statistics for its member countries as well as including the BRICS, EU, and G7 nations. Data can be customized by year, sex and age range. Extensive “source” information for the statistics is readily available and there are dozens of comparative, interactive measurements. Key employment statistics contain pre-packaged basic figures while country snapshots allow comparisons of up to four countries simultaneously. Two previous blog entries provide additional relevant links: International Unemployment Rates and Updated International Labor Statistics.
We have previously written about income inequality in the United States and elsewhere, but here is a report from the Asian Development Bank with a specific focus – Deepening Divide: Can Asia Beat the Menace of Rising Inequality? As it states: “Asia is getting less poor – but more unequal”(18) Other worthy reads include: Income Inequality in China and Its Policy Implications (Cornell); The End of “Growth with Equity’? Economic Growth and Income Inequality In East Asia (Asia/Pacific Issues); and Inequality threatens Asian growth miracle (Financial Times).
According to the Pew Research Center’s report - A Rise in Wealth for the Wealthy; Declines for the Lower 93% - in the economic recovery during 2009-2011, the net worth per household of the top 7% gained 28% while the other 93% registered a 4% decrease. Numerous charts reinforce this bleak document.
Accompanying the 2013 Economic Report of the President are dozens of tables tracking economic development over the past decades. From “corporate profits by industry, 1964-2012″ to “new housing starts, 1967-2012″ to “national income by type of income, 1964-2012,” these compilations provide the researcher with authoritative numbers from various governmental departments such as the Census Bureau, the Department of Labor, and the Federal Reserve. And they can all be found in one publication! In addition, economic reports back to 1947 are accessible online; they, too, offer a glance at the past. For example, the 1947 report carries economic data dating to 1929. For a years-long snapshot of the U.S. economy along many axes, this would be a great place to start.
Gold Prices During and After the Great Recession (BLS); Dealing with the Private Debt Distress in the Wake of the European Financial Crisis (IMF); and The Future of Retirement- A New Reality – Global Report (HSBC).
Financial Globalisation and the Crisis (Bank for International Settlements); Tracking Europe’s Debt Crisis (IMF);and World Economic Outlook Update: Gradual Upturn in Global Growth During 2013 (IMF).
Unemployment Insurance in the Wake of the Recent Recession (CBO); Beige Book (November, Federal Reserve); Economic Recovery: Sustaining U.S. Economic Growth in a Post-Crisis Economy (CRS); Quality of Life in Europe: Impacts of the Crisis (EU); The Impact of the Fiscal Cliff on the States (Pew); U.S. Income Distribution and Mobility: Trends and International Comparisons (CRS); Addressing the Long-Run Budget Deficit: A Comparison of Approaches (CRS); Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945 (Updated) CRS; and Global Financial Crisis, Financial Contagion and Emerging Markets (IMF).
The fiscal cliff refers to the $1.2T in tax increases and across-the-board spending cuts which will commence at the beginning of 2013 unless the White House and Congress can reach some sort of agreement. For those who seek elucidation and clarification, the following sites will prove helpful: The “Fiscal Cliff”: Macroeconomic Consequences of Tax Increases and Spending Cuts (CRS); “Fiscal Cliff” (Investopedia); What is the Fiscal Cliff? (Council on Foreign Affairs); Q&A: What is the Fiscal Cliff? (Wall Street Journal); Fiscal Cliff (The Economist); Fiscal Policy and the Fiscal Cliff (Brookings); US Fiscal Cliff (Financial Times); and Q&A: Understanding the Fiscal Cliff (The New York Times).