Economic Roundup

Economic Roundup

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On January 21, the Bureau of Labor Statistics released its annual report on union membership. Total membership was down to 11.9 percent in 2010 from 12.3 percent in 2009; in 1983, the percentage was 20.1 percent. More than half of all union members now work in the public sector.

 

Also on January 21, the Federal Reserve Board released a working paper which found that the self employed systematically underreport their income both to the IRS and to the Census Bureau, which could significantly bias research on income distribution.

 

On January 19, the House Ways and Means Committee Republicans issued a report that is highly critical of the 2009 stimulus bill.

 

In a January 18 blog post, Office of Management and Budget director Jack Lew described a new administration initiative to curb excessive government regulation.

 

In a January 17 blog post, University of Wisconsin economist Menzie Chinn estimated the cumulative loss of GDP from the recession at $3.5 trillion.

 

In a January 15 blog post, University of California, San Diego, economist James Hamilton observed that postwar recessions have almost always been preceded by an increase in oil prices.

 

In a January 14 blog post, Stanford economist John Taylor noted that the unemployment rate is highly correlated with total investment in the economy.

 

I n a January 14 commentary, Princeton economist Uwe Reinhardt argued that it is an error to assume that private charities are always more efficient than government. He notes that many charities eat up more than 60 percent of their contributions on administration and fund-raising, and spend less than 40 percent on programs.

 

On January 13, the International Monetary Fund published a working paper which found that political instability lowers economic growth; economic freedom and ethnic homogeneity increase it.

 

On January 10, the Federal Reserve Bank of New York published a staff report on the rise in the saving rate since 2007. It finds that it mainly resulted from a paydown of debt.

 

A December 20 study by the Political Economy Research Institute at the University of Massachusetts found that spending for pedestrian and bicycle infrastructure created more jobs per dollar than road construction.

 

Bruce Bartlett is an American historian and columnist who focuses on the intersection between politics and economics. He blogs daily and writes a weekly column at The Fiscal Times. Bartlett has written for Forbes Magazine and Creators Syndicate, and his work is informed by many years in government, including as a senior policy analyst in the Reagan White House. He is the author of seven books including the New York Times best-seller, Imposter: How George W. Bush Bankrupted America and Betrayed the Reagan Legacy (Doubleday, 2006).

Bruce Bartlett’s columns focus on the intersection of politics and economics. The author of seven books, he worked in government for many years and was senior policy analyst in the Reagan White House.