Housing: Record Affordability - 3/27/09
The National Association of Realtors (NAR) released its latest Housing Affordability Index (HAI) today, showing that housing affordability reached an all-time, historic record high of 173.5 in February. A HAI of 173.5 would mean that the typical household earning the median family annual income of $59,726 in February would have 173.5% of the qualifying income to purchase a median-priced existing single-family house ($164,600)... More
Where Not To Die - 3/27/09
Sixteen states and the District of Columbia impose their own estate taxes. The dollar amount exempted from tax and the top tax rate vary by state. Eight states levy an inheritance tax, meaning the tax rate depends on who gets the money. New Jersey and Maryland levy both types of tax.
MoreWorker Complaints - 3/27/09
With employee unionizing legislation being discussed in Washington, it's worth taking a look at National Labor Relations Board complaints. Charges of unfair labor practices against both unions and businesses are filed with the NLRB and are included in the board's annual report. In the most recent year, NLRB received a total of 22,331. The above chart details how those complaints are categorized by the NLRB.
More
Union Rates, Unemployment - 3/27/09
Supporters of unions claim that they help to raise the standards of workers, while opponents of union-friendly legislation on the table in Washington claim that rising unionization spurs unemployment. Above are unionization rates of the states with the lowest unemployment in the country. Union statistics are from unionstats.com
More
Spending During Bush Years - 3/23/09
The numbers are in. With the release of the first estimate of the FY 2009 budget, we can now summarize and assess President Bush's fiscal legacy.
More
The Housing Meltdown: Cashing Out Home Equity - 3/20/09
Since the housing bubble burst, many homeowners have been left with mortgages that are larger than the value of their homes. One reason is because in the midst of the housing bubble, home owners refinanced their mortgages at record rates and used the refinancings to take big chunks of equity out of their homes. The above chart, from the Harvard University Joint Center for Housing Studies' annual report on the housing market,... More
Who Works, Who Doesn't - 3/20/09
Recent income data from the U.S. Census Bureau presents selected characteristics of American households by income quintile. One graphic difference among households of different income levels is the number of workers per household....
MoreWhich Businesses Create New Jobs? - 3/20/09
A new business dynamics study by the Census Bureau and the Kauffman Foundation finds that small firms create a substantial number of net new jobs in the U.S. economy each year. The above results, from 2005, break down net new job creation by firms measured by number of people they employ.
More
This Recession in Perspective - 3/20/09
The economy is in recession. But how bad is it? How does this recession compare to previous recessions?
This sites places the current economic downturn into historical (post-WWII) perspective. It compares output and employment changes during the present recession with the same data for the 10 previous recessions that have occurred since 1946.
More
Who Pays For Climate Policy? - 3/18/09
In the debate over climate policy, some policymakers favor a cap-and-trade regulatory system over a carbon tax. A new study by the Tax Foundation estimates what impact a cap-and-trade system would have on households in the U.S. The anaylsis suggests that although a cap-and-trade system is often preferred to a carbon tax , the former's effect on household income would be roughly equivalent to the impact of a direct tax.
More
Life Imitates Art? Sales of Atlas Shrugged - 3/14/09
Reviled in some circles and mocked in others, Rand’s 1957 novel of embattled capitalism is a favourite of libertarians and college students. Lately, though, its appeal has been growing. According to data from TitleZ, a firm that tracks bestseller rankings on Amazon, an online retailer, the book’s 30-day average Amazon rank was 127 on February 21st, well above its average over the past... More
Federal Outlays And GDP - 3/14/09
Greg Mankiw, Random Observations Blog
HOW WILL IT ALL END? Over the last century, the largest increase in the size of the government occurred during the Great Depression and World War II. Even after these crises were over, they left a legacy of higher spending and taxes. To this day, we have yet to come to grips with how to pay for all that the government created during that era — a problem that... More
Unemployment Highest Among Unskilled - 3/04/09
As the economy slows and unemployment rises, sharp differences are emerging among workers with various educational backgrounds. Unskilled workers, those defined as without a high school education, have the highest levels of unemployment and the largest growth in joblessness over the last year, while those with a college education have so far experienced only a modest uptick in unemployment. Source: Bureau of Labor... More
Geography of the Mortgage Crisis, 2008 - 3/03/09
Although foreclosure rates are rising around the country, much of the growth in foreclosures nationally is being driven by failing mortgages in just a few states, including several where speculation was heaviest. In 2008, five states accounted for 70 percent of foreclosures, while the top two states, California and Florida, alone accounted for more than half of all foreclosures, according to an analysis by urban planners at the... More
Behind Housing Bubble: Ownership By Age - 3/03/09
Home ownership rates rose rapidly during the housing bubble, particularly among young households whose credit quality and financial stability are traditionally not as strong as older buyers. Above are home ownership rates by age, according to a new study by University of Virginia Professor William H. Lucy and researcher Jeff Herlitz.
More
Growth Forecast: Federal Budget Vs. Blue-Chip Economists - 3/02/09
Greg Mankiw, Random Observations
The Obama administration's outlook has private economists wondering: Has Rosy Scenario made a comeback?...
Nariman Behravesh, chief economist at IHS Global Insight, a major private forecasting firm, called the administration's forecasts "way too optimistic" and said it could represent a return to the overly optimistic forecasts of previous administrations confronted by... More