Congressional Budget Office
While immigration was pretty far down on the priority list at this time last year, recently the topic has taken a front seat in lawmakers’ chambers down in Washington. ConvergEs's Nick Colas notes that policymakers on both sides of ideological spectrum are establishing positions and recommendations for reform, and are familiarizing themselves with some of the lesser-known facts about immigration. In a nutshell, he explains: immigration is not all about border crossings from Mexico and undocumented workers. There are many more figures – and costs – associated with immigration, most of which have palpable and measurable impacts on the US economy. From GDP growth to the health of the housing market, immigration’s influences may not be widely known, but should be in order for policymakers and investors to make informed decisions.
"All this money printing, massive debt, and reckless deficit spending – and we have 2% inflation? I'm beginning to believe that either the deflationists are right, or the Fed's interventions are working." While a low CPI may be puzzling in the midst of massive, global currency abuse, there are three realities about inflation that convince us it's not only coming, but will catch an unsuspecting citizenry off guard. Let's take a look at why we're convinced inflation will be one of the next big catalysts for the gold price...
Lightening does not strike twice in the same place very often, especially in Washington.
We Could Offset the Need for the “Sequestration” Budget Cuts By Stopping Nuclear Subsidies
The Republican jerks have squandered an opportunity to come up with anything that is even remotely feasible.
The numbers we are faced with are so large, the COLA changes are really just a rounding error.
Overview of the drivers of the fx market, a discussion of the price action and a review of the latest Commitment of Traders report from the futures market. Contrary to ideas that QE3+ is the dominant force and dollar negative, the net speculative position is now long dollars against all the major currency futures but the Australian dollar and Mexican peso. The dollar's gains though appear to be a function of events outside the US.
If we can't even cut federal spending by 2.4 percent without much of the country throwing an absolute hissy fit, then what hope does America have? All of this whining and crying about the sequester is absolutely disgraceful. The truth is that even if the sequester goes into effect, the U.S. government will still take in more money than ever before in 2013 and it will still spend more money than ever before in 2013. So it is a bit disingenuous to call what is about to happen "a spending cut", but for the sake of argument let's concede that point. If this is how bad things are now, how bad will they be when a day of reckoning for our economy arrives? And a day of reckoning is coming. Our politicians can try to keep kicking the can down the road for as long as they can, but eventually time will run out. We can borrow our way to prosperity for a while, but in the end there is always a very bitter price to pay for doing so. I would love to tell you that there is a chance that all of this will be turned around, but the truth is that all of this whining and crying about the sequester shows that America is doomed.
... And this time it is a true parabola.
Army Chief of Staff: “The conundrum we have is that we don’t need the tanks”
I think that FERS and MRS are adding to the Debt Owed to the Public in a significant way.
Some interesting footnotes in a CBO report.
The below article, recreated in its grotesque entirety, is a real, serious Op-Ed written by a supposedly real, non page-view trolling, Nobel-prize winning economist, in a serious paper, the New York Times. It can be classified with one word: jaw-dropping:"We’re not going to resolve our long-run fiscal issues any time soon, which is O.K. — not ideal, but nothing terrible will happen if we don’t fix everything this year. Meanwhile, we face the imminent threat of severe economic damage from short-term spending cuts. So we should avoid that damage by kicking the can down the road. It’s the responsible thing to do."
The forecast for me is 12-18 inches. I'm hoping it pushes three feet.... Some odds and ends:
- Tunisian opposition politician shot dead, protests erupt (Reuters)
- China says extremely concerned after latest North Korea threats (Reuters)
- Postal Service to cut Saturday mail to trim costs (AP)
- Debt Rise Colors Budget Talks (WSJ)
- Obama proposes short-term budget fix, Republicans swiftly object (Reuters)
- S&P Analyst Joked of Bringing Down the House Before Crash (BBG)
- Dell’s Bigger Challenge Ahead in Turnaround After Buyout (BBG)
- Some of the Mark Carney Gloss Is Coming Off (WSJ)
- Japan Official Says BOJ Tools Sufficient as Shake-Up Looms (BBG)
- S&P Lawsuit Undermined by SEC Rules That Impede Competition (BBG)
- Heavy Clashes Erupt in Syrian Capital (WSJ)