According to the Bureau of Economic Analysis, US gross domestic product - the output of goods and services produced by labor and property located in the United States - accelerated at a pace almost double of what was previously reported. In the latest quarter, GDP stood at 3.3%, upwardly revised from a 1.9% annualized pace. The [...]
The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the minutes of the Committee meeting held on August 5, 2008. Here is an excerpt:
The information reviewed at the August meeting indicated that the economy expanded at a moderate pace in the second quarter, but recent financial market developments highlighted some of the [...]
Richard Rahn has an article posted at the Cato Institute about the corporate income tax:
Rank the following taxes from best to worst: individual income taxes; payroll taxes, corporate income taxes, sales or consumption taxes, and residential property taxes. The vast majority of economists would rank the corporate income tax as being worst and the sales [...]
Amity Shlaes has an article at Bloomberg that takes a different view of the housing problem:
Aug. 20 (Bloomberg) — Everything will be all right if we just fix the housing problem. That was the hope investors clung to as they watched Fannie Mae and Freddie Mac crumble this week.
The presidential campaigns reflect a similar faith [...]
