After tens of thousands of defiant gun owners in Connecticut chose not to register their semi-automatic rifles to comply with a hastily-passed gun control law, the state is now taking some action. Officials are reportedly notifying gun owners who submitted late applications that they have one last chance to get rid of their “illegal” weapons. […] READ MORE
Jump In Jobless Claims Surprises Forecasters
The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, but the underlying trend suggested no shift in labor market conditions. Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 348,000, the Labor Department said on Thursday. Claims for the prior week were revised to show 2,000 fewer […] READ MORE
Facebook Post Leads To High School Coach Resigning
An Ohio high school basketball coach resigned this week after a Facebook post by his now ex-girlfriend accused him of cheating and alleged that he was “borderline pedophile.” Jason Stonebraker, a high school basketball coach in Ohio, resigned this week after the school launched an investigation into alleged inappropriate contact with a student. On Monday, […] READ MORE
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When you think “Mt. Gox,” think “Enron.” When something this devastating happens to the biggest exchange in an experiment designed by anonymous Japanese programmers, the industry is not going to recover rapidly. Other firms in this industry now have a real marketing problem. The disappearance of the Mt. Gox Bitcoins exchange is a major setback […] READ MORE
Bitcoins Debacle: Mt. Gox Disappears. So Does Digital “Money.”
I told you so. There. I’ve said it. The biggest Bitcoins exchange has gone bye-bye. It took with it the money that the investors thought was safe. Reuters reports: “Mt. Gox had $174 million in liabilities against $32.75 million in assets. It was not possible to verify the document or the exchange’s financial situation.” I […] READ MORE
Conservatives, Rejoice! Robert Welch’s Predictions Were Dead Wrong in 1974
Are things getting better? Are things getting worse? This question still divides the American Right. On the moral front, things are getting worse. On the economic front, things are getting better. It is true that median family income, adjusted for price inflation, slowed dramatically, beginning around 1974. But in the crucial areas of information and […] READ MORE
Minimum Wage Laws: Litmus Test for Economists
I have learned over the last half-century that there are two litmus tests of an economist’s commitment to the idea of voluntary exchange as a means of increasing net productivity and net income. One of them is the doctrine of free trade. The other is the doctrine of minimum-wage legislation as a source of increased […] READ MORE
Video: Where Are The People Who Signed Up For Obamacare?
When Jimmy Kimmel asked his audience Tuesday night whether they had signed up for Obamacare, not a single hand went up. READ MORE
Obama Trying To Drop Hammer On Retirement Planners
President Barack Obama plans to ask Congress in early March, as part of his fiscal 2015 budget, to reduce some of the tax advantages for employer-sponsored retirement plans for higher-income earners, according to published reports. Plus, the president wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28% […] READ MORE
China is Falling Behind The Curve in Employing Young Work Force
Youth unemployment has created “a generation at risk” according to the International Labor Organization, with worldwide youth unemployment forecast to rise to 12.8 percent by 2018. But these headline figures do not necessarily tell the real story given the discrepancies among different parts of the world. In the developed economies, the youth unemployment rate – […] READ MORE
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