Commentary Bloomberg, citing private newsletter publisher Birinyi Associates, reports that “announced buybacks more than tripled (in January) to $132 billion from a year ago, reaching the highest total ever to start a year.” For those of us who follow these things, it’s not surprising: the record level of stock buybacks comes amid an earnings season that has been…
Let’s Rethink Stock Buybacks—and Drop Biden’s Proposed Excise Tax
February 13, 2023
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Business & MarketsBusiness Columnistseconomic policiesinvestingInvestmentMarketsSECstock buybacksstock manipulationstocksUS
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Minimum Wage & the Fed’s Biggest Fear
Commentary How does the minimum wage affect the Fed’s biggest fear? I touched on this subject previously as the Fed began its rate-hiking campaign. However, while the issue of the “millions of people” who aren’t paid a “living wage” for work makes headlines, the actual numbers are pretty underwhelming. As of the end of 2021,…
Minimum Wage and the Fed’s Biggest Fear
Commentary How does the minimum wage affect the Fed’s biggest fear? I touched on this subject previously as the Fed began its rate-hiking campaign. However, while the issue of the “millions of people” who aren’t paid a “living wage” for work makes headlines, the actual numbers are pretty underwhelming. As of the end of 2021,…
The Chips War Heats Up
February 11, 2023
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artificial intelligence (AI)ASMLBusiness & MarketsBusiness ColumnistschipsCHIPS and Science ActEUVOpinionThinking About China
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Commentary First shots were fired last October when the United States passed the CHIPS and Science Act. It aimed directly at Beijing’s ambition to become the world’s preeminent maker of advanced computer chips. The law offers a significant subsidy for semiconductor manufacturers to establish and expand operations domestically. It also limits the ability to export…
Russian Oil Embargo Benefits No One Except India
Commentary Russia has an ace up its sleeve to evade oil sanctions imposed by Western nations: India. Most Western nations have barred direct import of Russian crude. But their losses (both Russia and Western nations) have become India’s gain. Russia has become India’s largest oil supplier. And with India’s expanding refining infrastructure, the country is…
Could Washington Default?
Commentary Every few years, Washington approaches a debt ceiling limit, and worries of default multiply. Theoretically, default is possible, but practically speaking, it is never a real possibility. Even in an extended government shutdown, Washington has resources that will allow it to meet principal and interest payments. In this matter, it is critical to realize…
Broken Labor Markets and Shattered Progress
February 8, 2023
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AnalysisBusiness & MarketsBusiness ColumnistsemploymentJoe Bidenlabor marketsOpinionSOTUState of the UnionU.S. economyunemployment rate
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Commentary Please forgive me for not watching the State of the Union address last night. There is only so much phony baloney I can stand, and I knew in advance that it was going to be a lot of blather about how great the economy is based on the unemployment rate. The thing is that…
Does Economic Performance Really Differ Between the US, UK and Eurozone?
Commentary There has been a rooted impression that the economic performance in Europe is always worse than that in the U.S. This is not true. The measuring period for GDP released by the U.S. is quarter-over-quarter (QoQ), while those in other places are usually year-over-year (YoY). If both are reported in YoY for comparison, the…
Is the Fair Tax Fair?
Commentary Rep. Earl Carter (R-Ga.) introduced a new tax proposal called the “fair tax.” Predictably, Democrats politicized the proposal. Sen. Catherine Masto (D-Nev.), for example, posted a typically uninformed statement on Twitter: “On average, Nevadans are paying nearly $6 for a carton of eggs. If House Republicans passed their 30 percent national sales tax proposal, our families…
The Myth of Government Stimulus
February 6, 2023
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Business & MarketsBusiness Columnistseconomic policieseconomyGovernmentmythPolicies & ImpactsstimulusUS
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Politicians’ knee-jerk tendency is to spend money. They receive credit for accomplishing something while spending other people’s money. Economists often help politicians by promoting the myth that federal spending stimulates the economy. In fact, federal spending consistently weakens the economy, lowers living standards, and often creates serious problems. The stimulus myth does not apply to…
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