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Result would be layoffs, fewer job opportunities, and reduced hiringFebruary 22, 2014
President Obama recently urged Congress to "give America a raise" by increasing the federal minimum wage from $7.25 to $10.10 an hour. His appeal comes just months after Gov. Jerry Brown signed a bill that will raise California's minimum wage from $8 to $9 an hour this July and to $10 an hour in 2016. And at least two more minimum wage increase proposals are currently being promoted statewide which, if passed, will end up hurting small businesses in California and won't create full-time jobs.
Central banks lack both the power and the knowledge needed to deliver stable growth.January 3, 2013
Canadian central bank chief Mark Carney, who will become governor of the Bank of England in June, caused a stir on both sides of the Atlantic when he appeared to endorse a monetary policy based on nominal gross domestic product (NGDP) targeting—a new monetary policy framework. A fresh approach to the current policy, which has manifestly failed to guarantee macroeconomic stability, is certainly long overdue. But could NGDP targeting have really prevented the financial meltdown and the ensuing recession as its advocates claim?
And why the Occupy movement should be up in armsSeptember 17, 2012
The decision is in: Unlimited quantitative easing. That was the announcement from the Federal Open Market Committee this afternoon, launching a third round of purchases of securities in a bid to boost the economy and reduce unemployment. This time, Federal Reserve Chairman Ben Bernanke and crew are pledging to buy $40 billion per month until the economy improves. The Fed's policy committee also extended its zero-interest rate policy until “at least mid-2015.” If QE3 lasts that long, the Feds will be printing at least another $800 billion to buy mortgage-backed securities.
From a long-term perspective, the Federal Reserve is doing more harm than good right now to economic stabilityJuly 18, 2012
Today’s monetary policy debates sound increasingly like the process of trying to get a picture on the wall centered and straight: “A little more to the left.” “No, that’s not helping, more to the left.” “Yes, that is helping.” “No, that is making it worse, back to the right.” Depending on your perspective, the picture is either crooked or straight. And when a host of people is noisily debating whether the frame should be tilted left or right, the sound can become downright unhelpful. The same goes for monetary policy.
Rumors are flying everywhere that the Fed is going to ease policy again after its meetings today and tomorrow. The Financial Times declared yesterday that "the doves are ready to act." And a report in Forbes suggests that more Fed easing is likely to come sooner rather than later, in the form of an extension of the Feds Operation Twist program. JP Morgan Chase and Barclays are also both expecting the FOMC will extend the $400 billion dollar (to this point) bond swap program known as Operation Twist.
Assuming the desirability of a recession rate, speed of economic growth, and level of equality all divorced from their causes is not a leap of logic we should lightly undertake.
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- California's Latest Minimum Wage Proposals Hurt Entry-Level Workers (2/22)
- The Bank of Englandís Flawed Approach to Monetary Policy (1/3)
- How Quantitative Easing Helps the Rich and Soaks the Rest of Us (9/17)
- The Fed's Harmful Monetary Policy (7/18)
- What Twists Will We See from the FOMC Tomorrow? (6/19)
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