The Angry Bear

Dan Shaviro (NYU) and Tim Smeeding (WISC) on NPR’s Detroit Today Show For those of you who may not have the opportunity to tune into Stephen Henderson’s radio program Detroit Today on NPR, it might be useful to have a short summary of the January 9 discussion of the “wealth gap” from that program. Background Tax lawyers have traditionally talked of the “tax gap”1  and frequently mentioned the growing “income gap” between the top 1% of the income...

The US-China Nothing Burger Trade Deal There has been much hype about the signing of Phase One (and probably only) US-China trade deal.  However based on a front page story in today’s Washington Post, there is not much there.  The US did not raise tariffs as planned, but tarifsf still remain on two thirds of the sectors that had them, although some were halved.  But numerous US sectors see no change at all and are now viewing the  situation as not...

Real wages declined slightly in Q4 2019; nearly flat since last January In December consumer inflation was +0.2%. Since in last Friday’s jobs report average hourly earnings also increased +0.1%, real average hourly earnings declined slightly: In a longer term perspective, this means that real wages also declined from 97.8% to 97.5% of their all time high in January 1973: The YoY measure of real average wages also declined sharply from +1.6% to...

Adapted from; “Trump’s Plot Against Health Care Continues, He is still coming for your coverage and lying about it.,NYT Opinion, Paul Krugman, January 13, 2019. Trump in a tweet: “Mini Mike Bloomberg is spending a lot of money on False Advertising. I was the person who saved Pre-Existing Conditions in your Healthcare, you have it now, while at the same time winning the fight to rid you of the expensive, unfair and very unpopular Individual Mandate…..” As...

Scenes from the December jobs report: leading jobs sectors and wages Let’s take a more detailed look at last Friday’s December jobs report. First, as usual for the past few months, let’s look at the more leading jobs sectors. This month, let’s also take a more detailed look at wage growth and why it may have suddenly decelerated. As an initial note, revisions going back to late 2017 are going to be available next month, and preliminarily it was already...

Further Followup On The Soleimani Assassination I wish to bring out some matters not getting a lot of attention in the US media. An important one of those was reported two days ago by Juan Cole. It is that apparently it has not been determined for certain that the initial attack that set off this current round of deaths when a militia in Iraq attacked an Iraqi military base in Kirkuk in which an American contractor was killed, almost certainly a matter...

Scenes from the December jobs report: leading jobs sectors and wages Let’s take a more detailed look at last Friday’s December jobs report. First, as usual for the past few months, let’s look at the more leading jobs sectors. This month, let’s also take a more detailed look at wage growth and why it may have suddenly decelerated. As an initial note, revisions going back to late 2017 are going to be available next month, and preliminarily it was already...

I have been beating the drum for transparency of cost information before granting exclusivity for drugs via patents. With a patent, companies can charge what the market  will bear and have demonstrated they will do so on particular drugs such as insulin, Vimovo, EpiPens, etc. as well as other drugs identified in recent papers on Drug Pricing also. The following chart depicts cancer drug Sales Income as it relates to R & D Costs. It is an example of...