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Inventory Accumulation Boosts Real GDP Growth in the Fourth Quarter
powered by Surfing Waves Real gross domestic product increased at a 6.9 percent annualized rate in the fourth quarter, up from a 2.3 percent pace in the third quarter. Over the past four quarters, real gross domestic product is up 5.5 percent, putting the level slightly above trend (see first chart). Real final sales to private domestic purchasers, a key measure of private domestic demand, rose at a more modest 2.8 percent annualized rate in the fourth quarter following a 1.4 percent pace in the third…
What Glenn Youngkin's State Mask Order Gets Right—and Wrong
powered by Surfing Waves This article is excerpted from LiberatED, a weekly email newsletter where FEE Senior Education Fellow Kerry McDonald brings you news and analysis on current education and parenting topics. Click here to sign up. I don’t like masks, and I especially don’t like mask mandates. That’s why I cheered when the new governor of Virginia, Glenn Youngkin, repealed mask mandates for schools upon taking office earlier this month. His executive order allows parents to decide whether or not to mask t…
Core Capital-Goods Orders Hold at a Record High Level
powered by Surfing Waves New orders for durable goods decreased in December, falling 0.9 percent following a strong 3.2 percent gain in November. Total durable-goods orders are still up 16.0 percent from a year ago. The December drop puts the level of total durable-goods orders at $267.6 billion, a very strong result (see top of first chart). New orders for nondefense capital goods excluding aircraft or core capital goods, a proxy for business equipment investment, were essentially unchanged in Decemb…
Thomas Piketty Strikes Again
powered by Surfing Waves French economist Thomas Piketty became internationally famous with the publication in 2014 of his book Capital in the 21 st Century. Leftists eagerly embraced it, since it purported to prove that the gap between the rich and the poor would continue to widen (indeed, accelerate) unless governmental policies to redistribute income were ratcheted up. Much as “progressives” lauded the book, observers on the free-market side found it to be much ado about nothing – merely a warmed over…
Is College Education a Human Right?
powered by Surfing Waves It’s a common refrain from the left: “Everyone has a right to go to college,” or “Everyone has the right to an affordable college education.” Bernie Sanders , the animated US Senator from Vermont, is perhaps the claim’s loudest proponent, insisting that “Everyone deserves the right to a good higher education if they choose to pursue it, no matter their income.” Alexandria Ocasio-Cortez, who proclaimed that “We have a moral obligation, an economic obligation, a political obligation, to …
Weekly Initial Claims for Unemployment Benefits Fell in the Latest Week
powered by Surfing Waves Initial claims for regular state unemployment insurance decreased by 30,000 for the week ending January 22, coming in at 260,000 (see first chart). The latest result follows three consecutive increases and seven in the last ten weeks. Initial claims are slightly above pre-pandemic levels, but by long-term historical comparison, claims remain very low. The four-week average rose in the latest week – the fourth increase in a row and the fifth in the last six weeks – coming in at…
ALG’s Rick Manning reacts to Breyer decision to step down at end of Supreme Court term
powered by Surfing Waves “Justice Stephen Breyer has been the leader of the liberal wing of the Supreme Court for years and whoever leaked to NBC News that he planned on retiring did him a great disservice. He deserved to be able to make his own announcement, but now anything he says will be overwhelmed by speculation about his replacement. “Already speculation in DC has ranged from a just recently confirmed DC Circuit Court of Appeals judge and a yet to be confirmed nominee to the same court, along with a Jus…
What is an NFT—and Why Are Some Worth So Much Money?
powered by Surfing Waves You’ve probably heard about the development or sale of non-fungible tokens (NFTs) over the last few months. Digital artist Beeple set records in digital art when the piece Everydays—The First 5000 Days was sold for $69 million. "Everydays: the First 5000 Days" by Beeple Sold for $69.3 million at auction at Christie's, back in March. It is a compilation of his first 5000 pieces of art, with the first dating back to 2007. #NFT #nftart #NFTs pic.twitter.com/vgeEux14Ap …
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