• RT @davidckamin: (1) Adequately funding the IRS will help enforce the laws on the books and especially when it comes to the highest-income…
    David Wessel Wed 10 Aug 2022 14:57
  • History of 5th amendment Link
    David Wessel Wed 10 Aug 2022 14:32

    Former Enron Chairman Kenneth Lay asserted his Fifth Amendment rights before the Senate Commerce Committee today, “respectfully declining to answer” any of the committee’s questions. What is the history behind, and rationale for, the Fifth Amendment right not to testify against oneself?

    The Fifth Amendment to the U.S. Constitution provides that “no person …  shall be compelled in any criminal case to be a witness against himself.” The right was created in reaction to the excesses of the Courts of Star Chamber and High Commission—British courts of equity that operated from 1487-1641. These courts utilized the inquisitorial method of truth-seeking as opposed to the prosecutorial, meaning that prosecutors did not bear the burden of proving a case, but that sufficient “proof” came from browbeating confessions out of the accused.

  • Ellen Zentner of Morgan Stanley says calculated to second decimal place headline CPI *fell* by 0.02% in July.
    David Wessel Wed 10 Aug 2022 12:57
  • RT @JustinWolfers: Some useful context on that encouraging core inflation print: Link
    David Wessel Wed 10 Aug 2022 12:41
    Forget the zero headline; core inflation takes a dive last month, coming in at an annualized 3%, driven by a decrease in services. Compare it to the ~5% average it's been at since October 2021. One month doesn't make a trend, but the most encouraging print I could have imagined.
  • Over the past year, @bls_gov says price of food to consume at home is up 13.1%. Prices at restaurants, vending machines etc, up 7.6%. Maybe we should be eating out more? Link
    David Wessel Wed 10 Aug 2022 12:41
  • What I learned today: War in Ukraine has cut off exports of wood pellets so U.S. exports of wood pellets ion track to top last year’s record of more than 7.4 million metric tons. Prices are soaring. US production capacity exanding Link via @WSJ @RyanDezember
    David Wessel Wed 10 Aug 2022 12:11
  • RT @NickTimiraos: SF Fed research: "We show that year-ahead inflation expectations have a large impact on wage inflation, while long-term i…
    David Wessel Wed 10 Aug 2022 00:39
  • RT @Jomboy_: "Hey, you're doing just great" Oklahoma little leaguer gets hit in the head and then comforts the pitcher who is shaken up af…
    David Wessel Tue 09 Aug 2022 20:43
  • RT @crampell: ?Dems are about to give $80b to IRS. Mostly for enforcement, as you've prob heard—but some of the $$ will also go toward upgr…
    David Wessel Tue 09 Aug 2022 20:43
  • RT @cubegrl: The National Association of Economic Educators (@NAEEnet) is taking applications for a Social Media Director! Please help me s…
    David Wessel Tue 09 Aug 2022 19:38
  • RT @stevertax: D.C. Circuit affirms Ways &Means Committee has a legitimate legislative purpose for Trump's tax returns, as I testified in 2…
    David Wessel Tue 09 Aug 2022 18:23
  • .@BLS_gov projects continued decline in the number of journalists in the US and an increase in the number of PR folks. Link https://t.co/dn0EA1HglM
    David Wessel Tue 09 Aug 2022 12:39
    Breakthroughs in artificial intelligence (AI) and robotics have led to substantial concern that large-scale job losses are imminent. Selected occupations are often cited as illustrations of technological displacement that is or will become a more general problem, but these discussions are often impressionistic. This article compiles a list of specific occupations cited in the automation literature and examines the occupations’ employment trends since 1999 and projected employment to 2029. There is little support in U.S. Bureau of Labor Statistics data or projections for the idea of a general acceleration of job loss or a structural break with trends pre-dating the AI revolution with respect to the occupations cited as examples. Offsetting factors and other limitations of the automation thesis are discussed.
  • RT @zachdespart: Come work on our politics team! The @TexasTribune is looking for a reporter to cover threats to democracy. We want someone…
    David Wessel Tue 09 Aug 2022 12:29
  • RT @George_A_Callas: Remember that every time a crazy MAGA candidate defeats a sane Republican in a primary — as happened to Rep. Herrera B…
    David Wessel Tue 09 Aug 2022 12:24
  • RT @BrookingsEcon: WATCH: @lsheiner explains the recently updated Fiscal Impact Measure, why fiscal policy reduced GDP growth by 4.6 percen…
    David Wessel Tue 09 Aug 2022 12:19
  • Four questions (and answers) about the Infrastructure Investment and Jobs Act Link via @BrookingsInst Hutchins Center
    David Wessel Mon 08 Aug 2022 18:49

    The Infrastructure Investment and Jobs Act (IIJA), also known as the bipartisan infrastructure bill, will increase federal spending on infrastructure by about $550 billion over the next decade, nearly all through grants to state and local governments, which own much of the nation’s infrastructure. At our annual Municipal Finance Conference in July 2022, four experts addressed several questions about the IIJA: Ryan Berni, senior advisor to Mitch Landrieu, the infrastructure implementation coordinator in the White House; D.J. Gribbin, former special assistant to President Trump for infrastructure; Shoshana Lew, executive director of the Colorado Department of Transportation; and Eden Perry, head of the U.S. Public Finance Operation and S&P Global Ratings.

    A video of the panel is posted here. Here are some highlights.

  • Tim Bartik, Brian Asquith & Kathleen Bolter: CHIPS Act includes what is potentially the most significant place-based policy funding in U.S. history. Link via @UpjohnInstitute
    David Wessel Mon 08 Aug 2022 18:14
    $10 billion that would cover five years of costs to help create 20 “Regional Technology Hubs,” which would seek to broaden U.S. technology centers beyond the current dominant regions, such as Silicon Valley, Seattle, Boston and San Diego. $1 billion for five years of costs of a pilot version of the Recompete Act, which will assist 10 distressed communities with significantly below average employment-to-population ratios.
  • RT @JesseJenkins: I read the entire Inflation Reduction Act so you dont have to and just published my section-by-section summary of every #…
    David Wessel Mon 08 Aug 2022 17:39
  • NYFed's consumer survey: Inflation Expectations for July Show Marked Decline at the Short-, Medium-, and Long-Term Horizons Link https://t.co/gee4rdX0PC
    David Wessel Mon 08 Aug 2022 15:24
    Median one- and three-year-ahead inflation expectations both declined sharply in July, from 6.8 percent and 3.6 percent in June to 6.2 percent and 3.2 percent, respectively. Both decreases were broad-based across income groups, but largest among respondents with annual household incomes under $50,000 and respondents with no more than a high school education. Median five-year ahead inflation expectations, which have been elicited in the monthly SCE core survey on an ad-hoc basis since the beginning of this year, also declined to 2.3 percent from 2.8 percent in June. Expectations about year-ahead price increases for gas and food fell sharply. Home price growth expectations and year-ahead spending growth expectations continued to pull back from recent series highs. Households’ income growth expectations improved. Note: The newly released series for median five-year ahead inflation expectations is now included as the last tab in the “Chart Data” excel...
  • The people running America’s foundations’ portfolios aren’t as smart as they think they are by @MarcGunther Link
    David Wessel Mon 08 Aug 2022 12:48
  • Update on US Treasury campaign to cap price of Russian oil before a EU-imposed ban on insuring Russian oil shipments takes effect in December Link via @politico
    David Wessel Mon 08 Aug 2022 12:12

    Editor’s note: Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at 5:15 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day’s biggest stories. Act on the news with POLITICO Pro.

    The Treasury Department will step up its push to build global support for a price cap on Russian oil this week, as Assistant Secretary Elizabeth Rosenberg travels to Indonesia and Singapore to pitch her international counterparts and industry executives on the plan.

    Rosenberg, Treasury’s assistant secretary for terrorist financing and financial crimes, is among the top sanctions experts in the government leading a shuttle diplomacy effort to bring more countries on board with the two-pronged proposal, which aims to knee-cap Russia’s oil revenue (a key source of funding for the war in Ukraine) while avoiding a disastrous drop in global...

  • Cryptocurrency companies have committed more than $2.4 billion to sports marketing in the past 18 months, according to data compiled by Bloomberg. Tells you something about whom they are targeting and it’s not sophisticated investors. Link
    David Wessel Mon 08 Aug 2022 11:22

    For fans of professional sports, the insistent overtures from the crypto industry have become almost impossible to miss: The names of exchanges and blockchain companies are emblazoned on team jerseys, plastered on stadiums, and beckoning from halftime TV commercials. They’re talked up by prominent players who enjoy lucrative endorsement deals.

    This nascent band of businesses has moved aggressively since last year to match the advertising muscle of beer brands, carmakers, telecom service providers, and other stalwart sports sponsors.

  • RT @BenWessel: By my count, I've been fighting for Congress to pass a #climate bill for 5,594 days, since I was a part of the "0" in this ?…
    David Wessel Sun 07 Aug 2022 20:59
  • RT @ConStelz: —it’s really excellent. Absolute must read #Merkel profile by @JeremyCliffe ?(as is his earlier piece on Scholz!)
    David Wessel Thu 16 Sep 2021 11:36
  • RT @hamiltonproj: Weds 9/29: Join The Hamilton Project @BrookingsInst for "Resilience After Recession" webcast. Essays: @TrevonDLogan @bl_h…
    David Wessel Wed 15 Sep 2021 22:25
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