Institutions and Inclusiveness
Column Published in syndication October 16, 2024Although most people are not interested in the details of pure economic research, the discoveries can affect the daily lives of virtually everyone by shaping public policy or even the way we think about the world. This year's Nobel Memorial Prize in Economics has been awarded (long overdue) to three researchers "for studies of how institutions are formed and affect prosperity." The winners (Daron Acemoglu, Simon Johnson, and James A. Robinson) are all affiliated with US universities (MIT and the University of Chicago).
- Tags:
- economics,
- Nobel Prize,
- institutions
Debt
Column Published in syndication October 09, 2024The federal deficit for the past fiscal year was $1.8 trillion. While there have been times when it was that high (inflation-adjusted), they were during major wars or the pandemic. The fact that we are near record levels when the economy is growing is alarming, particularly given that (1) the Congressional Budget Office projects it at $2.9 trillion in 10 years if we remain on this trajectory and (2) both presidential candidates are backing proposals that would add more red ink.
- Tags:
- federal spending,
- debt,
- deficit
The Working Poor
Column Published in syndication October 02, 2024In 2022, 37.9 million people (11.5% the US population), lived below the official poverty level according to the US Census Bureau. For context, in 2022, the weighted average poverty threshold for a family of four was $29,950. For an individual, it was income below $14,880. These values are updated annually to reflect changes in the Consumer Price Index, but do not vary geographically. The Census measure does not include the value of noncash benefits (such as food stamps, Medicare, Medicaid, public housing, and employer-provided benefits). On the other hand, it is extremely limited in what it considers due historical factors in how it was created (a fascinating story for later), and more accurate and comprehensive indicators reveal that the numbers in poverty are systematically higher. The overall economic and social consequences of poverty are staggering (another topic for the future).
- Tags:
- poverty,
- job market,
- working poor
Here and There‑‑(Mostly Here)!
Column Published in syndication September 25, 2024More than 668,300 people moved to Texas according to the latest (July 2021 to July 2022) Census state-to-state migration data. That's more than 1,830 per day. About two-thirds came from other states, with the remainder from abroad. A year prior, in-migration was modestly higher at over 762,000 people, which was due in part to the effects of the pandemic.
- Tags:
- migration,
- Texas,
- population change
Texans Old and New
Column Published in syndication September 18, 2024New demographic information has been released by the US Census Bureau, and it confirms what we already knew - Texas is experiencing rapid population growth, notable job gains, and higher incomes. Let's take a brief look at a few highlights.
- Tags:
- demographics,
- Texas,
- jobs,
- population
Climate, Complexity, and Capacity
Column Published in syndication September 11, 2024The Permian Basin of Texas and New Mexico is one of the largest sources of oil and natural gas in the world and the primary reason that the US is now the leading country in production. Moreover, it helps ensure the energy security of the United States and our allies during a period of extreme geopolitical tension.
- Tags:
- pipelines,
- natural gas,
- energy security,
- Permian Basin
Oops!
Column Published in syndication September 04, 2024A large revision in estimated US employment made headlines recently. The US Bureau of Labor Statistics (BLS) releases jobs numbers every month, and these Current Employment Statistics (CES) estimates are carefully watched, influencing decisions by individuals, firms, investors, and especially the Federal Reserve.
- Tags:
- jobs revision,
- jobs,
- BLS
Come From Away
Column Published in syndication August 28, 2024The foreign-born population is an indispensable component of the US workforce. Many regions are experiencing slowing population growth or even shrinkage in key working age ranges, as the baby boom generation retires and fertility rates fall. This pattern will only get worse if we fail to act.
- Tags:
- foreign-born,
- foreign-born workers,
- jobs
When the CHIPS are up
Column Published in syndication August 21, 2024The CHIPS and Science Act was approved about two years ago to support US semiconductor production and innovation. It provides funds to encourage private investment and has already led to about $450 billion (and rising) in new projects.
- Tags:
- CHIPS Act,
- semiconductors
In and Out
Column Published in syndication August 14, 2024Texas is a major player in the global economy. As one important example, the state is home to an enormous and crucial component of the nation's maritime transportation infrastructure. Texas boasts 19 commercial seaports, 11 of which are deepwater, and more cargo moves through the Lone Star State than any other by far. These ports also support a large component of the economy, both here and elsewhere.