Submitted by Econbrowser
As Menzie explained yesterday, it isn’t inflation. Since there still seems to be some controversy about this issue (e.g., Rich Karlgaard, Instapundit, and Reuters), let me take a stab at it as well.

Rather than walk through the detailed accounts of the U.S., let me invite you to calculate for yourself nominal GDP, real […]

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Submitted by CARPE DIEM
Exxon Mobil reported the highest quarterly profit ever and is the main target of any “windfall” tax surcharge. Yet if its profits are at record highs, its tax bills are already at record highs too. Between 2003 and 2007, Exxon paid $64.7 billion in U.S. taxes, exceeding its after-tax U.S. earnings by […]

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Submitted by CARPE DIEM

ABC NEWS – Since 2006, the price of bread has risen 24%, beef 4.4%, cheese 6.6%, and condiments, from ketchup to mustard to pickles, 3%. Rising food prices add a dime to the wholesale cost of every cheeseburger.

For McDonald’s, the biggest change surrounds the star of its dollar menu, the double […]

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Submitted by CARPE DIEM
According to yesterday’s BEA report (Table 10), real disposable personal income increased in June by 3.4% compared to June last year, following a 6.4% annual increase in May (see chart above). Both growth rates (May and June) were above the 2.6% average growth in real disposable income since 2001, following 7 months […]

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Submitted by CARPE DIEM

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Submitted by CARPE DIEM

Robert Samuelson in Newsweek:

The real lessons of the housing crisis have gotten lost. It’s portrayed as the financial system run amok; the housing market became a casino. The remedy is to enact rules that prevent a repetition. All this is partly true. But it ignores a larger and more important truth: our […]

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Submitted by CARPE DIEM
Link.
Prediction: Falling gas prices will receive considerably less media attention than rising gas prices.
Exhibit A:
Google News search (last 30 days) for “rising gas prices“: 6,300 results
Google News search for “falling gas prices“: 37
Ratio: 170 to 1
In other words, rising gas prices have gotten 170 times as much media attention as […]

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