President Obama won a second term in office yesterday, receiving 50.3% of the popular vote But the Republicans held control of the House of Representatives and Americans remain deeply divided. Historically, the party in control of the White House loses some congressional seats in the midterm elections. That means that any legislation passed into law over the next two years, and likely the next four years, is going to have to be agreed to by both a Democratic President and a Republican House.
Author Archives: James_Hamilton
Going over the fiscal cliff
The “fiscal cliff” refers to a broad set of tax increases and spending cuts that under current U.S. law will take effect in January. A recent assessment by Bank of America Merrill Lynch estimates the tax increases in 2012 could come to $470 B and spending cuts another $250 B, for a combined fiscal shock of $720 B, or 4.6% of GDP.
Economic Effects of Hurricane Sandy
As the eastern U.S. tries to dig out from under the devastation, I thought it might be useful to comment on the economic consequences that a storm like this could have.
Yet another discouraging GDP report
That’s the same title I used to summarize the U.S. 2012:Q2 GDP report released back in July. Doesn’t look like there’s much need to use any different headline for the 2012:Q3 numbers released on Friday.
Electoral maps
Here are two maps for those trying to follow the U.S. presidential election.
Reducing oil imports
On Wednesday I noted that encouraging more U.S. oil production was unlikely to result in a significant drop in U.S. retail gasoline prices. Nevertheless, I believe that there would be some important economic benefits from lowering the U.S. oil import bill, as I discuss here.
Presidential decisions and the price of gasoline
Here I offer a few reactions to some of the comments that President Barack Obama and Governor Mitt Romney made about energy policy in their debate last night.
Update on Iran sanctions
The boycott of Iran has been more successful than I had anticipated, with Iranian oil production and exports down significantly from a year ago.
Governor Brown solves California’s gas price problem
Though the record gasoline prices paid by Californians last week received national attention, it was from the beginning strictly a California problem.
California gas price spike
Californians who bought gasoline on Friday experienced an unpleasant shock.