So said Republican Presidential candidate Donald Trump. Pay no heed to the massive wildfires. And temperature readings.
Here is a map of current fires in the US (see here for Canada):
Source: NOAA.
Wisconsin NFP Employment Almost Reaches Prior Peak
Civilian employment falls to 1.3% below prior peak.
Wisconsin (Not) Outpacing Other States
Wisconsin is not outpacing its neighbors according to the Philadelphia Fed’s coincident indices meant to proxy economic activity; and, contrary to assertions [1], the lagging pace of Wisconsin is not apparently attributable to a milder downturn in Wisconsin.
Governor Walker on Who Should Be Considered an American
From Washington Post:
GOP presidential hopeful Scott Walker said Monday that children of illegal immigrants who are born in the United States should not automatically receive U.S. citizenship.
Guest Contribution: “Recent Experience with Monetary Sovereignty”
Today we are fortunate to have a guest contribution by Helen Popper, professor of economics at Santa Clara University.
Evaluating the Chinese Devaluation
The 2% devaluation of the Chinese yuan on Monday, and subsequent 1.6% weakening on Tuesday, was variously described as surprising and stunning. I think it was to be expected, given China’s slowing growth, although there was no particular reason to believe Monday would be the day. In evaluating the effects, one has to first place the drop in context.
Guest Contribution: “Gas Taxes and Oil Subsidies: Time for Reform”
Today we are fortunate to have a guest contribution written by Jeffrey Frankel, Harpel Professor of Capital Formation and Growth at Harvard University, and former Member of the Council of Economic Advisers, 1997-99. A shorter version was published at Project Syndicate.
Kansas: The Macro Outlook
The politics of the The Kansas Experiment were recounted in Sunday’s NYT Magazine. Does the economic crash continue?
OPEC and world oil supplies
There’s been a remarkable surge in world oil production over the last year. And the United States is only part of the story.
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“Global warming is a total, and very expensive, hoax!”
Source: Donald J. Trump, 6 December 2013.
Here’s some data: Global surface anomaly, year-to-date (June):
Source: NOAA