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The Federal Government Runs Another Large Budget Deficit in Fiscal Year 2026
Image created by ChatGPT The federal government’s fiscal year runs from October 1 to September 30. The Congressional Budget Office (CBO) has released its estimate of the deficit for the 2026 fiscal year, which ended September 30, 2026. The deficit increased to $1,993 billion in 2026 from $1,775 billion in 2025. As the following figure…
Did Seattle Succeed in Raising the Monthly Pay of Gig Drivers?
Supports: Microeconomics and Economics, Chapter 16, Section 16.4. Image created by ChatGPT Regulations don’t always have the effect that policymakers hope they will. In 2022, the Seattle City Council unanimously passed the App-Based Worker Minimum Payment (ABWMP) ordinance, which took effect in January 2024. Most app-based (or gig) workers who deliver for DoorDash, Uber Eats,…
CPI Inflation Increases in September
Image created by ChatGPT After the Federal Open Market Committee (FOMC) increased its target for the federal funds rate at its September meeting, there was uncertainty as to whether it would raise its target again at its meeting on October 27–28. Today’s report from the Bureau of Labor Statistics (BLS) on the consumer price index…
Hall and Woodford Win 2026 Nobel Prize in Economics
Photo of Robert Hall from news.stanford.edu Photo of Michael Woodford from politicaleconomy.columbia.edu Robert Hall of Stanford and Michael Woodford of Columbia have been awarded the 2026 Nobel Prize in Economics. Their careers have helped define the evolution of macroeconomics during the past 50 years. Principles of economics is often taught as one semester of microeconomics…
Glenn on a Novel Approach to Reforming Social Security
Image created by ChatGPT In Macroeconomics, Chapter 16 (Economics, Chapter 26), we discuss the problems facing the Social Security system. In this opinion column, which first appeared on the website of the Economist, Glenn discusses a new approach to discovering the views of the public on possible reforms to the system. America Needs a Citizens’…
How Good Were the Deals during Amazon’s Prime Big Deal Days?
Image created by ChatGPT Amazon concluded its fall Prime Big Deal Days yesterday. Amazon also has a Prime Day in the summer. The company generally reports that its Prime Days result in higher sales and that the lower prices Amazon charges during these periods result in substantial savings to consumers. For example, in October 2024,…
Solved Problem: A Half-Price Sale on U.S. Treasury Bonds?
Supports: Money, Banking, and the Financial System, Chapter 3. Image generated by ChatGPT of the U.S. Treasury building in Washington, DC In a recent book review in the Wall Street Journal, financial analyst James Grant wrote: “The Treasury may indeed pay off every claim in freshly printed dollars. But 30-year Treasurys issued at the sub-2%…
Is It Fine to Bring an Iced Coffee to a Job Interview? Jadrian Wooten Provides an Economic Analysis
Image created by ChatGPT There’s a vigorous debate on social media over whether it’s acceptable for a job candidate to bring an iced coffee to an interview. In his always interesting “Monday Morning Economist” Substack, Jadrian Wooten provides an economic analysis based on the signaling theory of Nobel laureate Michael Spence of New York University…
Solved Problem: Why Do Bond Prices and Bond Yields Move Inversely?
Supports: Money, Banking, and the Financial System, Chapter 3, and Microeconomics, Chapter 8, Appendix. Image created by ChatGPT A recent article in the Wall Street Journal was titled “A Primer on Why Bond Prices Fall When Yields Rise.” A student reading the title of the article asks, “How can that be right? Investors would prefer…
Unexpectedly Weak September Jobs Report
Image created by ChatGPT This morning (October 2), the Bureau of Labor Statistics (BLS) released its “Employment Situation” report (often called the “jobs report”) for September. The August jobs report had showed an unexpectedly large increase in employment, while the September report shows an unexpectedly small increase in employment. The jobs report has two estimates…
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