Morning Journal--Why the level of US may not be a problem

Economics

   This Week’s Data

            Weekly jobless claims rose 4,000 versus expectations of a 5,000 decline.

            http://www.calculatedriskblog.com/2013/01/weekly-initial-unemployment-claims-at.html

   Other

            Here is a thoughtful article on the US debt and deficit and why they are not that as big a problem as some make them out to be---though at the very end the author acknowledges the negative impact of investment and production.  I don’t agree with all of his arguments, but his thesis is a prescription for the historically below average future economic growth outlined in our forecast.  It is a piece worth reading (medium and today’s must read):

            http://www.thefiscaltimes.com/Columns/2013/01/03/The-Good-News-About-Big-Bad-Government-Debt.aspx#page1

            Why Basel III is a bad idea (medium):

            http://seekingalpha.com/article/1101921-why-the-basel-change-was-a-bad-idea?source=email_authors_alerts&ifp=1

Politics

  Domestic

The new liberal aristocracy (medium):

http://www.nationalreview.com/articles/337123/new-liberal-aristocracy-victor-davis-hanson

            Obama and the Deepwater Horizon accident (medium):

            http://www.nakedcapitalism.com/2013/01/eric-zuesse-obama-administration-lies-then-covers-up-to-minimize-bp-liabilities-for-deepwater-horizon-disaster.html

            Biden implies threat of gun control by executive order (short):

            http://www.zerohedge.com/news/2013-01-09/will-obama-use-executive-order-enact-gun-control

  International War Against Radical Islam

            More on the Hagel nomination (medium):

            http://www.nationalreview.com/author/56454/latest#

            And (medium):

            http://www.weeklystandard.com/author/stephen-f.-hayes