A bullet point on Page 18 of President Barack Obama’s 2014 budget sounds ominous: “Prohibit Individuals from Accumulating Over $3 Million in Tax-Preferred Retirement Accounts.” That it appears in a section titled “Strengthening the Middle Class” is odd since such a proposal would seem to undermine the goal.
Proxy season has begun, and it’s expected to be a hot one. More than half of publicly listed U.S. companies will hold annual meetings between now and the end of June. There will be votes on more than 200,000 questions, ranging from approving auditors to disclosing political contributions.
Federal Reserve Chairman Ben S. Bernanke’s efforts to rescue the economy could result in more than a half trillion dollars of paper losses on the central bank’s books if interest rates rise abruptly from recent levels.
It took a fictional jury of “12 Angry Men” 96 minutes to agree on a verdict of not guilty. It took “12 good people,” as supercommittee co-chairman Jeb Hensarling referred to them, three months and countless hours to produce ... nothing.
Tyler Cowen sits with a cranberry juice and a pile of books he no longer intends to read. He’s at Harry’s Tap Room, near the Air France ticket counter in the main terminal of Dulles International Airport, on his way to São Paulo.
The California Public Employees’ Retirement System, the largest U.S. public pension, voted to lower its assumed rate of return for the first time since the recession dragged down stock and real-estate prices.
While most of the punditocracy was chattering earlier this month about Mitt Romney’s “gifts” gaffe, another Republican took an unexpectedly bold stand about a huge and controversial special-interest handout that largely benefits Democratic constituencies.