Manufacturing Profits Are 34% Above 2007 Levels
Professor Mark J. Perry's Blog for Economics and Finance
The "Economic Miracle State" of North Dakota pumped another record amount of oil during the month of April at a rate of almost 610,000 barrels per day, which was an increase of 5.5% compared to March. North Dakota's oil production in April was noteworthy for several reasons: a) it was the first time the state's oil output exceeded 600,000 barrels per day, b) it was the largest year-over-year increase in the state's history at 73.5%, and c) it was the second straight month that North Dakota produced more oil than Alaska, after surpassing Alaska in March for the first time to become the country's No. 2 oil state.
Good Morning America -- "Under the plan in Niagara Falls, NY, graduates who have earned a 2- or 4-year degree in the past two years can apply for up to $3,500 a year (for two years) towards repayment of their student loans. The same deal would be offered to graduate students. Graduates of Niagara University and Niagara County Community College will be targeted at first, though the city hopes eventually to recruit graduates from other parts of the country.
"In keeping with an exploding North American trend, the appetite for truck grub is increasing in Toronto: over 300 food trucks are licensed to operate, and many trendy ‘gourmet food truck’ businesses have sprung up in the greater Toronto area in the past year or two, offering everything from fish tacos to maple-bacon doughnuts.
Thomas Sowell's recent column about the "Fair Pay Act":
According to the USDA, the net income from U.S. farms set a new record last year of almost $100 billion on record cash receipts of $363 billion. The record-high farm income last year was 24% above income in 2010. The USDA is also reporting that the total value of farm real estate (and total farm equity) exceeded $2 trillion last year for the first time, and increased by 6% from the previous year. Even with record-level income, revenues and farm land values, U.S. farmers also "harvested" more than $21 billion in subsidies last year from the pockets of U.S. taxpayers, including more than $10 billion in direct
Some great examples of unintended consequences from the Wikipedia listing for "Perverse Incentives":
"Global carbon-dioxide emissions from fossil-fuel combustion reached a record high of 31.6 gigatons in 2011."The world has yet to figure out how to stop the relentless increase in climate pollution. But mixed in with all the bad news there was one shining ray of hope. One of the biggest obstacles to climate action may be shifting. As the IEA highlighted:
"US emissions have now fallen by 430 Mt (7.7%) since 2006, the largest reduction of all countries or regions. This development has arisen from lower oil use in the transport sector … and a substantial shift from coal to gas in the power sector."How big is a cut of 430 million tons of CO2? It's equal to eliminating the combined emissions of ten western states: Alaska, Washington, Oregon, Idaho, Montana, North Dakota, South Dakota, Wyoming, Utah and Nevada.
|Number of Years in Top 400||Number of Taxpayers in Group||Percent of Taxpayers Represented by Each Group||Number of Returns in total Top 400 over 18-year Period||Percent of Returns Represented by Each Group|
|10 or more||87||2.25||1,147||15.93|