Publications

David Harrison of The Wall Street Journal writes that new data from the Census Bureau shows that Americans’ commutes are getting longer. Commuting times have increased as suburban regions of major cities expand, though an infrastructure system badly in need of investment and repairs has also contributed. WSJ

The Wall Street Journal reports that both the House and Senate have passed the Republican tax reform bill. The bill now heads to President Trump’s desk for his signature, though he reportedly may wait until January to sign the bill. WSJ

Timothy Puko of The Wall Street Journal writes that although the tax bill currently moving through Congress would open parts of the Arctic National Wildlife Refuge (“ANWR”) for oil drilling, the current oil glut means that energy companies are unlikely to invest significantly in the area. Puko points out that the rig count in Alaska has been falling since the beginning of the year, likely because of the high costs associated with drilling in environmentally-sensitive and remote areas like the ANWR. WSJ

The Wall Street Journal reports that San Francisco Fed President John Williams says that the U.S. economy is entering 2018 with solid momentum and the Fed should be on track for three rate hikes next year. Williams also said that Fed officials’ economic forecasts haven’t changed significantly due to the current tax plan moving through Congress, which he believes will not fundamentally alter what lies ahead for the U.S. economy. WSJ

Michael S. Derby of The Wall Street Journal reports that Minneapolis Fed President Neel Kashkari warned yesterday that the Federal Reserve could trigger a recession by enacting too many rate hikes too soon. Kashkari also expressed concern at the flattening of the yield curve, which in the past has often signaled a looming recession. WSJ

According to The Wall Street Journal, The House of Representatives is expected to vote on the current tax bill today, with the Senate following later Tuesday or Wednesday. The bill’s passage has been seen as increasingly likely, as the House is expected to pass it comfortably, and key Senate Republicans have expressed their support for the bill in recent days. WSJ

Ben Leubsdorf of The Wall Street Journal writes that the limiting of deductions for state and local taxes in the current Republican tax plan would raise the cost of living for many individuals in high-tax states, though it is unclear whether this will lead to wealthier individuals leaving those states. Leubsdorf writes that while the cost of living may go up for high-earners, community and familial ties could limit the number of taxpayers who leave these high-tax areas. WSJ

The Wall Street Journal reports that despite rising food costs, grocery stores are holding down prices in order to keep their business. Food costs rose 3.5% over the past year, though consumers only paid 0.6% higher prices on average, as grocers have held down prices for many staples such as milk, eggs, and meat in order to preserve their market share. WSJ

In a Wall Street Journal op-ed Former Chair of the Council of Economic Advisers Jason Furman argues that there are significant policy changes necessary to decrease the number of prime-age men who are out of the labor force. Furman writes that many of the policies will require more spending, such as transitional unemployment insurance and training programs for workers who lose their jobs. WSJ

Ben Eisen of The Wall Street Journal writes that the last time policymakers ignored the flattening of the yield curve the U.S. economy was quick to enter a recession. While Fed Chair Janet Yellen says that there is reason to believe that the relationship between the yield curve and the probability of a recession may have changed, Eisen reminds readers that the last time policymakers made the same argument the U.S. entered a deep recession soon after. WSJ

The Wall Street Journal reports that several Republican lawmakers have expressed doubts about the tax-reform process moving through Congress. Some senators have signaled opposition to the bill because they wish to see an expanded child tax credit, while other key senators have held back support for the bill until they are able to read the final version in its entirety. WSJ