Free Markets, Free People

Daily Archives: November 15, 2012

Economic Statistics for 15 Nov 12

The following US economic statistics were announced today:

Initial claims for unemployment rose a massive 78,000 last week, to 439,000. The 4-week moving average rose 11,750 to 383,750. Continuing claims rose 171,000 to 3.334 million.

The Bloomberg Consumer Comfort Index continues to rise, coming in at –33.1 versus –34.4 at last reading.

The consumer price index in October increased 0.1%, while the core rate,excluding food and energy, rose 0.2%. On a year-over-year basis, the CPI rose 2.2%, while the core rate rose 2.0%.

The general business conditions index of the Philadelphia Fed’s Business Outlook Survey for November plunged to –10.7 from 5.7 the prior month. The decline stems mainly from the impact of Hurricane Sandy.

The Empire State manufacturing index in November rose to –5.22 from –6.16, showing little impact from Sandy, unlike the Philly Fed.

~
Dale Franks
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Obama’s “news conference”

Such that it was.  4 things.

One: There were no ‘hard questions’.  If you look at the transcript you’ll note that the President called on reporters by name.  You know why, don’t you?

Two: The Susan Rice thing.  Let’s do a Candy Crowley and go to the transcript:

But for them to go after the U.N. ambassador, who had nothing to do with Benghazi and was simply making a presentation based on intelligence that she had received and to besmirch her reputation is outrageous.

What’s outrageous is he just admitted that he didn’t say that Benghazi was a terrorist act as he asserted in a debate, or, one assumes, Ms. Rice wouldn’t have been spouting the video line.  If Obama knew on day two in the Rose Garden that it was a terrorist attack (and the only way he’d know was through intel reports), why didn’t Rice?

Three:

What I’m concerned about is not finding ourselves in a situation where the wealthy aren’t paying more or aren’t paying as much they should; middle-class families, one way or another, are making up the difference. That’s the kind of status quo that has been going on here too long, and that’s exactly what I argued against during this campaign. And if there’s — one thing that I’m pretty confident about is the American people understood what they were getting when they gave me this incredible privilege of being in office for another four years. They want compromise. They wanted action. But they also want to make sure that middle-class folks aren’t bearing the entire burden and sacrifice when it comes to some of these big challenges. They expect that folks at the top are doing their fair share as well, and that’s going to be my guiding principle during these negotiations but, more importantly, during the next four years of my administration.

I’m not sure how many times we have to publish the percentage of taxes the top 5%, 2% or 1% pay in comparison with the rest of the population, but in reality, they pay much more than their “fair share”.  This isn’t about “fair share’s”.  It’s about perpetuating a myth that taxing them more will ease the debt/deficit problem (as Dale has pointed out, it will yield about $42 billion) and give Obama someone to blame if “negotiations” fail.  This tax the rich scheme is the reddest of red herrings.

Four:  Perputuating the “Big Lie”:

You know, as you know, Mark, we can’t attribute any particular weather event to climate change. What we do know is the temperature around the globe is increasing faster than was predicted even 10 years ago. We do know that the Arctic ice cap is melting faster than was predicted even five years ago. We do know that there have been extraordinarily — there have been an extraordinarily large number of severe weather events here in North America, but also around the globe.

There has been no warming for the past 10 years, Arctic ice is fine, thank you very much, and there have not been an “extraordinarily large number of severe weather events” here.   In fact, we’re in a “hurricane drought” per the experts.

The good news, if you believe him, is that climate change will take a back seat to jobs and the economy.  How do we measure whether this is more Obama hot air (i.e. saying one thing, doing another) or he means it?

Watch the EPA.

~McQ