Free Markets, Free People

Daily Archives: February 28, 2013

Economic Statistics for 28 Feb 13

The following US economic statistics were announced today:

Real 4th quarter GDP was revised upwards to 0.1% annualized today, as the commerce Department’s first revision of the preliminary number.The GDP price index, an inflation measure, was revised to a 0.9% annualized rate.

Initial claims for unemployment fell 22,000 last week, to 344,000. The 4-week moving average fell 6,750 to 355,000, Continuing claims fell a sharp 91,000 to 3.155 million, a recovery low.

The Bloomberg Consumer Comfort Index rose 0.6 points to –32.8.

The Kansas City Fed Manufacturing Index fell to –10 from –2 last month as manufacturing activity in the district weakened.

The Chicago Purchasing Managers Index rose 1.2 points to a better-than-expected 56.8 in February.

~
Dale Franks
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The politics – and failure – of going “green”

“Going green” and “climate change” certainly are interlinked parts of a political agenda that have nothing to do with public opinion or will.  In fact:

Seventeen years of continuous surveys covering countries around the world show that people not only do not care about climate change today – understandably prioritising economic misery – they also did not care about climate change even back when times were good. The new information comes in a study released by the National Opinion Research Center at the University of Chicago – a large, long-standing and respected non-profit. The NORC spokespersons said that decades of climate alarmism have had basically no effect on people’s attitude around the world.

Part of that has to do with the fact that they’ve heard it all before.  Dire predictions about population growth that have come to naught.  Warnings about using up the earth’s resources which have proven to be false. Ozone holes. Melting icecaps. Yatta, yatta.

Climate change is just the latest among the apocalyptic prophesies and as the real science – not Al Gore “science” – comes out, fewer and fewer people are staying on the bandwagon.

Of course the promise was a “green economy” in which everyone would benefit.  How’s that worked out?  Well we know how it has worked out in Spain.  Germany is now finding out how mistaken they were to go in that direction.  In fact:

Energy, manufacturing and agriculture are playing a major role in the corridor states’ revival. The resurgence of fossil fuel–based energy, notably shale oil and natural gas, is especially important. Cheap U.S. natural gas has some envisioning the Mississippi River between New Orleans and Baton Rouge as an “American Ruhr.” Much of this growth, notes Eric Smith, associate director of the Tulane Energy Institute, will be financed by German and other European firms that are reeling from electricity costs now three times higher than in places like Louisiana.

Interesting.  It is another reason why they’re also putting manufacturing plants in the US, mostly in Red States.  Skilled labor, right to work and cheap energy.  Obviously neither the “right to work” nor cheap energy are part of any Obama administration design.

And how is it going for green jobs more locally?  Well, the usual state can be consulted for an update on what such a move has wrought and demonstrate for all to see why “going green” is a foolish road to travel – at least in the near future.

It was supposed to be the next big thing. California built decades of broad-based prosperity from the Gold Rush, then Hollywood, then aerospace, and later Silicon Valley. At the turn of the century, “green jobs” were supposed to be the wave of the future. How is that going for them? According to the best numbers from the Bureau of Labor Statistics, fewer than 2,500 green jobs have been created in California since 2010.

Wow … bask in the success!  Government again demonstrates how poorly it does picking winners and losers.  Not that such failures ever hinder the central planners from using your dollars to try again.  What’s Einstein’s definition of insanity?

Meanwhile, the “success” of green energy has brought California to a point where it will have to fish or cut bait very soon:

California is weighing how to avoid a looming electricity crisis that could be brought on by its growing reliance on wind and solar power. At Tuesday’s meeting, experts cautioned that the state could begin seeing problems with reliability as soon as 2015.

Of course, had we heeded the experience of others, we likely wouldn’t see California going through this nonsense:

The former chancellor Lord Lawson has urged the Government to keep Britain’s coal-fired power stations working for as long as was needed to avoid any short-term power shortages. In a House of Lords debate on energy policy and electricity generation Lord Lawson also called on ministers to give “every encouragement  it can” to the quickest possible development of shale gas supplies. Lord Lawson urged energy and climate change minister Baroness Verma to assure the House that “if the need arises our coal-fired power stations will be kept open as long as is necessary, regardless of the European combustion plants directive”.

But our dauntless leaders never learn from others.  Just as with healthcare, they seem bound and determined to recreate the failure of others.

We have abundant fossile fuel resources.  They would generate both jobs and revenue for government.  Wind and solar, while great in theory, have in practice been shown to be woefully inadequate to our needs.  We even have communities wanting wind turbines taken down due to health concerns.

Yet our government and this administration continue to pursue an “energy policy” which is detrimental to the welfare of this nation despite a state that has done everything they want to do nationally and is a dismal failure because of it.  They are bound and determined to make all 50 states Californias.

~McQ