Daily Archives: April 12, 2013
Here are today’s statistics on the state of the economy:
Falling gas prices sent Producer Prices down by -0.6% in March, the though the core PPI rate rose 0.2%. On a year over year basis, the PPI is up 1.1%, and the core PPI is up 1.7%.
Retail sales fell a disappointing -0.4% in March. Sales were also down -0.4% ex-autos, and down -0.1% ex-autos and gas.
The Reuter’s/University of Michigan’s consumer sentiment index fell 6.7 points in the first April reading to 72.3.
Business inventories were steady in February, rising only 0.1%. A 1.2% increase in sales drove down the stock-to-sales ratio to a lean 1.28.
Orwellian, in that his claim is as follows:
President Obama is marketing his new budget by saying it has “more than $2 in spending cuts for every $1 of new revenue.” Is this true?
In a word, no.
In fact, his spending increases and advertised spending cuts cancel each other out—leaving only a massive tax increase.
Here’s a graphical representation of the point:
Yeah, I know … big surprise.
A politician lied again.