Free Markets, Free People

Daily Archives: May 1, 2013

Economic Statistics for 1 May 13

Here are today’s statistics on the state of the economy:

The MBA reports mortgage applications rose 1.8% last week, with purchases down -1.4% but re-fis up 3.0%.

ADP is reporting private payrolls rose by only 119,000 in April, down sharply from March’s 158,000, which seems like bad news for Friday’s Employment Situation.

The PMI Manufacturing Index fell to 52.1 in April on slowing order growth and employment.

The ISM Mfg Index fell to 50.7 in April, largely from a drop in inventories.

Construction spending fell -1.7% in March, with both public and private construction spending in decline. Spending is up 4.8% from last year.

Automakers are reporting sales today, and they look good. Ford reports an 18% increase, while GM and Chrysler report 11%.

~
Dale Franks
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Are MoDo, et al, finally figuring it out after 6 years?

Maureen Dowd must be a little slow on the uptake if she is just figuring this out:

ABC News’s Jonathan Karl asked Obama if he was already out of “juice” to pass his agenda, citing the president’s inability to get a watered-down gun bill passed in the Senate, Congress swatting away Obama on the sequester cuts, and the recent passage of a cybersecurity bill in the House with 92 Democrats on board, despite a veto threat from the White House.

“Well, if you put it that way, Jonathan, maybe I should just pack up and go home,” President Obama said with a flash of irritation, before tossing off a Mark Twain line: “Rumors of my demise may be a little exaggerated at this point.”

Then he put on his best professorial mien to give his high-minded philosophy of governance: Reason together and do what’s right.

“But, Jonathan,” he lectured Karl, “you seem to suggest that somehow, these folks over there have no responsibilities and that my job is to somehow get them to behave. That’s their job. They are elected, members of Congress are elected in order to do what’s right for their constituencies and for the American people.”

Actually, it is his job to get them to behave. The job of the former community organizer and self-styled uniter is to somehow get this dunderheaded Congress, which is mind-bendingly awful, to do the stuff he wants them to do. It’s called leadership.

He still thinks he’ll do his thing from the balcony and everyone else will follow along below. That’s not how it works.

That may not be how it works, but for 6 long years, that’s how he’s pretended it worked, acted like it worked and claimed it worked.  Of course he’s not ever been a leader nor has he ever lead.  Even his foreign policy has been a position of non-leadership (euphemistically called “leading from behind”).  The great sucking sound you hear in DC these days isn’t just the GOP leadership.  It’s the leadership void of this president.

Of course, it is a bit funny that the sycophants of the press are just now getting around to figuring out how ineffective the man is. And while we’ve been pointing out this lack of leadership from day 1 of his presidency, let me note that, in a meta sense, it is probably a good thing he’s such a lousy leader. Lord knows what other abominable laws we’d be stuck with right now if he had even a clue about how to lead.

~McQ