Free Markets, Free People
The following US economic statistics were announced today:
The index of leading indicators fell -0.2% in November, as expected, due mainly to temporary, Sandy-related weakness in employment.
The Bloomberg Consumer Comfort Index rose to an eight month high of -31.9 from -34.5.
Initial claims for unemployment rose 17,000 last week, to 361,000. The 4-week moving average fell 14,000 to 367,750. Continuing claims rose 12,000 to 3.225 million.
Corporate profits in the third quarter rose 17.9% to $1.742 trillion annualized.
Existing home sales rose 5.9% to a much better than expected 5.04 million annual rate.
Philadelphia Fed Survey took a big jump back into positive territory, rising to 8.1 from last month’s -10.7.
The FHFA House Price Index rose 0.5% in October, which is up 5.6% on a year-over-year basis.
3rd quarter GDP was revised up to an annualized 3.1% in the final estimate, a big change from the initial 2.0% estimate. A big change. The GDP price index, an inflation measure, rose 2.7%.
If you love ObamaCare, you’re sure to be thrilled with whatever comes out of this attempt to cash in on taxing thin air. Climate change is going to be a “priority” because it would be a new source of revenue, nothing more:
President Obama has identified climate change as one of his top three priorities in his second term after coming under fire from environmentalists for giving the issue short shrift during the campaign.
The president, in an interview for TIME’s Person of the Year award, said the economy, immigration, climate change and energy would be at the top of his agenda for the next four years.
The interview took place before the fatal shootings at Sandy Hook Elementary School in Newtown, Connecticut, an incident that had pushed gun control to a top spot on Obama’s agenda.
Obama said his daughters have influenced his thinking about the need to tackle climate change.
“[O]n an issue like climate change, for example, I think for this country and the world to ask some very tough questions about what are we leaving behind, that weighs on you. And not to mention the fact I think that generation is much more environmentally aware than previous generations,” he told TIME.
The comments continued a trend of Obama vowing to focus on climate without laying out details of his agenda.
You have to be stunned by the irony of his statements. The man has been “influenced” by indoctrinated children. Just as stunning is his statement about asking “tough questions about what we are leaving behind”. One has to wonder if he’s looked at the record debt he’s piling on which will have to be paid by future generation in their standard of living, taxes and productivity. Now he wants to add more cost to that future by involving government in regulating CO2.
That despite the fact, no inspite of the fact, that the science he’d base his “priority” upon has simply fallen apart.
The analysis of global combined land and ocean surface temperature in [the IPCC’s draft report] is inadequate for what it admits is seen as the prime statistic of global warming. It is highly selective in the references it quotes and in the use of time periods which obscures important, albeit inconvenient, aspects of the temperature data. It is poorly drafted, often making a strong assertion, and then somewhat later qualifying if not contradicting it by admitting its statistical insignificance.
Real science simply doesn’t agree with the alarmist creed established by Al Gore, the UN IPCC and the other prophets of doom:
We can now estimate, based on observations, how sensitive the temperature is to carbon dioxide. We do not need to rely heavily on unproven models. Comparing the trend in global temperature over the past 100-150 years with the change in “radiative forcing” (heating or cooling power) from carbon dioxide, aerosols and other sources, minus ocean heat uptake, can now give a good estimate of climate sensitivity. The conclusion – taking the best observational estimates of the change in decadal-average global temperature between 1871-80 and 2002-11, and of the corresponding changes in forcing and ocean heat uptake – is this: a doubling of CO2 will lead to a warming of 1.6-1.7C. This is much lower than the IPCC’s current best estimate, 3C.
But a politician has an inherent ability to sniff out potential revenue sources even when they’re just faintly carried by the wind.
The result of such policy and legislation will be even worse of an economic disaster than ObamaCare. The “solution” will cost us much more than the “problem” was ever worth in terms of GDP, jobs and economic progress.
However, Obama will then be able to report to his two daughters who’ve been feed the alarmist creed for years that he “did something”, even if that something was, as usual, with your money and has forced you to reprioritize your own life downward.
It is the nature of the beast – and unfortunately we continue to allow the beast to feed at will and seem to find it natural that the beast is involved in all aspects of our life. All we argue about is which group we’re going to sacrifice to the beast. This time it’s the “rich”.
Oh, and gun control is also a 2nd term “priority” – more on that later.