Free Markets, Free People
The following US economic statistics were announced today:
The MBA reports Purchase Applications rose 15.2% in the latest week, with purchases up 13.0% and re-fis up 15.0%.
Lower energy costs kept the Consumer Price Index restrained with a 0% rise for December. The core rate, ex-food and energy, rose 0.1%.
The Treasury reports foreign demand for long-term US securities rose a net $52.3 billion in November.
The Fed’s reading on Industrial Production rose 0.3% in December, while Capacity Utilization rose 0.4% to 78.8%.
The Housing Market Index is unchanged this month at 47, still below the break-even point of 50.
The Fed’s Beige Book is reporting that all 12 Federal Reserve Districts saw "modest or moderate" economic growth since the last report.
I continue to be stunned by the apparent willingness of all involved on the left to whistle past the graveyard when it comes to understanding what our fiscal governmental problem is and how to fix it. Here … let’s try a picture:
Oh, look … it’s spending. Specifically, spending on entitlements and interest on the money we’ve borrowed to do so. And what are we talking about cutting? The military, of course. Because, you know, it is in the blue slice of the pie. Make sense?
Pac Man’s revenge. By 2050, he will have swallowed all of the blue.
But, hey, it’s “absurd” to argue about raising the debt limit. By the way, does anyone remember when Sen. Obama declared that raising the debt limit signaled a failure in leadership?