Daily Archives: February 7, 2013
Here are today’s statistics on the state of the economy:
Initial jobless claims fell 5,000 to 366,000, while the 4-week average fell 2,250 to 350,500. Continuing claims rose 8,000 to 3.224 million.
Monthly chain store sales are being reported today, with a generally positive trend, and some chains with very strong results. The signs are pointing to a 0.5% overall increase in ex-auto, ex-gas sales for the government’s retails sales report for January.
Non-farm business productivity fell a greater than expected -2.0% in the 4th quarter of 2012, while unit labor costs rose 4.5%. Business output declined to a 0.1% annualized rate from Q3′s 4.7%, while hours worked rose 2.2$. Unit labor costs were boosted by a 2.4% increase in compensation costs. Overall, this is a very disappointing report.
The Bloomberg Consumer Comfort Index rose almost a point to -36.3 in the latest week.
By the likes of Krugman and the Democrats, here’s a little more proof:
The Congressional Budget Office on Tuesday quietly raised the 10-year cost of ObamaCare’s insurance subsidies offered via the health law’s exchanges by $233 billion, according to a Congressional Budget Office review of its latest spending forecast.
The CBO’s new baseline estimate shows that ObamaCare subsidies offered through the insurance exchanges — which are supposed to be up and running by next January — will total more than $1 trillion through 2022, up from $814 billion over those same years in its budget forecast made a year ago. That’s an increase of nearly 29%.
29% and they’re not even off the ground yet. Anyone have any doubt whatsoever that this is likely a lowball estimate at this point? Are we aware of the trend we always see when “costs” are discussed by governments and political parties?
Note too that they play games with the CBO (which is limited to forecasting 10 years out and also hasn’t been very accurate about much of anything – see debt forecasts over the last decade).
The politicians mostly fabricate whatever they think is palatable to the gullible public, sell them with the CBO’s false data and then, when it is found out that it was all bollocks, they say, ‘oh well, too late now, it’s the law”.
Well here’s my feeling about that. If the “law” doesn’t live up to their hype – if it ends up being massively more than they claimed (you know like 29%) then there’s a fairly simple rule that should be followed.
It – the law – should be automatically repealed.