The Pending Home Sales Index fell -0.6% to 102.1 in October, the 5th consecutive monthly decline.
The Dallas Fed Manufacturing Survey’s Business Activity Index fell -1.7 points to 1.9 in November. Conversely, though, the production index rose 3.6 points to 16.9.
So, instead, I’ll just pitch a lot of it out here. Call it “clearing the browser tabs” if you will.
ObamaCare is a giant redistribution scheme. I know most readers here have known or figured that out long before now. But it appears the media is suddenly discovering it as well.
Oh, and this … this is just funny (in a sad sort of way) because it lays out all the other promises that were made by Obama to ease the passage of their redistribution scheme:
President Obama has said a lot of things about health care reform, not just that if you liked your health insurance plan, you could keep it. In a prime-time news conference in July 2009, his rationales for a new law stacked up like planes on an airport runway during a holiday weekend: It would provide “security and stability” for families; it would “keep government out of health care decisions”; it would prevent insurers from “dropping your coverage.” He said the program “would not add to our deficit,” that it would “slow the growth of health care costs in the long run,” that it would be “paid for” but not “on the backs of middle-class families.” Most important, he said, “I want to cover everybody.”
Security and stability for families. Ha! Millions with cancelled insurance. Keep government out of health care decisions – you know, like keeping your doctor if you want to. Prevent insurers from dropping your coverage? In fact it demands insurers drop your coverage if it isn’t coverage of which ObamaCare approves, thus the millions with cancelled insurance. “Would not add to deficit?” Well, that’s if the redistribution works properly and you don’t count all the cost of the government bureaucracy added to make it work (unless those 19,000 IRS agents are working for free). Slow the growth of health care costs in the long run? Not with the size of the Medicaid expansion and the subsidies they plan. “Paid for” but “not on the backs of the middle class”. It’s going to be paid for on the backs of the young – who are mostly middle class, if they can maintain that.
What a freakin’ joke.
Meanwhile the apologists for ObamaCare have found Kentucky and are touting it as proof ObamaCare is loved and wanted. Why? Because over 56,000 have signed up. Irony no? Kentucky – a state the folks in the North East like to point to as Hillbilly heaven actually has a working website. But, of course, if you actually look at the numbers, they don’t at all support the premise that ObamaCare is working at all (certainly not as it’s advocates said it must work to succeed):
“Places such as Breathitt County, in the Appalachian foothills of eastern Kentucky, are driving the state’s relatively high enrollment figures, which are helping to drive national enrollment figures as the federal health exchange has floundered. In a state where 15 percent of the population, about 640,000 people, are uninsured, 56,422 have signed up for new health-care coverage, with 45,622 of them enrolled in Medicaid and the rest in private health plans, according to figures released by the governor’s office Friday,” the Post wrote. “If the health-care law is having a troubled rollout across the country, Kentucky — and Breathitt County in particular — shows what can happen in a place where things are working as the law’s supporters envisioned.”
So first, not even 10% have enrolled, and of those that have enrolled, only 20% are “billpayers”, i.e. people who will actually pay for their own health care insurance and subsidize the other 80% of those who are on Medicaid. In other words, out of 640,000 eligible, 56,422 have enrolled, and of those 56,000, 45,622 are going to be Medicaid recipients.
And liberals call this “success”. Seems it would have been a lot easier just to expand Medicaid, because that’s primarily what’s happening here. Other than the Medicaid bunch, less than 1% of those 640,000 have sought out insurance on a system the Democrats point to as working well.
Then there is this story about the green movement’s rank hypocrisy when it comes to environmentally friendly nuclear power. What arguments do they use against nuclear power (an power source that actually works as advertised)? The very same arguments they have used to argue for wind, solar, etc, of course:
Having demanded policies to make energy more expensive, whether cap and trade or carbon taxes, greens now complain that nuclear energy is too expensive. Having spent decades advocating heavy subsidies for renewable energy, greens claim that we should turn away from nuclear energy because it requires subsidies. And having spent the last decade describing global warming as the greatest market failure in human history, greens tell us that, in fact, we should trust the market to decide what kind of energy system we should have.
Why, or more importantly, how anyone of any intelligence takes them seriously any more is beyond me. But this is so typical of that movement.
As for the “Iran deal”, Victor Davis Hanson gives you a peek behind the curtain:
The Iranian agreement comes not in isolation, unfortunately. The Syrian debacle instructed the Iranians that the Obama administration was more interested in announcing a peaceful breakthrough than actually achieving it. The timing is convenient for both sides: The Obama administration needed an offset abroad to the Obamacare disaster, and the Iranians want a breathing space to rebuild their finances and ensure that Assad can salvage the Iranian-Hezbollah-Assad axis. The agreement is a de facto acknowledgement that containing, not ending, Iran’s nuclear program is now U.S. policy. . . .
Aside from the details of this new Sword of Damocles pact, one wonders about the following: In the case of violations, will it be easier for Iran to return to weaponization or for the U.S. to reassemble allies to reestablish the sanctions? Will Israel now be more or less likely to consider preemption? Will the Sunni states feel some relief or more likely pursue avenues to achieve nuclear deterrence? Will allies like Japan or South Korea feel that the U.S. has reasserted its old global clout, or further worry that their patron might engage in secret talks with, say, China rather than reemphasize their security under the traditional U.S. umbrella?
The president’s dismal polls are only a multiplier of that general perception abroad that foreign policy is an auxiliary to fundamental transformation at home, useful not so much to create international stability per se, as to enhance Obama influence in pursuing his domestic agenda. Collate reset, lead from behind, “redlines,” “game-changers,” ”deadlines,” the Arab Spring confusion, the skedaddle from Iraq, Benghazi, the Eastern European missile pullback, and the atmosphere is comparable to the 1979–80 Carter landscape, in which after three years of observation, the opportunists at last decided to act while the acting was good, from Afghanistan to Central America to Tehran.
There is not a good record, from Philip of Macedon to Hitler to Stalin in the 1940s to Carter and the Soviets in the 1970s to radical Islamists in the 1990s, of expecting authoritarians and thugs to listen to reason, cool their aggression, and appreciate democracies’ sober and judicious appeal to logic — once they sense in the West greater eagerness to announce new, rather than to enforce old, agreements.
Nothing of any substance gained, but certainly, with the easing of sanctions, relief for Iran and most likely problems ahead should the US want to see sanctions resumed or added to in the future. Pitiful.
But Insty has the silver lining in all of this – “Obama, bringing together Democrats and Republicans, Saudis and Israelis in opposition to his policies. He’s a uniter, not a divider!”
Finally, reality continues to take it’s toll on Barack Obama:
Only four out of 10 Americans believe President Barack Obama can manage the federal government effectively, according to a new national poll.
And a CNN/ORC International survey released Monday morning also indicates that 53% of Americans now believe that Obama is not honest and trustworthy, the first time that a clear majority in CNN polling has felt that way.
Well deserved numbers as I see it. He has lied and he’s proven he’s incompetent. The only discouraging part of it all is somehow, 47% of those taking the poll somehow have convinced themselves that even in the face of overwhelming facts to the contrary, he’s honest and trustworthy. I imagine a lot of them live in Maine.
This week, Bruce McQuain makes his triumphant–albeit mean-spirited and cruel–return, to talk with Michael and Dale about Iran, The Census Bureau. and the Senate’s filibuster rules.
The direct link to the podcast can be found here.
As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here.
Initial jobless claims fell 16,000 last week, to 323,000. The 4-week moving average fell 6,750 to 338,500. Continuing claims rose 66,000 to 2,876 million.
The October Producer Price Index declined -0.2% overall, but rose o.2% less food and energy. On a year-over-year basis, the PPI rose 0.3% at the headline level, and up 1.4% at the core.
Markit Economics’ PMI Manufacturing Index Flash rose more than three points to 54.3 in November.
The Bloomberg Consumer Comfort Index fell -1.3 points to -34.6.
The Philadelphia Fed Survey’s General Business Conditions Index fell from 19.8 in October to 6.5 in November.
The Fed’s balance sheet fell $-0.8 billion last week, with total assets of $3.907 trillion. Reserve Bank credit increased $35.1 billion.
The Fed reports that M2 Money Supply decreased by $-24.9 billion last week.
And, he and Democrats will eventually pay for that:
The partisan battles that have paralyzed Washington in recent years took a historic turn Thursday, as Senate Democrats eliminated filibusters for most presidential nominations, severely curtailing the political leverage of the Republican minority in the Senate and assuring an escalation of partisan warfare.
Saying that “enough is enough,” President Obama welcomed the end of what he called the abuse of the Senate’s advise and consent function, which he said had turned into “a reckless and relentless tool” to grind the gears of government to a halt.
Of course Obama and Reid (along with Biden) were some of the more outspoken defenders of the filibuster when Democrats were in the minority. Minority rights, you know. Blah, blah, blah …. words without end, words without meaning.
SEN. HARRY REID (D-NV): “…the so-called nuclear option… attempt to rewrite Senate rules so we would be another House of Representatives; that we would throw away the Constitution of the United States so the Federal courts could be packed.” (Sen. Reid, Congressional Record, S.8911, 9/5/06)
REID: “We stand united against an outrageous abuse of power that would pack the courts with out-of-the-mainstream judges.” (Sen. Reid, Congressional Record, S.5198, 5/16/05)
Now, of course, it is an “obstruction” and we’re likely to get exactly what Harry Reid railed against then.
Well, we’ll see how that works out for them when they’re in the minority again and another party is sitting the the White House, won’t we?
Reid – not smart enough see beyond today and the fact that he has just set it up for Democrats of tomorrow to pay for this in ways they never imagined.
If we could only outlaw their whiny cries of outrage when this eventually bites them in the butt, I’d be satisfied.
The MBA reports that mortgage applications fell -2.3% last week, with purchases up 6.0% but refinancings down -7.0%.
Consumer prices fell -0.1% in October, but rose 0.1% ex-food and -energy. On a year-over year basis, the CPI is up 0.9% overall, and 1.7% at the core level.
Business Inventories rose 0.6% in September. With a 0.2% rise in sales, the stock-to-sales ratio was unchanged at 1.29 for the fifth consecutive month.
Existing Home Sales fell -3.2% in October, to a 5.12 million annual rate. On a year-over-year basis, sales are up 6.0%.
Make no mistake, Barack Obama is a failed liberal, who, given the chance to advance the liberal agenda, has hopefully, at the very least, crippled it for years to come.
His poll numbers and the polling for ObamaCare tell the tale.
But why has he failed? Well I think this offers a pretty fair explanation:
The president and the officials around him are the product of the same progressive version of higher education that simultaneously excises politics from the study of government and public policy while politicizing education. This higher education denigrates experience; exalts rational administration; reveres abstract moral reasoning; confidently counts on the mainstream press to play for the progressive political team; accords to words fabulous abilities to remake reality; and believes itself to speak for the people while haughtily despising their way of life.
The education President Obama received at Columbia University and Harvard Law School — and delivered to others as a lecturer at the University of Chicago Law School — encourages the fantasy of a political world subject to almost limitless manipulation by clever and well-orchestrated images. This explains why the harsh exigencies and intractable forces of politics keep stunning the president, each new time as if it were the very first.
We’ve now had 5 years to study the results of this particular product and they’re not very pretty are they?
We’ve made these same points off and on for years. We have a commenter who visits here fairly regularly that also exhibits the very traits outlined above and is a member of academia. All anyone needs to do is read the nonsense he spouts to understand how pervasive this crippling process is. His one asset to this blog is he so aptly demonstrates the point of this post.
We’ve also said many times that you still have to face reality when all is said and done (or said and not done). That’s what Obama and his ilk are finally having to do.
Obama is and always has been a “give a speech and all is well” kind of guy. He was sure that the force of his speeches combined with his personality was indeed enough to calm the seas and have them recede. In his world, saying is doing. He had no need to have actually done anything or run anything. He was an intellectual who knew how things should run and be done. All he needed to do was enlighten the masses. And that’s what he’s attempted to do.
Except reality keeps biting him in the keister. Pass a law to totally remake the health insurance industry and then discover:
“What we’re also discovering is that insurance is complicated to buy.”
No kidding you incompetent boob. Ask anyone in the real world who has actually delt with the problem and they’d have been glad to tell you that. But he “discovers” it after he’s been a party to destroying the health insurance industry as we knew it. He blithely promised it would be easy and reality spit in his face.
Unfortunately the other part of reality is he’s not the one that’s going to suffer because he’s an ignorant boob. People facing medical emergencies with no insurance are.
Peter Berkowitz says that isn’t the only “discovery” this gang of incompetents made “on the job”:
In January 2010, in a Time magazine interview in which he was asked about the setbacks to his ambitious attempt to reach a final peace deal between Israel and the Palestinians, he remarked, “I think that we overestimated our ability to persuade them to do so when their politics ran contrary to that.”
The problem, the president acknowledged, was that he and his team had failed to understand the domestic challenges faced by Israeli Prime Minister Benjamin Netanyahu and Palestinian Authority President Mahmoud Abbas: “I think it is absolutely true that what we did this year didn’t produce the kind of breakthrough that we wanted, and if we had anticipated some of these political problems on both sides earlier, we might not have raised expectations as high.”
In June 2011, Obama again acknowledged that he had based a defining policy — the $830 billion stimulus package that he sold to the nation in the first month of his presidency as designed to take advantage of “shovel-ready” jobs — on false expectations. With unemployment at 9.1 percent and in the 27th consecutive month in which it had not fallen below 8.9 percent, he told his Jobs and Competitiveness Council meeting in Durham, N.C., that “shovel-ready was not as shovel-ready as we expected.”
On Nov. 4 of this year — five weeks after the calamitous online launch of the Affordable Care Act’s insurance marketplaces, almost five years into his presidency and less than two weeks before he would reveal that the loss of insurance coverage by millions of Americans taught him that buying coverage was complicated — Obama said to the Affordable Care Act Coalition Partners and Supporters in Washington, D.C., “Now, let’s face it, a lot of us didn’t realize that passing the law was the easy part.”
Contrary to the president’s breezy attitude suggesting that these drastic miscalculations were not knowable in advance, we know that all were foreseeable because all were perspicaciously foreseen by critics from the beginning. (The only possible exception is the staggeringly inept rollout of the HealthCare.gov website, the magnitude of which caught even the president’s toughest critics off guard.)
Finally … finally, what many of us have been saying for years is evident to everyone. And because he’s so badly botched something that is important to everyone, they’re actually paying attention. Thus the 37% approval rating.
Right now, Barack Obama would love to have George W. Bush’s approval rating.
In weekly retail sales, ICSC-Goldman reports same-store sales up 0.1% for the week, and 2.8% for the year. Redbook reports a year-on-year sales increase of 3.5%. Both are slight improvements.
Employment costs rose 0.4% in the 3rd Quarter. On a yea-over-year basis, costs are up 1.9%.
That’s a dangerous combination but that pretty aptly describes the ObamaCare roll out (ObamaCare is a name that the administration and Democrats would now like to distance themselves from).
It seems now that “no one knew” that the roll out was going to be a disaster because, well, no one knew. Gee, maybe they should have asked the IT guy:
A key player in the development of the Obamacare website said Tuesday that up to 40 percent of IT systems supporting the exchange still need to be built.
The revelation from Centers for Medicare and Medicaid Services Deputy Chief Information Officer Henry Chao occurs as the administration works to meet its Nov. 30 deadline to shore up the website.
40% of the supporting systems … still need to be built?!
And no one knew? That’s freaking mindboggling. You have a system that is 40% incomplete, you’re the head of a department charged with rolling out the system and you don’t know it’s not even close to being ready?
“It’s not that it’s not working,” Chao told lawmakers at an Energy and Commerce oversight subcommittee hearing. “It’s still being developed and tested.”
Phenomenal. If incompetence could be bottled, this administration could corner the market.
Financial management tools remain unfinished, he said, particularly the process that will deliver payments to insurers.
The update hits hardest at Democrats, hopeful that the system would function smoothly by the end of the month.
Chao said that the consumer portion of the website, including account registration, plan shopping and enrollment functions, won’t be affected by the ongoing development effort, but that “back office” functions including accounting and payment systems were not yet complete.
Did this boob tell anyone? And if he did, didn’t they listen? How do the insurance companies get paid? And until they are, how can any insurance plan go into effect?
My goodness … why wasn’t Chao sounding the alarms?
Oh, wait, see, he really didn’t know either:
He also told lawmakers he didn’t see a spring report that warned of potential stumbles and foreshadowed many of the problems that thwarted the website’s launch.
“I was aware some document was being prepared,” he said, but had no knowledge of a report until it was leaked to The Washington Post and obtained by POLITICO.
Chao told the House Energy & Commerce oversight subcommittee that he may have answered questions for the study but was not involved in any briefings on it.
The report, which independent consulting firm McKinsey conducted for CMS, described a process that relied too heavily on outsider contractors, didn’t provide enough time for complete testing and failed to hand authority to one decision maker. Chao’s limited knowledge of the report feeds lawmakers’ frustrations with the site’s fractured management and unclear controls.
These are the people who would run your healthcare (and everything else in you life if you’d let them) and make it both cheaper and better (and a good number of Americans swallowed that snake oil and ordered another bottle).
Oh, by the way, speaking of trust in government, did you know the jobs numbers were faked by the Census Bureau on the eve of the 2012 election?