The following US economic statistics were announced today:
The MBA reports that mortgage applications rose 4.5% last week, with purchases up 0.1% and refinancings up 6.0%.
The ADP Employment Report is forecasting a rise of 118,000 net new jobs in November, down from 157,000 in October.
Nonfarm productivity was revised up to a 2.9% annualized rate for the 3rd quarter, while unit labor costs fell -1.9%.
Factory orders rose a stronger-than-expected 0.8% in October, and ex-transportation orders were up and even stronger 1.3%.
The ISM Non-Mfg Index shows activity picking up, as it increased nearly a full point to 54.7.
You likely recall the controversy concerning the President’s denial of approval for the Keystone XL pipeline a few months back. Citing the route through the state of Nebraska as a problem, Obama decided to defer a final decision until after the election.
Up for grabs – a lot of oil and 20,000 jobs. Most saw approval as a no-brainer and the route through NE as easily “fixable”. But Obama was having none of it, choosing to please his base vs. opting for jobs for Americans. Since the disapproval, Canada, where the pipeline originates, has announced plans to sell that oil to China.
Well, there’s a new route through NE and local leaders have voiced strong support for the pipeline:
TransCanada has proposed a new route for the pipeline that avoids the Nebraska Sandhills, and the Nebraska Department of Environmental Quality is seeking comment before it drafts its report on the new route. Port-To-Plains Alliance, which is made up of more than 100 local elected officials and community leaders, has today offered its “strong support” for the Keystone XL Pipeline.
Their reasoning seems pretty strong — if you’re interested in putting Americans back to work and helping the economy:
Keystone XL will provide significant economic benefits for our region. The pipeline is expected to create approximately 20,000 manufacturing and construction jobs in the United States. It could also generate more than $5.2 billion in tax revenue to the Keystone XL corridor states. At a time when state and local governments across the country are struggling to balance their budgets, these employment and revenue benefits are critical to our region. Specific benefits for Nebraska include:
- More than $465 million in new spending for the Nebraska economy
- More than 7,500 person years of employment
- Increased personal income by $314 million
- Additional state and local tax revenues of more than $11 million
- $390 million in increased Gross State Product
And that’s just Nebraska. Other states stand to gain significant revenue as well.
Then there’s the issue of the Bakken Formation oil in Montana and North Dakota. It too needs the pipeline to be finished so it can efficiently ship oil from there to the coastal refineries.
Again, the major problem has apparently been solved. It’s a move that would lessen our dependence on Venezuelan and Middle East oil (instead opting for supplies from a loyal and stable ally), would make the shipment of Bakken oil less costly, benefit state and Federal revenue (at a time when both entities are hurting for it) and, most importantly, create multi-thousands of jobs.
So, what excuse do you believe Obama will use to further delay or disapprove it this time?
Now that progressives, liberals, whatever they’re calling themselves today, are secure in the fact that Barack Obama will be in the Oval Office for another 4 years, they plan on doing everything they can to see that he does what he said he’d do way back in 2008 - or at least what they thought they heard him say he’d do.
Those parts include climate change, drone strikes, gun control and closing the detention facility at Guantanamo Bay, among others.
We’ve seen the first shots fired in the gun control advocacy (no pun intended) with the absurd Costas gun-control editorial at the half-time of an NFL game. And, of course, Dianne Feinstein is making the usual “assault weapons ban” noises.
By the way, as a complete aside, but speaking of gun control, I want to show you a classic exchange:
Can you say pwned?!
Anyway, back to the subject at hand – the liberal agenda. Remember, Obama told the Russian President that he’d be “more flexible” after his re-election. There’s absolutely no reason that he won’t be less politically inhibited (because in the political world, that’s what “more flexible” really means) domestically as well as internationally is there?
But now? Now it’s safe:
“Liberals in the media are going to be tougher on Obama and more respectful at the same time,” Hendrik Hertzberg, The New Yorker’s chief political commentator and a former speechwriter for Jimmy Carter, told POLITICO. “He was the champion of our side, he vanquished the foe….. [but] now liberals don’t have to worry about hurting his chances for re-election, so they can be tougher in urging him to do what he should be doing.”
Apparently the NY Times plans on leading the way in pushing and prodding Obama to do what he said he’d do (or what the NYT thinks he said he’d do):
The New York Times editorial page launched a series titled “Goals for a New Term,” calling on the president to implement stronger gun control laws and shutter Gitmo, which he had pledged to do during his first year in office. The tone of the editorials has been sharply critical: On guns, the editors suggested Obama lacked courage. On Guantanamo, they slammed his administration for deciding “to adopt the Bush team’s extravagant claims of state secrets and executive power, blocking any accountability for the detention and brutalization of hundreds of men at Guantánamo and secret prisons, and denying torture victims their day in court.”
Gitmo? There are rumblings out there – again – of the Federal government purchasing a closed prison with the idea of moving the jihadists in captivity there on to the shores of the US. Seems prison is okay for the jihadists if the left initiates the idea of buying one and housing them there. But holding them in Gitmo, a place that wasn’t their idea (but clearly is superior to moving them here) is just beyond the pale because, you know, it was that evil Bush’s idea. So it’s not about incarceration, it’s about the myth of Gitmo … or something.
Obama has claimed he has no interest in climate change legislation/taxation in his second term (well, he doesn’t as long as there’s a Republican House … if that changes in 2014, he might develop an immediate interest). Then he’s said he does. Then, yeah, not so much. So who the hell knows. But what we do know is progressives intend to try to push him on this and it certainly wouldn’t surprise me if he responds positively. He certainly has nothing to lose. And it may provide a distraction if the economy keeps tanking. He can couch his attempt to tax thin air in the usual class warfare (fat cat corporations fouling the streams and polluting the air while melting the ice caps to boot). He can call for “social justice” because, you know, climate change effects those least able to afford it first … or something.
Drone strikes? Yawn. A small faction of the left concerns itself with drone strikes. It is classic leading from behind. Get over it progressives. Your President approves all those arial assasinations himself. It is part of the responsibilities that Nobel Peace Prize winners must endure.
Sarcasm aside, it will indeed be interesting to see if Obama does anything for progressives in his 2nd term. Will he become an activist president or will he vote “present?”
Well, let’s see – is he taking the lead in fiscal cliff negotiations and working tirelessly with Congress to ensure a solution before the deadline or is he going on a 20 day vacation to Hawaii ending January 6th?
Very interesting read today by David Gordon in “Minding the Campus” (via Insty). In his piece he talks about the subject of history being at present in the best of times and in the worst of times, to mangle Dickens.
What am I talking about? Well, the blog in which Gordon’s article appears subs its title with “Reforming our Universities”.
Why is that important? We’ve talked about it in the past. It is where liberal America has set up shop for decades. And the effect is never been stronger than now. In fact, a lot of what you see as the changing attitudes in America can, I think – at least in part – be traced to academia.
Gordon notes its beginning:
This extraordinary bias began in the late 1960s with the anti-Vietnam war protests. Many participants, at least those who subsequently went into academia, have never gotten over it. Their fossilized views have made their own disciplines largely museums of dead ideologies. Another of the remarkable changes within the historical profession has been the growth of women’s history. With only a negligible representation in 1975, almost 10% of all historians today identify themselves as historians of gender and women’s affairs.
What bias is Gordon talking about? Well it’s a bias that he sees as “mangling history” to our detriment:
The evolution of the historical profession in the United States in the last fifty years provides much reason for celebration. It provides even more reason for unhappiness and dread. Never before has the profession seemed so intellectually vibrant. An unprecedented amount of scholarship and teaching is being devoted to regions outside of the traditional American concentration on itself and Europe. New subjects of enquiry — gender, race and ethnicity — have developed. Never have historians been so influenced by the methodology and contributions of other disciplines, from anthropology to sociology.
At the same time, never has the historical profession been so threatened. Political correctness has both narrowed and distorted enquiry. Traditional fields demanding intellectual rigor, such as economic and intellectual history, are in decline. Even worse, education about Western civilization and the Enlightenment, that font of American liberties, and the foundation of modern industrial, scientific and liberal world civilization, has come to be treated with increasing disdain at colleges and universities.
Now call me crazy, but you can see easily the effect of what Gordon is talking about today in the last election. Increasingly students (and that includes further down the academic chain in high schools) know less and less about our history and traditions and more and more about, well, women’s studies, gender studies, things which have little bearing on economic and intellectual history – for instance:
The problem with this is that it has helped force out many other kinds of historical enquiry. It is important to emphasize women’s role in society and in history. However, it is difficult to see how a feminist perspective could contribute very much to a purely economic history of the English industrial revolution (as opposed to its social consequences), or to a diplomatic history of Europe between the Napoleonic and the First World War. As a result, these kinds of studies are receiving ever less attention.
We all understand that women and minorities were mistreated. Got it. And we all know that was wrong, with 21st Century hindsight. But what happened back when all that bad stuff was going on, in terms of economic and intellectual history, is still critically important today.
Instead history’s “new focus” has helped bolster both the “victimization” and “entitlement” mentality:
Worst of all, women’s history has contributed to the current holy trinity of race, gender and class that dominates the historical profession. Under normal circumstances, the tight focus on victimization would soon fade. Since oppression studies explain so little, they soon become boring. But, as a part of a political chorus demanding ever-more extravagant entitlements for key voting groups, an essential part of the identity politics that is so destructive of national unity, the trinity is ensured a long life. Historians can grow tired of an intellectual movement. Politicians of a useful political tool, never.
There is also something else beyond the fanciful and fraudulent political and academic rhetoric of “equal opportunity – affirmative action.” That is jobs. Key voting groups designated as oppressed have been hired preferentially in the academy, most especially in the social sciences, including history. To justify these preferences, historians of gender and race must keep emphasizing oppression. How otherwise can their privileges be justified? Hence, the refiguring history to justify their positions in the professoriate.
We used to hear people laugh derisively when someone mentioned “political correctness”. But what you’re reading here is an example of political correctness run amok.
And it’s effect? Read James Taranto’s piece in the WSJ today. It’s an incredible example of political correctness gone nuts. I’m talking about Emily Yoffe’s answer to an obviously absurdly insensitive question addressed to her. However, her answer, among much of the left, is both appropriate and “correct”. It’s what they believe. It’s what they’ve been taught.
Will it get worse? Well, Gordon seems to think it will:
A remarkable generational change is also coming. Most of the historians in the declining fields, economic, intellectual and diplomatic history, earned their degrees more than 30 years ago. At the same time, more than 50% of the new PhDs are now trained in women and gender history, in cultural history (a watered-down version of social history), in world and African-American history. This is going to make an extraordinary difference in what kind of scholarship will continue to be undertaken, and how the past will be taught. The history profession, seemingly innovative and robust, is in fact intellectually debilitated, and sadly reduced in scope.
If you think it is bad in the history department, you’ve seen what is going on in the science department (
global warming climate change “science”).
Many have been hinting for years that the culture battle – the battle between individualism and freedom v. collectivism and entitlement- is being lost in academia. Gordon manages to put an exclamation point to the claim. One of the reasons our population knows less and less about economic and our intellectual history is because it has been waylaid and replaced with “disciplines” which stress entitlement and victimization.
Is it then a surprise when more and more of the population view themselves and this country through those lenses? And is it then any more surprising when they perceive government – more and more government – as the answer? Again, it’s what they’ve been taught.
The following US economic statistics were announced today:
In weekly retail sales, Redbook reports sharply lower 2.1% increase from the previous year. ICSC-Goldman reports an abrupt weekly sales decrease of -3.1%, and a 3.1% increase on a year-over-year basis.
The following US economic statistics were announced today:
Construction spending rose 1.4% in October, and was up 9.6% on a year-over-year basis.
Vehicle sales have been coming in strong today, with domestic sales at an annualized 11.7 million. Overall vehicle sales are set to top 15 million, the best rate since the 15.5 million annualized in February, 2008. Ford, Honda, and Nissan are posting better sales than expected, while GM sales are weaker than expected.
The Markit Economics PMI Manufacturing Index rose 0.7 points to 52.8, indicating increased manufacturing growth.
In contrast, the ISM Manufacturing Index dropped sharply from 51.7 to a weaker than expected 49.5, a below-50 reading that indicates economic contraction.
Here is a good example of what is wrong with politics today – this time from the right:
Sen. Saxby Chambliss (R-Ga.) on Saturday defended his decision to break with conservative activist Grover Norquist’s anti-tax pledge, telling constituents he would not be “dictated to by anybody in Washington.”
“I think that you sent me to Washington to think for myself. And I want to vote the way you want me to vote,” Chambliss said to a group of local constituents at a Cobb County Republican party event, according to the Atlanta Journal-Constitution. “I don’t want to be dictated to by anybody in Washington, as to how I’m going to vote on anything.”
You see, Chambliss doesn’t seem to get the basic point: he made a pledge. HE made a pledge. Not someone else – him. He didn’t have his arm twisted behind his back when he made the pledge. He did so voluntarily. The dirty little secret, however, is he didn’t make the pledge out of principle, he made the pledge because it was politically helpful and expedient to do so at the time.
Now he wants to back out of his pledge. It is no longer expedient or helpful politically. He, like our President, is trying to blame the predicament he finds himself in – i.e. breaking a voluntary pledge – on someone else. It’s their fault he’s in this predicament. And by gosh he won’t “be dictated to by anybody”.
Well he hasn’t been dictated to by anyone. Again, he voluntarily took a pledge back when it was politically helpful and popular to do so. Now he wants to bail on it. I don’t know about you, but when I pledge something, I give my unbreakable word I’ll do what I pledge to do. I don’t enter into them lightly. And I do everything in my power to live up to the pledge.
It’s about honor.
But apparently that’s a concept that is passe in today’s political world.
Go ahead Mr. Chambliss. Break your pledge. But remember what happened when a certain president bailed on his no new taxes pledge?
I can only hope I’ll be part of the lesson teaching when your time for re-election comes. Then, by Georgia, you’ll be “dictated too” by the people of this state. And you’ll be looking for new work.
This week, Bruce, Michael, and Dale discuss the Fiscal Cliff.
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. For podcasts from 2005 to 2010, they can be accessed through the RSS Archive Feed.
And if you need an example of why you should always rely on government to get it right, well, just consider the latest concerning the mandated use of
food ethanol for fuel:
The AAA says the Environmental Protection Agency and gasoline retailers should halt the sale of E15, a new ethanol blend that could damage millions of vehicles and void car warranties.
AAA, which issued its warning today, says just 12 million of more than 240 million cars, trucks and SUVs now in use have manufacturers’ approval for E15. Flex-fuel vehicles, 2012 and newer General Motors vehicles, 2013 Fords and 2001 and later model Porsches are the exceptions, according to AAA, the nation’s largest motorist group, with 53.5 million members.
“It is clear that millions of Americans are unfamiliar with E15, which means there is a strong possibility that many may improperly fill up using this gasoline and damage their vehicle,” AAA President and CEO Robert Darbelnet tells USA TODAY. “Bringing E15 to the market without adequate safeguards does not responsibly meet the needs of consumers.”
Hey look buddy, the ideological agenda waits on no one and if you’re among those driving the 228 million “other” vehicles, tough nuts.
The government has said 15%. Nuff said.
BMW, Chrysler, Nissan, Toyota and VW said their warranties will not cover fuel-related claims caused by E15. Ford, Honda, Kia, Mercedes-Benz and Volvo said E15 use will void warranties, says Darbelnet, citing potential corrosive damage to fuel lines, gaskets and other engine components.
Gee, I wonder if anyone will question the “fairness” of this.
Anyone doubt who will pick up the tab for this, Mr. and Mrs. Consumer?
The following US economic statistics were announced today:
Personal Income was unchanged in October, while spending fell -0.2%. Both the headline and core the PCE Price Index rose 0.1%. On a year-over-year basis, both income and spending rose 3.1%, while inflation rose 1.7% at the headline level and 1.6% at the core level.
The Chicago Purchasing managers Index is essentially unchanged for November, up 0.1 points to 50.4, indicating barely any growth.