Archive for September, 2012

…not so much.

How’s that recovery working out for you? Not so well by the looks of things.

Hope and change at it’s finest.

Americans’ Incomes Have Fallen $3,040 During the Obama ‘Recovery’
By JEFFREY H. ANDERSON

Americans must be wondering how much more of this “recovery” they can afford. New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama “recovery.” Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession. Now, after 38 months of this “recovery,” it has fallen to $50,678 — a drop of $3,040 per household.

Yet it gets worse.  Amazingly, incomes have dropped even more during the “recovery” than they did during the recession.  In fact, they’ve dropped more than twice as much as they did during the recession.  From the start to the end of the recession, the real median income of American households fell $1,413, or 2.6 percent.  From the end of the recession to the present day, it has dropped $3,040, or 5.7 percent.  This begs the question:  What kind of “recovery” compares unfavorably with the recession from which it’s ostensibly recovering?

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…it’s Thursday, so time for a little booty call.
Enjoy.

…here’s today’s reading list.

…doesn’t drive the economy. that’s Keynesian BS. You always hear the MSM touting the BS that the 70% of the economy is driven by the consumer. It’s actually supply that drives the demand not the other way around.
Don’t worry, it isn’t math-centric.

Enjoy the read. This is from 2010.

Consumer Spending Doesn’t Drive the Economy Investment does.
Mark Skousen

“Consumer spending makes up more than 70 percent of the economy, and it usually drives growth during economic recoveries.”

–“Consumers Give Boost to Economy,” New York Times, May 1

Every quarter, when the government releases its latest GDP figures, we hear the familiar refrain:

“What the consumer does is vital for economic growth.”

“If the consumer starts saving and stops spending, we’re in big trouble.”

“Consumer spending accounts for 70 percent of the economy.”

The latter “fact” is repeated regularly in the news reports from the Associated Press, the Wall Street Journal, and the New York Times.

The truth is that consumer spending does not account for 70 percent of economic activity and is not the mainstay of the U. S. economy. Investment is! Business spending on capital goods, new technology, entrepreneurship, and productivity are more significant than consumer spending in sustaining the economy and a higher standard of living. In the business cycle, production and investment lead the economy into and out of a recession; retail demand is the most stable component of economic activity.

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…is getting hammered by Rush.

It’s about time someone said it. He’s a lying sack of shit. Oh, wait. I’ve already said that. And the media hasn’t the balls to tell it like it is.

Good stuff here:

Rush Limbaugh: Obama is ‘a serial liar’
‘Lies just flow out of his mouth as naturally as a baby’s cries’

PALM BEACH, Fla. – Rush Limbaugh, the top-rated radio host in America, is now calling President Obama “a serial liar” who is “delusional” and “pathological” in fabrications being told by his administration.

“Barack Obama is a serial liar, and I think it’s time to call him out on this,” Limbaugh said Wednesday afternoon.
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His analysis began with the Obama administration’s claim the recent onslaught against the U.S. consulate in Benghazi, Libya, was in response to an anti-Muslim movie on YouTube.

Libyan President Mohamed Magarief said the film had “nothing to do” with the attack.

“Reaction should have been, if it was genuine, should have been six months earlier. So it was postponed until the 11th of September,” Magarief told NBC News. “They chose this date, 11th of September to carry a certain message.”

Limbaugh said, “They have lied to us for a week about this video. Obama went to the U.N. yesterday and made most of his speech or quite a large part of his speech about this video, which even now, nobody has ever seen. All they’re doing is promoting it. All they’re doing is giving others who want to be agitated by it an excuse to be.”

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Or as my uncle used to say: “horsefeathers!”
Really.

This is an excellent article.
Please read.

The Great Horse-Manure Crisis of 1894

 

Our Economic Past | Stephen Davies

We commonly read or hear reports to the effect that “If trend X continues, the result will be disaster.” The subject can be almost anything, but the pattern of these stories is identical. These reports take a current trend and extrapolate it into the future as the basis for their gloomy prognostications. The conclusion is, to quote a character from a famous British sitcom, “We’re doomed, I tell you. We’re doomed!” Unless, that is, we mend our ways according to the author’s prescription. This almost invariably involves restrictions on personal liberty.

These prophets of doom rely on one thing—that their audience will not check the record of such predictions. In fact, the history of prophecy is one of failure and oversight. Many predictions (usually of doom) have not come to pass, while other things have happened that nobody foresaw. Even brief research will turn up numerous examples of both, such as the many predictions in the 1930s—about a decade before the baby boom began—that the populations of most Western countries were about to enter a terminal decline. In other cases, people have made predictions that have turned out to be laughably overmodest, such as the nineteenth-century editor’s much-ridiculed forecast that by 1950 every town in America would have a telephone, or Bill Gates’s remark a few years ago that 64 kilobytes of memory is enough for anyone.

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…from the Romney campaign.
No I Can’t…