Archive for economic recovery

Home builder sentiment surges, NY manufacturing sector revs up in June

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blame obama

Darn that Fox Business, sending me upbeat economic news alerts like these! Don’t they know they’re supposed to rip reports like these to shreds and go negative at every turn? Someone over there didn’t read the memo:

The NAHB/Wells Fargo Housing Market index surged to 52 in June from 44 in May, easily topping forecasts for 45. This is the first time the index has been above 50 since April 2006, suggesting more homebuilders view conditions as favorable than those who see them as poor.

***

The New York Federal Reserve’s regional manufacturing gauge jumped to 7.8 in June from -1.4 in May, easily beating expectations of zero. Readings above zero point to expansion, while those below indicate contraction.

#BlameObama

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“What a sad caricature our democracy has become.”

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frustrated14

Today’s Los Angeles Times letters to the editor, because our voices matter:

Re “Deficit extremists, blind to data, are doing active economic harm,” Column, June 12

It is so refreshing to read Michael Hiltzik’s explanation of how Congress’ ill-timed obsession with deficit reduction actually retards economic growth. Other priorities, especially job creation, deserve much greater emphasis.

But Hiltzik makes another valuable point that merits wider discussion: With current interest rates so low, this is an ideal time to start digging ourselves out of our backlog in infrastructure maintenance.

In its “2013 Report Card for America’s Infrastructure,” the American Society of Civil Engineers gives America a “D+” for the state of our dams, levees, roads and schools, among others. Just one of many distressing examples: The National Park Service struggles with an $11 billion maintenance backlog.

To create jobs, grow the economy and remedy this shameful underfunding, we need investment in infrastructure now.

Grace Bertalot

Anaheim

***

Re “A restrained state budget,” Editorial, and “A longer day in court,” June 13

Shame on the governor, the Legislature and, frankly, The Times’ editorial board. The dismantling of the California legal system, our third branch of government, continues with the new proposed state budget. Your editorial makes no mention of our courts, where citizens wait too long for justice.

The California courthouse infrastructure, especially in Los Angeles County, was built from decades of prudent decisions, and now many locations are being closed down. We have a transportation infrastructure built over decades with billions of dollars. Would we shut down the 5 Freeway through the Grapevine to save money? Of course not; that would be stupid and silly.

So is the closing of our courthouses.

Clayton Anderson

San Clemente

***

Re “Warning on greenhouse gases,” June 11

The International Energy Agency, “an independent research group established by the world’s most-industrialized nations,” has sounded a warning on the perils of climate change if greenhouse gas emissions remain unchecked. The lying, greedy conspiracy of climate scientists has obviously gotten to them.

Congress remains uninterested, but a miraculous reversal in interest would suddenly manifest if only the scientific community could outmatch the fossil fuel industry’s kickbacks to lawmakers loyally blocking any action. What a sad caricature our democracy has become.

Wendy Blais

North Hills

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VIDEO– Dear GOP: What part of “Mommy, I’m hungry” don’t you understand?

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gop spending farm bill v obamacare, stimulus

Visit NBCNews.com for breaking news, world news, and news about the economy

Ed Schultz was rightfully enraged by GOP bills that put farms before families, as you can see in the video above. Typically hypocritical, Republicans sweartogod they’re changing, but then they continue on their merry, self-serving, greedy way.

Today Michael Hiltzik covered the same topic in depth. Here are some excerpts from his Los Angeles Times column, but please read the whole thing. Michael hits on a lot of important points:

In the name of cutting $20 billion from the food stamp program over 10 years, the House bill would throw almost 2 million recipients off the food stamp rolls, as estimated by the Center on Budget and Policy Priorities. Most of them are seniors or members of low-income working families with children. More than 200,000 children would lose their eligibility for free school meals. By LaMalfa’s estimate, these are “modest changes” aimed at reform, but of course he and his family don’t have to worry about being on the edge of destitution. (The Senate version would cut only $4 billion, which is why it’s not favored in the House.)

LaMalfa’s words reflected a familiar theme in congressional debate, which is that the recipients of payouts like farm subsidies are honest, hardworking folks while those getting food stamps (or other low-income relief) should be grateful at the help they get and shut up otherwise. [...]

The question for Rep. LaMalfa and his fellow food stamp hackers on the agriculture committee is: Why is it important for government to skip out on aid for families, but pony up for farmers like him?

Michael Hiltzik’s column appears Sundays and Wednesdays. Reach him at mhiltzik@latimes.com, read past columns at latimes.com/hiltzik, check out facebook.com/hiltzik and follow @hiltzikm on Twitter.

outreach my ass reach out inclusive

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European leaders begin to realize austerity is crippling nations. Gee, ya think?

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stimulus austerity

Drastic cuts, sequestration, firing public workers by the hundreds of thousands, slashing programs that keep people healthy and alive, closing schools, suppressing stimulus plans when we need them most, and ignoring the opportunity to rebuild a crumbling infrastructure are all wrongheaded policies that progressives have been trying our best to reverse.

Europe is rethinking their own approach to cutting and starving their way out of their economic problems and ending up on “a dead-end street.” It’s about time.

The Los Angeles Times has an article on that very thing:

Prodded by Germany and its insistence on fiscal virtue, governments elsewhere have fired workers, chopped welfare benefits and shelved big-ticket projects, turning the continent into what some call one giant “Austerity-land.”…The punishing spending cuts have stifled consumer demand and economic growth, not spurred it. [...]

Public patience with continued belt-tightening is wearing thin as misery increases and as officials repeatedly push their predictions of economic recovery further into the future. [...]

The pressure may finally be starting to tell. Recently there have been signs that the region’s leaders, most notably in Berlin and at European Union headquarters in Brussels, are rethinking their dogmatic pursuit of spending cutbacks and balanced budgets. [...]

Advocates of a more nuanced policy note that U.S. economic performance has easily outpaced Europe’s and that Japan is witnessing a comeback. [...]

[S]o many countries cutting so much so fast, they contend, has turned out to be an act of collective kneecapping that has crippled the entire region. [...]

More pro-growth policies — investment in big infrastructure projects, for example — could jump-start faltering economies and help countries make the revenue they need to pay down their debts, analysts say…

That, however, would require a farsightedness and cooperative policymaking that critics say has been sorely lacking.

Take note, Republicans. Or is that asking too much? As I wrote in a 2011 post, GOP jackasses, foresight is not exactly their strong suit.

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Weekly Jobless Claims Fall More than Expected, Retail Sales Beat Expectations in May

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thumbs up smaller

Via Fox Business, but they’re clearly biased. They would never want to report anything unfavorable to this administration, right? So it’s all good economic news all the time from them. Oh, but I kid the Foxers…

Via a couple of email alerts:

New claims for unemployment benefits fell by 12,000 to 334,000 last week. Claims were expected to fall to 345,000 from 346,000 the week prior.

The Commerce Department reports retail sales ticked up 0.6% in May from April, beating expectations of a 0.4% rise. Core sales, which excludes automobiles, gasoline and building materials, increased 0.3%.

Yet another Fox Biz email alert just popped up in my inbox at the time of this writing:

The Dow is up 114 points, or 0.76%, while the S&P 500 is up close to 1%.

Update, just prior to posting. The Dow is now up 157, the S&P 20, Nasdaq 37.

#BlameObama

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Consumer Sentiment Climbs to Highest Level Since ‘07

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blame obama

How nice for my first post o’ the day to be some good news. Pity it’s from Fox, but hey, it’s still a positive report. Via a Fox Biz email alert:

A reading on consumer sentiment from Thomson Reuters and the University of Michigan came in at 84.5 in late May, up from 83.7 earlier in the month, and besting economists’ expectations that it would hold steady. The gauge is now at its highest level since July 2007.

Could things be better? Of course they could. Is the economy still struggling? Of course it is. Is this still welcome news, regardless? Indeed it is. Do we still have a lot of work to do? Absolutely. Will Republicans continue to obstruct every constructive bit of legislation that would improve the economy? Hell yeah.

Am I asking myself questions and then answering them like a mad woman? Why yes, yes I am.

#BlameObama

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Awww… Senate GOP feels jilted after being wined & dined by Obama. Really, now. How do they think Obama feels?

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jilted

Here is a headline I just ran across at The Hill: Senate GOP feels jilted after being wined and dined by Obama on deficit talks:

We’ve made no progress. None,” said a GOP senator who had dinner with Obama earlier this year.

awwww

That’s pretty sick hypocritical funny, in a frustrating, hair-pulling, head-exploding, teeth-gritting, jaw-clenching kind of way.*

Memo to Republicans: Before you start whining about how you feel “jilted” by President Obama, take a gander at today’s Doonesbury- “Boehner”: We’ll be investigating and obstructing Obama, blocking his appointees.

Then take a walk down Memory Lane, starting with the GOP Inauguration night plot to obstruct. Plus the following:

Need more? Just keep scrolling through these posts.

So, GOP, who exactly has jilted whom?

breaking up smaller

*Especially in light of all the hooplah over President Obama and Chris Christie cooperating so nicely with each other. Psst! That benefits both of them politically, and it would behoove Republican Congress members to take a few notes. Please note: This in no way whatsoever means I’m a Chris Christie fan, nor should any Democrat be, as you can plainly see here.

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