Posts Tagged ‘misery index’

REAL State Of The Union: Under Obama, Price of Gas Has Jumped 83 Percent, Ground Beef 24 Percent, Bacon 22 Percent

January 25, 2012

Thought this article was particularly relevant and appropriate following Obama’s State of the Illusion speech:

Under Obama, Price of Gas Has Jumped 83 Percent, Ground Beef 24 Percent, Bacon 22 Percent
By Christopher Goins
January 20, 2012

(CNSNews.com) – So far, during the presidency of Barack Obama, the price of a gallon of gasoline has jumped 83 percent, according to data from the Bureau of Labor Statistics.

gas(AP Photo)

During the same period, the price of ground beef has gone up 24 percent and price of bacon has gone up 22 percent.

When Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79, according to the BLS. (The figures are in nominal dollars: not adjusted for inflation.) Five months later in June, unleaded gasoline was $2.26 per gallon, an increase of 26 percent. By December 2011, the price of regular unleaded gas per gallon was $3.28, an 83 percent increase from January 2009.

The price of unleaded gasoline never reached the 10-year high of $4.09 back in July 2008 under George W. Bush’s administration, but it did get close.

By May 2011, gas prices hit a high under the Obama administration at $3.93, about four percentage points away from the July 2008 high.

ground beefGround beef. (AP Photo)

The U.S. city average retail price for one pound of 100 percent ground beef was $2.36 in January 2009. As of December 2011, that price had risen to $2.92—a 23.7 percent increase and a new peak. (Ground beef prices have risen every month since November 2009 – 26 months of price increases.)

Whole wheat bread prices from January 2009 to December 2011 increased about five percent (5.02 percent) from $1.97 to $2.07. (The inflation rate in December 2011 was 3.0 percent.)

Among the first 36 months of Obama’s presidency, the last four (September, October, November, December) showed the average price of one pound of whole wheat bread hovering slightly above two dollars.

Other refrigerated items like ice cream and bacon have increased by substantial amounts.

Ice cream prices, for a half-gallon, were $4.44 in January 2009 and $5.25 in December 2011, an increase of 19.1 percent.

One pound of sliced bacon in January 2009 was $3.73 and in December 2011 had climbed $4.55, an increase of 22 percent. The price hit a high in September 2011 at $4.82 per pound.

baconBacon. (AP Photo)

Whole milk prices averaged above three dollars 33 out of the 36 months since Obama took office. In January 2009, the price for one gallon of whole milk was $3.58; but by December 2011, milk prices had slightly declined less than one percent (0.28 percent) to $3.57 per gallon.

The average retail price of Grade A eggs per dozen from January 2009 to December 2011 increased by less than two percent (1.30 percent) from $1.85 to $1.87.

 
 

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We recently celebrated Thanksgiving, and because of Obama we all felt like turkeys paying for our groceries due to the shocking inflation of food (that, along with fuel somehow isn’t factored in when “inflation” is calculated).

The above article doesn’t go anywhere NEAR far enough in condemning Obama for the rise of gasoline prices.  Yes, the price of gas spiked temporarily under Bush in 2008 (and Democrats viciously demonized him for that increase); BUT THE PRICE OF GASOLINE THROUGHOUT THE ENTIRE YEAR WAS THE HIGHEST IN AMERICAN HISTORY IN 2011 UNDER OBAMA.  And 2012 is going to be even worse.

Here’s the REAL Obama economic record:

Barack Obama is destroying the middle class before our very eyes even as he incessantly claims to be the one standing up for the very middle class that he is destroying.

Under Obama, poverty has soared to its highest rate EVER in the entire 52 years that the Census Bureau has tracked it.

Under Obama, the misery index is at its highest rate EVER.

85% of the small business America depends on to create jobs and build the economy are terrified of Obama and his idiotic policies.

THAT’S the REAL “state of the union.”

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Misery Index HIGHEST EVER, Hiring Only 70% Of 2006 Levels, And Boy Do We Ever Need A New President

May 16, 2011

Economics statistics are well on their way to becoming a Department in the 1984-style “Ministry of Truth.”

We start with misery, and the real apples-to-apples misery index that we can compare to the misrule of Jimmy Carter.  From Economic Policy Journal:

John Williams, over at Shadow Stats, compiles economic data for inflation and unemployment the way it used to be calculated pre-1990. Based on that data, the CPI inflation rate is over 10%, and the unemployment rate is over 15% (see charts). The Misery Index is the sum of the current inflation rate and the unemployment rate.  If it were to be calculated using the older methods, the Index would now be over 25, a record high. It surpasses the old index high of 21.98, which occurred in June 1980, when Jimmy Carter was president. Most believe the height of the Index along with the Iranian hostage crisis is what caused Carter to lose his re-election bid.

 

 

Using current calculation methods, April unemployment came in at 9.0% and the annualized April CPI number came in at 4.8%, for a Misery Index reading of 13.8.

The last time the Index came in with a higher reading with this index reading was in March 1983, with a reading of 13.90.

Ronald Reagan, of course, was president in 1983.  Reagan had a monster that Jimmy Carter largely created called out-of-control inflation.

As I previously explained:

The numbers told the sad story of the Jimmy Carter presidency: interest rates of 21%; inflation at 13.5%, and an unemployment rate of 7%.  And a relatively new economic device called “the misery index” – the combination of the unemployment and inflation rates which Carter had himself used to great effect in his 1976 campaign to win election – was at a shocking 20.5%.

And those who went through those dark and difficult times may soon be looking back to that period as “the good old days.”

Welcome back, Carter.

When Ronald Reagan took office from Jimmy Carter, inflation was at a meteoric 13.3% and the country was in the throes of a fierce recession. There was a real question as to whether workers’ wages would keep up with the costs of living, which made people afraid to either spend or save. And nobody knew how to control inflation – which had risen from 1.4% in 1960 to the aforementioned 13.3% in 1980 – causing a real erosion of confidence in the future. Jimmy Carter answered a reporter’s question as to what he would do about the problem of inflation by answering, “It would be misleading for me to tell any of you that there is a solution to it.”

But Ronald Reagan had a solution.  And by the time he left office, he had solved the problem of creeping inflation increases and had actually reversed the trend: he left behind a healthy inflation rate of 4.1%.

Reagan’s policies set the trajectory for growth that would last for 20 years.

Jimmy Carter didn’t have an answer for the economy, so he just made it worse and worse and WORSE.  Reagan had an answer.  He not only made it better; he established a trajectory of economic success.

And of course, we’re heading right back to that time of shocking inflation.  The cost of EVERYTHING is going up.  And there is absolutely no indication whatsoever that Barack Obama has an answer that is working.  Which is only going to make the pain last longer and the solution more difficult.  Presuming there is another Reagan waiting in the wings for that time when the American people overwhelmingly abandon Democrats and revile them for the failures that they are and basically always have been.

So what does the mainstream media do with that?

They create the propaganda that somehow Obama is a new Reagan, despite the fact that Obama reviles everything Reagan stood for, just as Reagan would have reviled everything Obama stands for.

Then there’s the enemployment beast.  How’s THAT hope and change working out for you?

Here’s some new news about hopey changey from the Wall Street Journal:

 MAY 16, 2011
Why the Job Market Feels So Dismal
The number of hires is the same today as it was when we were shedding jobs at record rates.
By EDWARD P. LAZEAR

Why don’t American workers feel that the labor market is on the mend? After all, the May 6 jobs report could suggest that the labor market is improving. Nonfarm employment rose by 244,000 and employment growth over the last three months is averaging over 200,000 per month. With unemployment at 9%, employment is still down many millions from where it should be, but up from its recession lows.

The fact is the jobs numbers that create so much anticipation from the business press and so many pundit pronouncements do not give a clear picture of the labor market’s health.  A better understanding requires an examination of hires and separations, or what the Bureau of Labor Statistics calls Job Openings and Labor Turnover Survey (JOLTS) data. Here are some surprising facts:

First, the increase in job growth that occurred over the past two years results from a decline in the number of layoffs, not from increased hiring. In February 2009, a month during which the labor market lost more than 700,000 jobs, employers hired four million workers. In March 2011, employers hired four million workers. The number of hires is the same today as it was when we were shedding jobs at record rates.

We added jobs because hires exceeded separations, not because hiring increased. There were 4.7 million separations in February 2009. In March 2011 that number had fallen to 3.8 million. The fall in separations reflects a decline in layoffs, which went from 2.5 million per month in February 2009 to 1.6 million per month in March 2011. One small piece of good news is that the just-released April data showed hires up about 2% over last year’s average and 12% above the low reached in January 2010.

The decline in layoffs is not unexpected and does not necessarily reflect labor-market health. Layoffs tend to occur early in a recession. When an economy has reached bottom and has already shed much of its labor, layoffs slow. But that doesn’t mean that the labor force is recovering. We could have high unemployment and a stagnant labor force even when layoffs are low. Isn’t the fact that hires exceed separations indicative of a healthy labor market? Unfortunately, no.

At any point in the business cycle, even during a recession, American firms still hire a huge number of workers. That’s because most of the action in the labor market reflects “churn,” the continual process of replacing workers, not net expansion or contraction of employment. The lowest number hired in any month of the current recession was 3.6 million workers. Even during the dismal year of 2009 there were more than 45 million hires.

Bear in mind that the U.S. labor force has more than 150 million workers or job seekers. In a typical year, about one-third or more of the work force turns over, leaving their old jobs to take new ones. When the labor market creates 200,000 jobs, it is because five million are hired and 4.8 million are separated, not because there were 200,000 hires and no job losses. When we’re talking about numbers as large as five million, the net of 200,000 is small and may reflect minor, month-to-month variations in the number of hires or separations.

The third fact puts this in perspective. In a healthy labor market like the one that prevailed in 2006 and early 2007, American firms hire about 5.5 million workers per month. Recall that the current number of hires is four million and it has not moved much from where it was two years ago. The labor market does not feel like it is expanding if hiring is not occurring at a recovery-level pace—and that means at least a half million more hires per month than we are seeing now.

The combination of low hiring and a large stock of unemployed workers, now 13.7 million, means that the competition for jobs is fierce. Because there are now many more unemployed workers, and because hiring is only about 70% of 2006 levels, a worker is about one-third as likely to find a job today as he or she was in 2006. It is no wonder that workers do not feel that the labor market has recovered.

One final fact is worth noting. Healthy labor markets are characterized not only by high levels of hiring, but also by high levels of separations. Although it is true that the importance of quits relative to layoffs rises during good times, even the number of layoffs was greater in the strong labor market of 2006-07 than it is now. No one would suggest that layoffs are good for workers, but what is good is a fluid labor market, where workers and firms constantly seek to produce better products and to find more efficient ways to produce them. High labor market churn is a characteristic of a strong economy. It generally means that workers are moving to better jobs in growing sectors that pay higher wages and away from declining sectors that pay lower wages.

Allowing maximum flexibility encourages fluidity and means that employers are willing to hire workers who lose their jobs elsewhere. Many European countries have restricted mobility by imposing severance pay penalties on employers that lay workers off. More than reducing layoffs, these rigidities make employers reluctant to hire because of the penalties that they will later incur if a layoff is necessary. Such restrictions are in large part responsible for the chronically high rates of unemployment that have been prevalent in many European countries.

The prescription for the American labor market is simple: low taxes on capital investment, avoidance of excessively burdensome regulation, and open markets here and abroad. We must create a climate in which investment is profitable, productivity is rising, and employers find it profitable to increase their hiring rate. These are the mantras that economists have chanted in the past. But they are our best bet for ensuring a dynamic and growing labor market.

Mr. Lazear, chairman of the President’s Council of Economic Advisers from 2006-2009, is a professor at Stanford University’s Graduate School of Business and a Hoover Institution fellow

Wait a minute.  What was that one sentence again?

Because there are now many more unemployed workers, and because hiring is only about 70% of 2006 levels, a worker is about one-third as likely to find a job today as he or she was in 2006.

Yeah, but George Bush was bad by mainstream media propagandist definition, and Obama is good by the same standard.

If you want welfare, vote for Obama.  You’ll get it until United States of America implodes into a failed banana republic.  And then you’ll get the Marxist-fascist hybrid the left has been dreaming of for the last fifty years.  You want a job?  Vote for a conservative Republican.

Everyone But Obama And Obama’s Fed Knows That Prices Are Rising Drastically

May 9, 2011

I’m from the government, and I’m here to mislead you.

Sticker Shock
Niall Ferguson – Mon May 2, 3:33 am ET

NEW YORK – Sticker ShockThe Fed may deny it, but Americans know that prices are rising. In this week’s Newsweek, Niall Ferguson takes a look at the Great Inflation of the 2010s.

“I can’t eat an iPad.” This could go down in history as the line that launched the great inflation of the 2010s.

Back in March, the president of the New York Federal Reserve, William Dudley, was trying to explain to the citizens of Queens, N.Y., why they had no cause to worry about inflation. Dudley, a former chief economist at Goldman Sachs, put it this way: “Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful. You have to look at the prices of all things.” Quick as a flash came a voice from the audience: “I can’t eat an iPad.”

Dudley’s boss, Ben Bernanke, was more tactful in his first-ever press conference on Wednesday of last week. But he didn’t succeed in narrowing the gap between the Fed’s view of inflation and the public’s.

I respect Bernanke. As an expert on the financial history of the 1930s, he was one of the very few people in power back in 2008 who grasped how close we were to another Great Depression. But if we’ve avoided rerunning the 1930s only to end up with a repeat of the 1970s, the public will judge him to have failed.

To ordinary Americans, however, it’s not the online price of an iPad that matters; it’s prices of food on the shelf and gasoline at the pump.

To this, the Fed has a stock response. It points to the all-urban consumer price index (CPI-U) and notes that it was up only 2.7 percent in March relative to the same month a year earlier. Strip out the costs of food and energy, and “core CPI”—the Fed’s preferred measure—is just 1.2 percent. When Google unveils its new index of online prices, it’s likely to tell a similar story.

To ordinary Americans, however, it’s not the online price of an iPad that matters; it’s prices of food on the shelf and gasoline at the pump. These, after all, are the costs they encounter most frequently. And with average gas prices hitting $3.88 a gallon last week, filling up is now twice as painful as when President Obama took office.

Sensing a threat to his hopes of reelection, the president last week called on Congress to eliminate “unwarranted” tax breaks for oil companies and set up a Justice Department task force to investigate price gouging and fraud in the oil markets. Give me a break. The spike in gas prices is the result of Fed policy, which has increased the monetary base threefold in as many years, and a geopolitical crisis in the Middle East that the president and his advisers still haven’t gotten a handle on.

And the reason the CPI is losing credibility is that, as economist John Williams tirelessly points out, it’s a bogus index. The way inflation is calculated by the Bureau of Labor Statistics has been “improved” 24 times since 1978. If the old methods were still used, the CPI would actually be 10 percent. Yes, folks, double-digit inflation is back. Pretty soon you’ll be able to figure out the real inflation rate just by moving the decimal point in the core CPI one place to the right.

It’s not only the BLS that speaks with a forked tongue. Members of the Council on Foreign Relations last week heard Treasury Secretary Tim Geithner say: “Our policy has been and will always be that a strong dollar is in the interest of the country.” Fact: the dollar has depreciated relative to other currencies by 17 percent since 2009. That European vacation is going to cost nearly a fifth more than you anticipated when you booked the flights a year ago.

I grew up in the 1970s. My first-ever publication, when I was 10, was a letter to the Glasgow Herald lamenting the soaring price of school shoes (I genuinely thought my feet were growing too fast). I wrote my Ph.D. dissertation about German hyperinflation. So perhaps I’m also hypersensitive. Maybe in June, when the Fed stops quantitative easing (its program of injecting cash by buying government bonds), inflation will recede. Maybe high fuel prices will, as Goldman Sachs predicts, slow the economy and revive the specter of deflation.

Maybe. Or maybe inflation expectations started shifting when the guy from Goldman—a Marie Antoinette for our times—seemed to say: let them eat iPads!

Niall Ferguson is a professor of history at Harvard University and a professor of business administration at Harvard Business School. He is also a senior research fellow at Jesus College, Oxford University, and a senior fellow at the Hoover Institution, Stanford University. His latest book, The Ascent of Money: A Financial History of the World, was published in November.

IPads may start looking tastier and tastier as food prices keep soaring.

Allow me to re-introduce an article which I wrote in October of last year titled “Financial Expert HOPES Inflation Will Only Be As Bad As 1970s“:

The numbers told the sad story of the Jimmy Carter presidency: interest rates of 21%; inflation at 13.5%, and an unemployment rate of 7%.  And a relatively new economic device called “the misery index” – the combination of the unemployment and inflation rates which Carter had himself used to great effect in his 1976 campaign to win election – was at a shocking 20.5%.

And those who went through those dark and difficult times may soon be looking back to that period as “the good old days.”

Welcome back, Carter.

When Ronald Reagan took office from Jimmy Carter, inflation was at a meteoric 13.3% and the country was in the throes of a fierce recession. There was a real question as to whether workers’ wages would keep up with the costs of living, which made people afraid to either spend or save. And nobody knew how to control inflation – which had risen from 1.4% in 1960 to the aforementioned 13.3% in 1980 – causing a real erosion of confidence in the future. Jimmy Carter answered a reporter’s question as to what he would do about the problem of inflation by answering, “It would be misleading for me to tell any of you that there is a solution to it.”

But Ronald Reagan had a solution.  And by the time he left office, he had solved the problem of creeping inflation increases and had actually reversed the trend: he left behind a healthy inflation rate of 4.1%.

Reagan’s policies set the trajectory for growth that would last for 20 years.

And the only thing that could truly destroy the fruit of Reagan’s policies was the coming of another Jimmy Carter.

Inflation Inevitable, Rogers Says: Could Be “Much Worse” Than the 1970s
Posted Oct 12, 2009

Given the Fed’s extremely easy policies, runaway government spending and shortages of many commodities, inflation pressures are building and destined to get much worse, according to famed investor Jim Rogers of Rogers Holdings.

“The Federal Reserve has laid the groundwork for some serious inflation down the road by printing all this money,” Rogers says. “So have many other central banks.”

Although “the U.S. government lies about inflation” in its official data, inflationary pressures are already evident in nearly everything, excluding energy, Rogers says. Inflation is “going to continue, going to accelerate,” he says. “We’re going to be paying more for just about everything down the road.”

Asked if he foresees a 1970s-style stagflation period ahead, Rogers chuckled and gave an ominous reply: “I hope it’s that good. It might be much, much worse.”

Given that view, Rogers remains very bullish on commodities as we discuss in subsequent clips.

You don’t massively increase the money supply (by running printing presses night and day) without consequences.  But that is exactly what we’ve done.  “The money supply was increased from $600 billion in 2000 to $800 billion in 2007.   This year, it has risen from $800 billion to $1.7 trillion! (Source: Federal Reserve Bank of St. Louis).”  And we aint seen nothin’ yet, as the Fed is planning a 15-fold increase in the monetary base.  Actions have consequences.  And the crazier and more irresponsible the action, the worse and more dramatic the consequences.

The National Inflation Association released a statement back in March following the passage of the massive $3.27 trillion stimulus porker:

“The United States today is in a short-term deflationary phase caused by forced liquidations, de-leveraging, going out of business sales, and other temporary factors.

It is our belief that the monetary policies of the Federal Reserve and United States Treasury will soon put an end to this deflationary phase, and we will see massive inflation in the U.S. that could ultimately lead to Zimbabwe-style Hyperinflation.

The U.S. has lost more than 2.8 million jobs since the passage of the stimulus bill and its promise of “shovel ready projects” that was supposed to prevent unemployment from going over 8%.  It failed to create jobs, but only massively increased our debt.

This country is going to go for a ride, and it won’t be a fun one.

And you tell me whether, going on two years later, you feel like that little girl or notIt might be a lot better to shut your eyes – like the “grownup” and just pretend it isn’t happening; that way you’ll believe whatever reassuring pabulum the liberal Obama government and the liberal mainstream press tell you.

Financial Expert HOPES Inflation Will Only Be As Bad As 1970s

October 14, 2009

The numbers told the sad story of the Jimmy Carter presidency: interest rates of 21%; inflation at 13.5%, and an unemployment rate of 7%.  And a relatively new economic device called “the misery index” – the combination of the unemployment and inflation rates which Carter had himself used to great effect in his 1976 campaign to win election – was at a shocking 20.5%.

And those who went through those dark and difficult times may soon be looking back to that period as “the good old days.”

Welcome back, Carter.

When Ronald Reagan took office from Jimmy Carter, inflation was at a meteoric 13.3% and the country was in the throes of a fierce recession. There was a real question as to whether workers’ wages would keep up with the costs of living, which made people afraid to either spend or save. And nobody knew how to control inflation – which had risen from 1.4% in 1960 to the aforementioned 13.3% in 1980 – causing a real erosion of confidence in the future. Jimmy Carter answered a reporter’s question as to what he would do about the problem of inflation by answering, “It would be misleading for me to tell any of you that there is a solution to it.”

But Ronald Reagan had a solution.  And by the time he left office, he had solved the problem of creeping inflation increases and had actually reversed the trend: he left behind a healthy inflation rate of 4.1%.

Reagan’s policies set the trajectory for growth that would last for 20 years.

And the only thing that could truly destroy the fruit of Reagan’s policies was the coming of another Jimmy Carter.

Inflation Inevitable, Rogers Says: Could Be “Much Worse” Than the 1970s
Posted Oct 12, 2009

Given the Fed’s extremely easy policies, runaway government spending and shortages of many commodities, inflation pressures are building and destined to get much worse, according to famed investor Jim Rogers of Rogers Holdings.

“The Federal Reserve has laid the groundwork for some serious inflation down the road by printing all this money,” Rogers says. “So have many other central banks.”

Although “the U.S. government lies about inflation” in its official data, inflationary pressures are already evident in nearly everything, excluding energy, Rogers says. Inflation is “going to continue, going to accelerate,” he says. “We’re going to be paying more for just about everything down the road.”

Asked if he foresees a 1970s-style stagflation period ahead, Rogers chuckled and gave an ominous reply: “I hope it’s that good. It might be much, much worse.”

Given that view, Rogers remains very bullish on commodities as we discuss in subsequent clips.

You don’t massively increase the money supply (by running printing presses night and day) without consequences.  But that is exactly what we’ve done.  “The money supply was increased from $600 billion in 2000 to $800 billion in 2007.   This year, it has risen from $800 billion to $1.7 trillion! (Source: Federal Reserve Bank of St. Louis).”  And we aint seen nothin’ yet, as the Fed is planning a 15-fold increase in the monetary base.  Actions have consequences.  And the crazier and more irresponsible the action, the worse and more dramatic the consequences.

The National Inflation Association released a statement back in March following the passage of the massive $3.27 trillion stimulus porker:

“The United States today is in a short-term deflationary phase caused by forced liquidations, de-leveraging, going out of business sales, and other temporary factors.

It is our belief that the monetary policies of the Federal Reserve and United States Treasury will soon put an end to this deflationary phase, and we will see massive inflation in the U.S. that could ultimately lead to Zimbabwe-style Hyperinflation.

The U.S. has lost more than 2.8 million jobs since the passage of the stimulus bill and its promise of “shovel ready projects” that was supposed to prevent unemployment from going over 8%.  It failed to create jobs, but only massively increased our debt.

This country is going to go for a ride, and it won’t be a fun one.

The Obama ‘Crisis In Confidence: Welcome Back, Carter’

July 15, 2009

Welcome Back, Carter

By INVESTOR’S BUSINESS DAILY | Posted Tuesday, July 14, 2009

Milestone: Thirty years after Jimmy Carter’s malaise speech, we return to the days of rising joblessness, an unresponsive economy, deference to dictators, gutting the military and an energy policy tilting at windmills.

On July 15, 1979, President James Earl Carter gave what has become known as the malaise speech. He didn’t actually use that term. Instead, he spoke of “a crisis in confidence” . . . that struck at the spirit of our national will.

He spoke of an energy crisis that was “the moral equivalent of war” but advocated an energy policy that was the practical equivalent of doing nothing. He spoke of our “intolerable dependence on foreign oil” and of “the crucial goal of 20% of our energy coming from solar power by the year 2000.”

Carter and cardigan, managing malaise in ‘77.Carter and cardigan, managing malaise in ‘77.

He warned against going down “the path that leads to fragmentation and self-interest. Down that road lies a mistaken idea of freedom, the right to grasp for ourselves some advantage over others.” He decried our tendency “to worship self-indulgence and consumption.” Sacrifice would save us while we shared the wealth.

If this sounds familiar, it should.

Barack Obama said during his presidential run: “We can’t drive our SUVs and eat as much as we want and keep our homes on 72 degrees at all times . . . and then just expect that other countries are going to say OK.”

The Obama administration’s policies constitute a promise kept.

Carter asked us “to take no unnecessary trips, to use carpools or public transportation whenever you can, to park your car one extra day per week, to obey the speed limit and to set your thermostats to save fuel.” And don’t forget your cardigan sweater as you huddle in front of your fireplace.

With the help of solar energy and alternative energy sources like his ill-fated Synthetic Fuels Corp., Carter said, “the battlefield of energy we can win for our nation a new confidence, and we can seize control again of our common destiny.” Yes, we can.

Except we didn’t. We didn’t exploit our abundant domestic resources to increase supply, and the economy suffered. At the end of Carter’s only term, the numbers told the sad story of his presidency: interest rate, 21%; inflation, 13.5%; unemployment, 7%.

Then there was the misery index, the combination of the unemployment and inflation rates that Carter used to great effect in his 1976 campaign to win election. Four years later it stood at 20.5%.

The stimulus package has failed to stimulate as trillions of dollars of debt are being laid upon our children and grandchildren as we build turtle tunnels and try to save marsh miceThe Obama administration is trying to get money into the economy instead of leaving it where it was in the first place through tax cuts. As we near double-digit unemployment, it is failing as Carter failed, and the cry goes up: Where are the jobs?

On energy, we leave hundreds of billions of barrels of oil and trillions of cubic feet of natural gas trapped in the ground and offshore places like bankrupt California while we pursue alternative energy like wind and, once again, solar.

When Reagan replaced Carter, he found planes that couldn’t fly and ships that couldn’t sail for want of parts and maintenance. Defense is again being gutted with programs like the F-22 Raptor being tossed aside and Reagan’s SDI missile shield being gutted.

Carter’s belief in diplomacy gave us Ayatollah Khomeini. It was a regime that held American hostages for 444 days. The Obama administration shares Carter’s fondness for thugs like Hugo Chavez and Mahmoud Ahmadinejad, whose nation goes nuclear while we make nice.

As history repeats itself on the anniversary of the speech MSNBC’s Chris Matthews wrote, we wonder if the “Hardball” host, who has worked for four Democratic politicians, is still getting tingles up his legs.

The Democratic Party apparently has learned nothing in the past three decades.

Will we see a return of the misery index?

The only thing that’s different is the sweater.

Bush Unemployment Record vs. Clinton Unemployment Record

September 6, 2008

I was watching CNN’s Anderson Cooper last night and they had a piece on Sarah Palin.  Cooper interviews a reporter and asks about the Governor’s private jet that Sarah Palin sold.  The reporter said that the jet sold for $600,000 less than what it was worth.  The insinuation was that Sarah Palin’s “sale” may have been great for her own personal publicity, but was a poor deal for the state.

Not true.  NOT TRUE! The jet sold for $600,000 less than it’s new purchase price.  That is a huge difference.  Things tend to sell for a little less when they’re used, Anderson.

Thanks to Sarah Palin’s personal decision as incoming Governor, the state of Alaska had $2.1 million dollars that it otherwise wouldn’t have had.

The snide allusions are simply unrelenting.

You literally have to already know the news in order to watch the news anymore.

Having said that, consider carefully what you believe in the avalanche of bad press about the Bush economy.  It aint the best it’s ever been, that’s true.  It aint even the best it’s ever been during the Bush years.  But in the grand scheme, it just aint that bad.

The Gateway Pundit had this to say a few months ago: (more…)