Obamanomics Update: U.S. Factory Orders Drop To Five Year Low – 16 Consecutive Months Of Declines

Manufacturing Recession Deepens: Factory Orders Drop To Five Year Low; 16 Consecutive Declines – Zero Hedge

In 60 years, the U.S. economy has not suffered a 16-month continuous YoY drop in Factory orders without being in recession. Moments ago the Department of Commerce confirmed that this is precisely what the U.S. economy did, when factory orders not only dropped for the 16th consecutive month Y/Y, after declining 1.7% from last month…

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…but at $454 billion for the headline number, this was the lowest print since the summer of 2011.

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Market reaction: stocks rebound on the news and are now well in the green.

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Obamanomics Update: President Asshat Releasing $4 Trillion-Plus Budget For 2017

Obama Releasing $4 Trillion-Plus Budget For 2017; New Taxes And Spending – CNS

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President Barack Obama is unveiling his eighth and final budget, a $4 trillion-plus proposal that’s freighted with liberal policy initiatives and new and familiar tax hikes – all sent to a dismissive Republican-controlled Congress that simply wants to move on from his presidency.

The budget will be released Tuesday morning, the same day as the New Hampshire primary when it’s likely to get little attention. It comes as the deficit, which had been falling over the duration of Obama’s two terms, has begun to creep up, above the half-trillion mark.

The White House is countering the worsening deficit outlook with a proposed $10-per barrel tax on oil that would finance “clean” transportation projects. It also is sure to propose taxes on the wealthy and corporations.

Long gone are proposals such as slowing the automatic inflation increase for Social Security benefits and other ideas once aimed at drawing congressional Republicans into negotiations on a broader budget deal.

Now, Obama has broken out a budget playbook filled with ideas sure to appeal to Democrats: A “moonshot” initiative to cure cancer; increasing Pell Grants for college students from low-income backgrounds; renewed incentives for GOP-governed states to join the expanded Medicaid system established under the health care law, and incentives to boost individual retirement accounts.

The $10-per-barrel tax hike proposal comes as the price of crude has dropped to the $30 per barrel range.

“We’re going to impose a tax on a barrel of oil – imported, exported – so that some of that revenue can be used for transportation, some of that revenue can be used for the investments in basic research and technology that’s going to be needed for the energy sources of the future,” Obama said. “Then 10 years from now, 15 years from now, 20 years from now, we’re going to be in a much stronger position when oil starts getting tight again, prices start going up again.”

Republicans, however, immediately rejected the idea after its release last week and it will meet the fate of prior dead-on-arrival proposals such as increasing capital gains taxes on the wealthy, imposing a fee on big banks, and cutting the value of charitable deductions for upper-income taxpayers. Higher cigarette taxes and a minimum 30 percent rate for wealthier filers have also gone nowhere.

Obama’s proposed tax increases also mean that he can present relatively reasonable deficit estimates without having to go for painful cuts to benefit programs such as Medicare, health care subsidies under the Affordable Care Act, food stamps, and Medicaid health care for the poor.

The budget deficit, after hitting a whopping $1.4 trillion in Obama’s first year, dropped to a relatively manageable $439 billion last year. But a softening economic outlook, combined with a round of tax cuts and increased spending enacted by Congress last year, will make the deficit problem about $1.5 trillion worse over the coming 10 years, according to the latest Congressional Budget Office estimate.

CBO’s “baseline” deficit – what it expects would occur if Congress does nothing – would now total almost $10 trillion over the coming decade.

The White House hasn’t revealed what, if anything, Obama will propose to address the worsening deficit picture. In its budget roll-out, the White House has instead focused on new spending initiatives. The plan is also likely to call for a comprehensive overhaul of immigration laws, highly unlikely in an election year.

On Monday, Obama proposed $1.8 billion to combat the Zika virus, asking for the money immediately as emergency spending on top of the $1.1 trillion catchall spending bill that passed in December. The virus is spreading rapidly through Latin America. While most people experience either mild or no symptoms, Zika is suspected of causing a devastating birth defect – babies born with abnormally small heads – and the funding is aimed at fighting its spread both abroad and in the U.S.

Obama has largely shifted his focus elsewhere. After winning a higher income tax rate in 2013 on couples earning more than $400,000 per year, Obama and Republicans have battled over relatively small increases to the less than one-third of the budget passed by Congress each year. Republicans seeking higher spending for the Pentagon have been forced to accept Obama’s demands for additional funds for domestic agencies.

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Obamanomics Update: All U.S. Job Gains Since December 2007 Have Gone To Foreign-Born Workers

All Job Gains Since December 2007 Have Gone To Foreign-Born Workers – Zero Hedge

With the Fed on the verge of a full relent and admission of policy error, the Fed’s “data (in)dependent” monetary policy once again takes on secondary relevance as we progress into 2016. However, even with the overall job picture far less important, one aspect of the US jobs market is certain to take on an unprecedented importance.

We first laid out what that is last September when we said that “the one chart that matters more than ever, has little to nothing to do with the Fed’s monetary policy, but everything to do with the November 2016 presidential elections in which the topic of immigration, both legal and illegal, is shaping up to be the most rancorous, contentious and divisive.”

We were talking about the chart showing the cumulative addition of foreign-born and native-born workers added to US payrolls according to the BLS since December 2007, i.e., since the start of the recession/Second Great Depression.

As usually happens, it is precisely this data that gets no mention following any job report. However, with Trump and his anti-immigration campaign continuing to plow on despite the Iowa disappointment, we are confident that the chart shown below will soon be recognizable to economic and political pundits everywhere.

And here is why we are confident this particular data should have been prominently noted by all experts when dissecting today’s job report: according to the BLS’ Establishment Survey, while 151,000 total workers were added in January, a number which rises to 615,000 if looking at the Household survey, also according to the same Household survey, a whopping 567,000 native-born Americans lost their jobs, far less than the 98,000 foreign-born job losses.

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Here is a chart showing native-born non-job gains since the start of the depression:

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Alternatively, here are foreign-born worker additions since December 2007:

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Putting the two side by side:

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And the bottom line: starting with the infamous month when it all started falling apart, December 2007, the US has added just 186,000 native-born workers, offset by 13.5x times more, or 2,518,000, foreign born workers.

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If Trump wins New Hampshire and South Carolina, and storms back to the top of the GOP primary polls, expect this chart to become the most important one over the next 10 months.

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Obamanomics Update: Feds Take In Record $3,248,723,000,000 In Tax Revenues; Still Run $438,899,000,000 Deficit

$3,248,723,000,000: Federal Taxes Set Record In FY 2015; $21,833 Per Worker; Feds Still Run $438.9B Deficit – CNS

The federal government took in a record of approximately $3,248,723,000,000 in taxes in fiscal 2015 (which ended on Sept. 30), according to the Monthly Treasury Statement released today.

That equaled approximately $21,833 for every person in the country who had either a full-time or part-time job in September.

It is also up about $212,927,100,000 in constant 2015 dollars from the $3,035,795,900,000 in revenue (in 2015 dollars) that the Treasury raked in during fiscal 2014.

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Even as the Treasury was hauling in a record $3,248,723,000,000 in tax revenues in fiscal 2015, the federal government was spending $3,687,622,000,000. So, the federal government ran a deficit of $438,899,000,000 for the fiscal year.

According to the Bureau of Labor Statistics, total seasonally adjusted employment in the United States in September (including both full and part-time workers) was 148,800,000. That means that the federal tax haul for fiscal 2015 equaled about $21,832.82 for every person in the United States with a job.

In 2012, President Barack Obama struck a deal with Republicans in Congress to enact legislation that increased taxes. That included increasing the top income tax rate from 35 percent to 39.6 percent, increasing the top tax rate on dividends and capital gains from 15 percent to 20 percent, and phasing out personal exemptions and deductions starting at an annual income level of $250,000.

An additional 3.8 percent tax on dividends, interest, capital gains and royalties – that was embedded in the Obamacare law – also took effect in 2013.

The largest share of fiscal 2015’s record-setting tax haul came from the individual income tax. That yielded the Treasury $1,540,802,000,000. Payroll taxes for “social insurance and retirement receipts” took in another $1,065,277,000,000. The corporate income tax brought in $343,797,000,000.

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Obamanomics Update: Number Of People Not In Labor Force Tops 94 Million For First Time In History

Record 94,031,000 People Not In Labor Force – Big Government

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The number of people not in the labor force exceeded 94 million for the first time, hitting another record high in August, according to new jobs data released Friday by the Bureau of Labor Statistics.

The BLS reports that 94,031,000 people (ages 16 and over) last month were neither employed nor had made specific efforts to find work in the prior four weeks.

The number of individuals out of the civilian work force represented a jump of 261,000 over July’s record of 93,626,000 people.

August’s labor force participation rate remained at the same level as the prior two months at 62.2 percent, the lowest level seen since October 1977 when the participation rate was 62.4 percent.

The civilian labor force also experienced a slight decline of 41,000 people, compare to July’s 157,106,000 people in the civilian labor force to 157,065,000.

In total 149,036,000 people were employed in August, 8,029,000 were unemployed, and 5,932,000 people who wanted a job.

Overall the Labor Department reported that the economy added 173,000 jobs in August. The unemployment rate was 5.1 percent, lower than July’s 5.3 percent.

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Obamanomics Update: President Asshat Owns Worst Economic Numbers Since 1932

Obama Owns Worst Economic Numbers In 80 Years, Since 1932 – Gateway Pundit

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Thanks to Obamanomics the US economy is plodding through the worst recovery in decades.

The Wall Street Journal reported:

The economic expansion – already the worst on record since World War II – is weaker than previously thought, according to newly revised data.

From 2012 through 2014, the economy grew at an all-too-familiar rate of 2% annually, according to three years of revised figures the Commerce Department released Thursday. That’s a 0.3 percentage point downgrade from prior estimates.

The revisions were released concurrently with the government’s first estimate of second-quarter output.

Since the recession ended in June 2009, the economy has advanced at a 2.2% annual pace through the end of last year. That’s more than a half-percentage point worse than the next-weakest expansion of the past 70 years, the one from 2001 through 2007. While there have been highs and lows in individual quarters, overall the economy has failed to break out of its roughly 2% pattern for six years.

It’s even worse than we thought.

Obama looks even worse, ranking dead last among all presidents since 1932 – over 80 years.

The Daily Caller reported:

Over the first five years of Obama’s presidency, the U.S. economy grew more slowly than during any five-year period since just after the end of World War II, averaging less than 1.3 percent per year. If we leave out the sharp recession of 1945-46 following World War II, Obama looks even worse, ranking dead last among all presidents since 1932. No other president since the Great Depression has presided over such a steadily poor rate of economic growth during his first five years in office. This slow growth should not be a surprise in light of the policies this administration has pursued.

An economy usually grows rapidly in the years immediately following a recession. As Peter Ferrera points out in Forbes, the U.S. economy has not even reached its long run average rate of growth of 3.3 percent; the highest annual growth rate since Obama took office was 2.8 percent. Total growth in real GDP over the 19 quarters of economic recovery since the second quarter of 2009 has been 10.2 percent. Growth over the same length of time during previous post-World War II recoveries has ranged from 15.1 percent during George W. Bush’s presidency to 30 percent during the recovery that began when John F. Kennedy was elected.

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Obamanomics Update: Economy Shrinks By 0.7% In First Quarter

“Welcome To The Contraction”: Q1 GDP Drops By 0.7%, Corporate Profits Crash – Zero Hedge

And you thought the preliminary 0.2% Q1 GDP print from last month was bad. Moments ago, just as we warned, the BEA released its latest, first, revision of Q1 GDP (pre second-seasonal adjustments of course), and we just got confirmation that for the third time in the past four years, the US economy suffered a quarterly contraction, with the Q1 GDP revised drastically from a 0.2% growth to a drop of -0.7%: the worst print since snow struck, so very unexpectedly, last winter.

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Incidentally, there has not been a US “expansion” with three negative quarters in it in the past 60 years.

Worse, the breakdown shows that far from being a non-core slowdown, consumption rose just 1.8%, below the 2.0% expected, and contributed just 1.23% of the bottom line GDP number. This was the worst Personal Spending contribution since Q1 of last year, when revised GDP dropped by -2.11%.

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What is disturbing is that as noted before, inventories contributed the biggest component of Q1 GDP growth, adding $106 billion in nominal “growth.” Without that contribution, annualized GDP would have been worse than -3%!

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And worst of all, was the plunge in corporate profits. According to the report:

Profits from current production (corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj)) decreased $125.5 billion in the first quarter, compared with a decrease of $30.4 billion in the fourth.

Profits of domestic financial corporations decreased $2.6 billion in the first quarter, compared with a decrease of $12.5 billion in the fourth. Profits of domestic nonfinancial corporations decreased $100.4 billion, in contrast to an increase of $18.1 billion. The rest-of-the-world component of profits decreased $22.4 billion, compared with a decrease of $36.1 billion. This measure is calculated as the difference between receipts from the rest of the world and payments to the rest of the world. In the first quarter, receipts decreased $28.9 billion, and payments decreased $6.5 billion.

Or visually, here was the third largest corporate profit crash since the financial crisis:

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In short: welcome to the recession, which however will soon be double seasonally adjusted into another flourishing, of only stiatistically, “recovery.”

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Obamanomics: Major U.S. Retail Chains Closing 6,000 Stores

Retail Apocalypse: Major Chains Closing 6,000 Stores – WorldNetDaily

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The long feared “retail apocalypse” may be hitting with little or no fanfare if a growing list of store-closing plans by major chains is any indication.

Major U.S. retailers have announced the closing of more than 6,000 stores from coast to coast. The list includes only those retailers that have announced plans to close more than 10 outlets this year and next.

For example, 1,784 Radio Shack stores are vanishing, 400 stores in the Office Depot/Office Max chain by 2016, and 340 Dollar Tree/Family Dollar stores.

The growing list of stores getting shuttered coincides with the decline in discretionary consumer spending over the past six months.

“Expect to see more storefronts closed at malls across the country,” one retail watcher told WND. “It’s getting ugly out there.”

Another factor, the source said, is that Americans’ credit is maxed out – a problem that will impact holiday season sales later this year. Add the demand of rising taxes, housing and health-insurance costs and you’ve got a formula for belt-tightening across the board.

Expected to be hit hardest by the trend are poorer- and lower-middle class neighborhoods. The recent riots in Baltimore are expected to make retailers even more skittish.

See the big list:

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Obamanomics Fail: American Incomes Fell By Twice As Much During Obama ‘Recovery’ Than During ‘Recession’

Obamanomics Fail: American Incomes Fell By Twice As Much During Obama ‘Recovery’ Than During ‘Recession’ – Independent Journal Review

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The Weekly Standard Blog reports on another failure of the Obama economic policy. According to new research, Obama’s attempt to staunch the “income gap” has caused the average income Americans to fall at a much greater rate during his “recovery” than what he constantly touts as, “the greatest recession since the Great Depression.”

New estimates derived from the Census Bureau’s Current Population Survey by Sentier Research indicate that the real (inflation-adjusted) median annual household income in America has fallen by 4.4 percent during the “recovery,” after having fallen by 1.8 during the recession. During the recession, the median American household income fell by $1,002 (from $55,480 to $54,478). During the recovery – that is, from the officially defined end of the recession (in June 2009) to the most recent month for which figures are available (June 2013) – the median American household income has fallen by $2,380 (from $54,478 to $52,098). So the typical American household is making almost $2,400 less per year (in constant 2013 dollars) than it was four years ago, when the Obama “recovery” began.

Actually, the disparity is more than twice as much, approaching two and a half times as much.

Let’s take the liberal assumption that income inequality is a measure that should be considered as a measure of success of governance, and that the government should be concerned with lessening it, even at the expense of average income growth.

How did Obama do there? Awful:

Research by University of California economist Emmanuel Saez shows that since the Obama recovery started in June 2009, the average income of the top 1% grew 11.2% in real terms through 2011.

The bottom 99%, in contrast, saw their incomes shrink by 0.4%.

As a result, 121% of the gains in real income during Obama’s recovery have gone to the top 1%. By comparison, the top 1% captured 65% of income gains during the Bush expansion of 2002-07, and 45% of the gains under Clinton’s expansion in the 1990s.

So if the “recovery” fails by the conservative standard of simply raising wealth and prosperity, and it fails by the liberal measure of redistribution of income from the top to the bottom, what is left to credit Obama with?

Nothing – which is exactly why he spends all his time blaming Congress for his failures.

Click HERE For Rest Of Story

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Obamanomics: U.S. Economy Grew By Dismal 0.4% In Fourth Quarter Of 2012

Worst. President. Ever… Economy Grew By Dismal 0.4% In Fourth Quarter Of 2012 – Gateway Pundit

The Obama disaster continues…

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Democrats must be very proud.

The Obama economy grew by a pathetic 0.4% in the final quarter of 2012.

The AP reported:

The U.S. economy grew at a slightly faster but still anemic rate at the end of last year. However, there is hope that growth accelerated in early 2013 despite higher taxes and cuts in government spending.

The economy grew at an annual rate of 0.4 percent in the October-December quarter, the Commerce Department said Thursday. That was slightly better than the previous estimate of 0.1 percent growth. The revision reflected stronger business investment and export sales.

Analysts think the economy is growing at a rate of around 2.5 percent in the current January-March quarter, which ends this week.

Steady hiring has kept consumers spending this year. And a rebound in company stockpiling, further gains in housing and more business spending also likely drove faster growth in the first quarter.

Click HERE For Rest Of Story

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Thanks Barack… New EPA Regulations Will Cause New Car Prices To Skyrocket

Thanks Barack… New EPA Regulations Will Cause New Car Prices To Skyrocket – Heritage Foundation

Brace yourself. The cost of a new car in America is set to explode, skyrocketing by thousands of dollars, all thanks to a new regulation proposed by President Barack Obama’s Environmental Protection Agency and the National Highway Traffic Safety Administration.

Under a new 893-page proposal unveiled last week, automakers must hit a fleet-wide fuel economy average of 54.5 miles per gallon by 2025–double today’s 27.3 standard. The government says it would cost automakers $8.5 billion per year to comply, which means a spike in sticker prices of at least $2,000 to $2,800, according to official projections. Other estimates peg the added costs at $3,100, and that could go even higher. As The Wall Street Journal writes, “Vehicles that currently cost $15,000 or less will effectively be regulated out of existence.”

Apart from increased costs, the new regulations would have other impacts on consumers as well. In a new paper, Heritage’s Diane Katz warns that another unacceptable consequence is loss of life resulting from smaller vehicles:

In past years, the structure of the regulations induced automakers to dramatically downsize some vehicles to meet the standard, which increased traffic fatalities by the thousands. The new standards would require downsizing to both small and large models, which the government contends will neutralize the risk. However, the NHTSA and the EPA disagree on the extent of the risk, while outside experts say that the danger would be heightened by the extreme stringency of the proposed standards.

While consumers struggle to pay the price of higher cost vehicles, U.S. automakers would likely take a hit as well. They would be forced to change the lineup of vehicles they offer in order to meet their fuel efficiency targets, and they would produce cars and trucks that Americans don’t even want. The Wall Street Journal explains:

The only way Detroit can hit these averages will be by turning at least 25% of its fleet into hybrids. But hybrid sales peaked in the U.S. two years ago at 3% of the market and are declining. The EPA’s $157 billion price tag includes only the estimate of what manufacturers will have to invest in new technology, not the billions more that will hemorrhage when nobody buys their EPA-approved products.

And all this comes as the former “Detroit Three” are struggling with weak auto sales, projected to be down by 17.9 percent in 2011 from where they stood at the onset of the recession. Ironically, the federal government that bailed out the industry is now imposing regulations that could once again threaten its existence. The Obama Administration is pointing to the supposed benefits of the new standards–including a fuel savings of $1.7 trillion–but as Katz writes, that number is “pure speculation given that actual savings would depend on the price of gasoline,” which can’t be predicted 14 years into the future, much less next summer.

There’s another point to be made, as well: American consumers would face higher-priced vehicles and fewer choices all at the hands of unelected bureaucrats at the EPA who have never been authorized by Congress to set fuel-efficiency standards for any purpose. That, though, is consistent with President Obama’s modus operandi–to regulate where he cannot legislate. There is something Congress can and should do: bar the EPA and the NHTSA from implementing and enforcing the new standards by withholding funds or passing a law prohibiting the regulation.

The EPA should not be in the business of picking and choosing what kind of cars and trucks Americans can drive, and neither should President Obama. But if Congress does not take action, that could certainly be the result.

Click HERE For Rest Of Story

Daily Benefactor News – President Asshat Kills Another 200,000 U.S. Jobs

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President Asshat Kills Another 200,000 U.S. Jobs – Gateway Pundit

In August Barack Obama told Americans, “You should know that keeping the economy growing and making sure jobs are available is the first thing I think about when I wake up every morning. It’s the last thing I think about when I go to bed each night.” Yeah, right.

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Barack Obama just postponed shale gas drilling in Ohio for another half year to please environmental groups. His latest move effectively kills 200,000 high-paying jobs in the swing state.

The Examiner reported:

President Obama’s United States Department of Agriculture has delayed shale gas drilling in Ohio for up to six months by cancelling a mineral lease auction for Wayne National Forest (WNF). The move was taken in deference to environmentalists, on the pretext of studying the effects of hydraulic fracturing.

“Conditions have changed since the 2006 Forest Plan was developed,” announced WNF Supervisor Anne Carey on Tuesday. “The technology used in the Utica & Marcellus Shale formations need to be studied to see if potential effects to the surface are significantly different than those identified in the Forest Plan.” The study will take up to six months to complete. The WNF study reportedly “will focus solely on how it could affect forest land,” despite the significance of hydraulic fracturing to united proponents of the delay, “and not how it could affect groundwater.”

Speaking of the WNF gas drilling, one environmentalist group spokesman suggested that moving forward with drilling “could turn the Ohio Valley into Ozone Alley,” even though Wayne National Forest already has nearly 1300 oil and gas wells in operation.

The Ohio Oil and Gas Energy Education Program (OOGEEP) recently estimated that drilling in the Utica shale, which is affected by the suspension of the mineral lease auctions, would produce up 204,500 jobs by 2015.

Earlier this week, Obama killed at least another 20,000 jobs by not approving the Keystone Pipeline.

Click HERE For Rest Of Story

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THE DAILY BENEFACTOR now provides you with a large selection of NEWS WIDGETS containing RSS feeds from the most comprehensive news sources on the internet, such as THE DRUDGE REPORT, GATEWAY PUNDIT, THE WASHINGTON EXAMINER, WORLDNETDAILY, POLITICO, THE WALL STREET JOURNAL, CNS, MICHELLE MALKIN, BREITBART, and THE JERUSALEM POST. Check them out!

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Daily Benefactor News – Thanks Barack… Government Raises Estimate Of Auto Bailout Losses To $23.6 Billion

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Government Raises Estimate Of Auto Bailout Losses To $23.6 Billion – USA Today

The federal government is going to lose billions more on its automotive bailout than it planned.

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The Treasury Department now expects to lose $9 billion more on the automotive bailout, increasing the total loss to an estimated $23.6 billion, the Detroit News reports. The increase is largely due to a slide in General Motors’ stock price.

The bailout is expected to play large in presidential politics. President Obama has made multiple trips to auto plants in the Midwest to tout the success of the bailout. Republican presidential hopefuls, like front-runner and former Massachusetts governor Mitt Romney, have blasted it as government interference in private commerce.

While GM has seen a strong resurgence in the U.S., its stock price has fallen out of concerns about its sales around the world, especially in troubled Europe.

The News says the cost of the bailout of GM, Chrysler Group and the auto finance companies totaled $79.6 billion. The two automakers restructured through bankruptcy. Ford Motor didn’t take a bailout.

Taxpayers have already gotten some of their money back. The government has gotten back $23.2 billion of its $49.5 billion bailout of GM. It has reduced its stake in the company from 61% to 26.5%. With the falling share price, however, it is not going to sell more of its GM stock.

But it has been forced to put on hold the sale of its remaining 500 million shares of stock.

Click HERE For Rest Of Story

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THE DAILY BENEFACTOR now provides you with a large selection of NEWS WIDGETS containing RSS feeds from the most comprehensive news sources on the internet, such as THE DRUDGE REPORT, GATEWAY PUNDIT, THE WASHINGTON EXAMINER, WORLDNETDAILY, POLITICO, THE WALL STREET JOURNAL, CNS, MICHELLE MALKIN, BREITBART, and THE JERUSALEM POST. Check them out!

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President Asshat’s “Jobs” Bill Makes It Illegal To Discriminate Against Unemployed

President Asshat’s “Jobs” Bill Makes It Illegal To Discriminate Against Unemployed – The Hill

President Asshat’s American Jobs Act, which he presented to Congress on Monday, would make it illegal for employers to run advertisements saying that they will not consider unemployed workers, or to refuse to consider or hire people because they are unemployed.

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The proposed language is found in a section of the bill titled “Prohibition of Discrimination in Employment on the Basis of an Individual’s Status as Unemployed.” That section would also make it illegal for employers to request that employment agencies take into account a person’s unemployed status.

It would also allow aggrieved job-seekers to seek damages if they have been discriminated against. This provision in particular prompted Rep. Louie Gohmert (R-Texas) to argue that President Asshat’s proposal is aimed at creating a new, special class of people who can sue companies.

“So if you’re unemployed, and you go to apply for a job and you’re not hired for that job, see a lawyer,” Gohmert said on the House floor. “You might be able to file a claim because you got discriminated against because you’re unemployed.”

He said this provision would only discourage companies from interviewing unemployed candidates, and would “help trial lawyers who are not having enough work,” since there are about 14 million unemployed Americans.

“That’s 14 million potential new clients that could go hire a lawyer and file a claim because they didn’t get hired even though they were unemployed,” he said.

Under the bill, companies saying they will not consider unemployed candidates could face a court order enjoining them from this practice, a fine of up to $1,000 per day or “reasonable attorney’s fees.” Other violations could lead to damages as high as $5,000.

Enforcement of the new language would be carried out by the Equal Employment Opportunity Commission and other entities using the same power they have under the Civil Rights Act and the Government Employee Rights Act.

Gohmert also criticized other parts of President Asshat’s proposal, such as language that would create a program allowing workers to be reimbursed if their employer cuts their work hours by 10 percent.

The proposal has mostly met resistance from House Republicans, in large part because it proposes $447 billion in new spending that would be paid for with new tax revenue that stretches over the next decade.

Click HERE For Rest Of Story

Stocks Plunge On Economic Fear; Dow Down 419 Points

Stocks Plunge On Economic Fear; Dow Down 419 Points – KFSN

Stocks plunged worldwide Thursday as more signs of economic weakness revived investors’ fears of another recession. The Dow Jones industrial average fell 419.63 points in a return to the wild swings in the market last week.

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The intense selling started as soon as trading began, and the Dow was down 528 points shortly after the opening bell. The drop ended four days of relative calm in the stock market.

Market strategists said investors were increasingly pessimistic about the economy. It wasn’t just the day’s economic reports – warnings like this one added to the gloom:

The U.S. and European economies are “dangerously close to recession,” Morgan Stanley economists wrote in a report. “It won’t take much in the form of additional shocks to tip the balance.”

The Dow Jones industrial average fell 488 points, or 4.3 percent, to 10,922 at 3:05 p.m. in New York The Standard & Poor’s 500 index fell 59 points, or 5 percent, to 1,134. All but four of the 500 stocks in the index fell. The Nasdaq composite fell 139, or 5.6 percent, to 2,372.

“This is yet another stage of panic selling,” said Gene Peroni Jr., a portfolio manager with Advisors Asset Management with $7.3 billion in client assets. “Investors are reacting first and asking questions later.”

Last week was one of the wildest in Wall Street history. The Dow moved more than 400 points on four straight days for the first time.

Stocks had been relatively stable this week because investors were calmed by strong earnings reports and a flurry of corporate acquisition deals. The Dow had fallen 76 points Tuesday and risen four points Wednesday – the first time that the average rose or fell by less than 100 points on two straight days in nearly three weeks.

That ended Thursday. And with stocks down big, money flooded into U.S. Treasurys and gold, both considered safer investments.

The yield on the 10-year Treasury note briefly fell below 2 percent for the first time, before recovering to 2.07 percent. Low yields show that investors are willing to accept a lower return on their money in exchange for safety. Demand for government debt has stayed high, and yields low, even after Standard & Poor’s stripped the United States of its top credit rating.

Gold rose to a record of $1,829.70 per ounce before falling back to $1,829. That’s up from $1,400 at the start of the year and more than double the price several years ago. The price of gold has set one record after another, with some investors looking for stability and others simply looking to cash in.

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Thanks Barack… Unemployment Climbs To 9.2 Percent

Thanks Barack… Unemployment Climbs To 9.2 Percent – Minneapolis Star Tribune

Hiring slowed to a near-standstill last month. Employers added the fewest jobs in nine months and the unemployment rate rose to 9.2 percent.

The economy generated only 18,000 net jobs in June, the Labor Department said Friday. And the number of jobs added in May was revised down to 25,000.

The latest report offered stark evidence that the “recovery” will be painfully slow. Businesses added the fewest jobs in more than a year. Governments cut 39,000 jobs. Over the past eight months, federal, state and local governments have cut a combined 238,000 positions.

Hiring has slowed sharply in the past two months, after the economy added an average of 215,000 jobs per month in the previous three months.

The economy typically needs to add 125,000 jobs per month just to keep up with population growth. And at least twice that many jobs are needed to bring down the unemployment rate.

In June, hiring was weak in most sectors: Manufacturers added only 6,000 jobs; Education and health care was flat; and professional and business services, which include accounting, legal and engineering jobs, grew by only 12,000.

Construction and financial services cut jobs.

The weak economy and slow hiring is causing more people to simply give up looking for work. More than a quarter-million people stopped their job searches in June. That kept the unemployment rate from rising even further. When laid-off workers stop looking for work, they are no longer counted as unemployed.

Including discouraged workers and those working part time, but who would prefer full-time work, the “under-employment” rate jumped from 15.8 percent to 16.2 percent.

Unemployment has topped 8 percent for 29 months, the longest streak since the 1930s. It has never been so high so long after a recession ended. At the same point after the previous three recessions, unemployment averaged just 6.8 percent.

And those who do have jobs are earning less. Average hourly wages declined last month. After-tax incomes, adjusted for inflation, have been flat this year.

The average work week declined to 34.3 hours, from 34.4, which means employers demanded less work from their existing staffs. Usually companies demand more hours from their existing staffs when they are preparing to hire more workers.

Temporary employment fell 12,000. Businesses generally hire more temporary workers before taking on permanent ones.

The number of unemployed workers rose almost 175,000 to 14.1 million, pushing up the unemployment rate.

The government said last month that the economy grew only 1.9 percent in the January-March quarter. Analysts are expecting similarly weak growth in April-June quarter.

The economy would need to grow 5 percent for a whole year to significantly bring down the unemployment rate.

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Let’s Help The Economy By Making Cars More Expensive!

Let’s Help The Economy By Making Cars More Expensive! – Hot Air

Clearly the word has reached the White House that Americans are having trouble making ends meet and they need to cut costs, just as the federal government does. And one of the expenses most families have to deal with is transportation, whether it be getting to work, school, or just the normal needs of day to day life. Quick like a bunny, the government recognized the benefits of making vehicles less expensive, and gas less expensive to boot.

But on second thought, maybe there’s a better plan

White House proposes increased mileage standards for cars, light trucks

The Obama administration wants cars and light trucks in the United States to average 56.2 miles per gallon of gasoline by 2025, a standard that will cut the nation’s oil consumption and carbon output significantly while also raising each vehicle’s cost by about $2,375.

The White House’s ambitious opening bid, which it revealed in conversations with domestic auto companies and lawmakers last week, has already sparked resistance. U.S. automakers have offered to raise fuel efficiency over the next eight years to between 42.6 and 46.7 mpg, according to sources who had been briefed on the negotiations.

I’m sure we can all immediately recognize the benefits of such a plan. The First Lady has been urging everyone to get into better shape, so if you can jack up the cost of getting around you will all doubtless tone up those calves and thighs via walking while looking for a new job. And, of course, your carbon footprint will go down even as your actual footprint expands with fresh callouses.

All snark aside, there were some of the usual wet blankets looking to dump cold water over this spectacular idea.

15 governors call on Obama to adopt “sensible” fuel economy standards

Fifteen Republican governors have sent a letter urging the Obama administration not to enact draconian new fuel economy standards.

The Environmental Protection Agency and the National Highway Traffic Safety Administration are expected to release new Corporate Average Fuel Economy (CAFE) standards in September. The Obama administration has already issued guidance suggesting that the new rules would require vehicles to average as much as 62 miles per gallon by 2025, though 56 miles per gallon is more likely.

This absurd standard would mean the average car would have to get mileage higher than the 50 mpg Toyota’s Prius does now, driving up the cost of automobiles, and limiting consumer choice.

Enhanced fuel economy is desirable from all sides. And it’s not as if the auto industry is intentionally designing cars to burn more gas. The free market is in play, and they know they can sell cars which sip gas rather than guzzling it, providing they are of good quality and suited to the consumer’s needs. But to have Washington’s far from invisible hand attempt to push the technology past currently viable limits serves the opposite purpose, pushing the cost of the vehicles upward and making them less desirable.

But don’t let that stop you. This is a fabulous plan.

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Thanks Barack… The Deficit Is Worse Than We Think

The Deficit Is Worse Than We Think – Wall Street Journal

Washington is struggling to make a deal that will couple an increase in the debt ceiling with a long-term reduction in spending. There is no reason for the players to make their task seem even more Herculean than it already is. But we should be prepared for upward revisions in official deficit projections in the years ahead—even if a deal is struck. There are at least three major reasons for concern.

First, a normalization of interest rates would upend any budgetary deal if and when one should occur. At present, the average cost of Treasury borrowing is 2.5%. The average over the last two decades was 5.7%. Should we ramp up to the higher number, annual interest expenses would be roughly $420 billion higher in 2014 and $700 billion higher in 2020.

The 10-year rise in interest expense would be $4.9 trillion higher under “normalized” rates than under the current cost of borrowing. Compare that to the $2 trillion estimate of what the current talks about long-term deficit reduction may produce, and it becomes obvious that the gains from the current deficit-reduction efforts could be wiped out by normalization in the bond market.

To some extent this is a controllable risk. The Federal Reserve could act aggressively by purchasing even more bonds, or targeting rates further out on the yield curve, to slow any rise in the cost of Treasury borrowing. Of course, this carries its own set of risks, not the least among them an adverse reaction by our lenders. Suffice it to say, though, that given all that is at stake, Fed interest-rate policy will increasingly have to factor in the effects of any rate hike on the fiscal position of the Treasury.

The second reason for concern is that official growth forecasts are much higher than what the academic consensus believes we should expect after a financial crisis. That consensus holds that economies tend to return to trend growth of about 2.5%, without ever recapturing what was lost in the downturn.

But the president’s budget of February 2011 projects economic growth of 4% in 2012, 4.5% in 2013, and 4.2% in 2014. That budget also estimates that the 10-year budget cost of missing the growth estimate by just one point for one year is $750 billion. So, if we just grow at trend those three years, we will miss the president’s forecast by a cumulative 5.2 percentage points and—using the numbers provided in his budget—incur additional debt of $4 trillion. That is the equivalent of all of the 10-year savings in Congressman Paul Ryan’s budget, passed by the House in April, or in the Bowles-Simpson budget plan.

Third, it is increasingly clear that the long-run cost estimates of ObamaCare were well short of the mark because of the incentive that employers will have under that plan to end private coverage and put employees on the public system. Health and Human Services Secretary Kathleen Sebelius has already issued 1,400 waivers from the act’s regulations for employers as large as McDonald’s to stop them from dumping their employees’ coverage.

But a recent McKinsey survey, for example, found that 30% of employers with plans will likely take advantage of the system, with half of the more knowledgeable ones planning to do so. If this survey proves correct, the extra bill for taxpayers would be roughly $74 billion in 2014 rising to $85 billion in 2019, thanks to the subsidies provided to individuals and families purchasing coverage in the government’s insurance exchanges.

Underestimating the long-term budget situation is an old game in Washington. But never have the numbers been this large.

There is no way to raise taxes enough to cover these problems. The tax-the-rich proposals of the Obama administration raise about $700 billion, less than a fifth of the budgetary consequences of the excess economic growth projected in their forecast. The whole $700 billion collected over 10 years would not even cover the difference in interest costs in any one year at the end of the decade between current rates and the average cost of Treasury borrowing over the last 20 years.

Only serious long-term spending reduction in the entitlement area can begin to address the nation’s deficit and debt problems. It should no longer be credible for our elected officials to hide the need for entitlement reforms behind rosy economic and budgetary assumptions. And while we should all hope for a deal that cuts spending and raises the debt ceiling to avoid a possible default, bondholders should be under no illusions.

Under current government policies and economic projections, they should be far more concerned about a return of their principal in 10 years than about any short-term delay in a coupon payment in August.

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Thanks Barack… Recovery Worst Since Great Depression

Obama Recovery Is Worst Since Great Depression – Gateway Pundit

Worst. President. Ever.

A new report shows that real GDP has risen 0.8% over the 13 quarters since the recession began, compared to an average increase of 9.9% in past recoveries.

(Trading Economics)

Team Obama promised that US GDP growth would be 4.0% in 2011. The Fed announced last week that they see GDP at 2.7% to 2.9% this year.

The Wall Street Journal reported:

When a new Bloomberg poll finds that 44% of Americans feel that the economy is “worse than when Obama was inaugurated” (versus only 34% who say it is “better”), you know the economic recovery is pretty anemic. Now the Joint Economic Committee has chronicled how weak it is compared to others since World War II.

In a report entitled “Unchartered Depths,” the Committee finds that “employment is now 5.0% below what it was at the start of the recession, 38 months ago. This compares to an average rise in employment of 3.7% over the same period in prior post-WWII recessions.”

On economic growth, real GDP has risen 0.8% over the 13 quarters since the recession began, compared to an average increase of 9.9% in past recoveries. From the beginning of the recession to April 2011, real personal income has grown just .9% compared to 9.4% for the same period in previous post 1960 recessions.

The standard response from Obama apologists is that recession of 2008 and 2009 was different because, as former Clinton administration economist Robert Shapiro puts it, “this was a financial crisis, and these take longer to recover from.” In fact, in most cases, the deeper the recession, the stronger the recovery to make up for lost ground.

That was what Ronald Reagan’s critics said when the U.S. economy soared during 1983 and 1984 with quarterly growth numbers exceeding 7%. At the time, liberal Keynesians yawned and declared the good times nothing more than a normal snapback from the deep recession.

So where is the normal snapback now? Even $4 trillion in deficits since 2009 and nearly $2 trillion of asset purchases by the Fed haven’t pulled the economy from its funk.

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