Drill, baby, Drill
Once again the fraudulent message from the environmental activists in the EPA is being echoed by a willing media, claiming DRILL HERE DRILL NOW WON'T HAVE AN EFFECT ON GAS PRICES WHEN THERE IS IRREFUTABLE EVIDENCE TO THE CONTRARY. Where is the proof you ask? CURRENTLY THERE IS ONE COMMODITY THAT HAS NOT ADJUSTED WITH INFLATION, IS NOT TIED TO THE DEVALUATION OF THE DOLLAR, NOR FOLLOWS THE RISE IN GOLD AND OIL.
America's Natural Gas is trading at 2003 rates and when adjusted for inflation is closer to 2000 rates. Why? Because MULTITUDES OF AMERICANS ARE DEVELOPING THIS VAST RESOURCE NOT A HANDFUL OF MULTINATIONAL CONCERNS. They are bringing an abundant supply of American energy to the market; in New York State alone we have over 3000 gas wells.
Drill here drill now works! American ingenuity in energy technology has fostered a boom in natural gas prospecting. HUNDREDS OF SMALL TO MEDIUM SIZE AMERICAN ENERGY COMPANIES ARE CREATING TENS OF THOUSANDS OF GOOD PAYING JOBS DEVELOPING AMERICAS VAST NATURAL GAS DEPOSITS, LEADING THE WAY FOR THIS ENERGY OF THE FUTURE….
With the economy in the shape it is in and with the Democrats out of tools and ideas how to bring the economy back, this is a no brainer. Declare war on importing foreign oil and open up everything to drilling. Not only will it decrease our dependence on foreign oil, it will create good high paying American jobs while it pumps up the dollar. It will bring about prosperity that will spread to housing, manufacturing, etc. And for the Global Warming doomsayers, your warnings keep failing to come true so why should anyone listen to you. Meanwhile back at the ranch, the Obama administration continues their war on energy.
Administration blocks restart of massive oil pipeline, citing leaks
THE OBAMA ADMINISTRATION SAID FRIDAY THAT A MASSIVE PIPELINE CARRYING OIL ACROSS MUCH OF THE UNITED STATES MUST REMAIN SHUT DOWN UNTIL FEDERAL REGULATORS ARE SATISFIED THAT IT CAN OPERATE WITHOUT FUTURE LEAKS.
TransCanada’s Keystone pipeline leaked twice last month, fueling opposition to a pending expansion of the project, which is undergoing a wide-ranging federal review.
This administration is simply anti-conventional energy.
Dow longest losing streak in 7 years
U.S. STOCKS FELL THIS WEEK, SENDING THE DOW JONES INDUSTRIAL AVERAGE TO ITS LONGEST STREAK OF LOSSES SINCE 2004, AFTER WORSE-THAN-ESTIMATED REPORTS ON JOBS AND MANUFACTURING fueled concern earnings growth will slow.
All 10 Standard & Poor’s 500 Index groups dropped, with declines exceeding 1.3 percent. Newell Rubbermaid Inc. (NWL) sank 15 percent, leading declines in the Standard & Poor’s 500 Index, after cutting its profit forecast. J.C. Penney Co. and Stanley Black & Decker Inc. (SWK) slumped more than 6 percent as investors sold companies tied to economic growth. General Motors Co. (GM) andFord Motor Co. (F) decreased at least 4 percent after sales growth missed projections.
The S&P 500 lost 2.3 percent to 1,300.16, the biggest weekly decline since August. Its five-week losing streak is the longest since 2008 and puts the index at its lowest level since March. The DOW FELL 290.32 POINTS, OR 2.3 PERCENT, TO 12,151.26, ALSO POSTING A FIFTH-STRAIGHT WEEKLY SLUMP
According to Obama and his administration this is just a headwind.
NYT: In blow to economy, hiring hits the skids
After several months of strong job growth, U.S. hiring slowed sharply in May, suggesting the economy may be running out of steam once again.
The Labor Department reported Friday that the nation added 54,000 nonfarm payroll jobs last month, after an increase of about 220,000 jobs in each of the three previous months. The gain in May was about a third of what economists had been forecasting. The unemployment rate, meanwhile, edged up to 9.1 percent from 9.0 percent in April.
"THE ECONOMY CLEARLY JUST HIT A BRICK WALL," said Paul Ashworth, chief U.S. economist at Capital Economics. "IT'S ALMOST AS IF IT CAME TO A COMPLETE STANDSTILL."
While most analysts do not believe that the country will slide back into a recession — which would technically mean that the economy would start shrinking again - they acknowledge that with such low levels of hiring, THE RECOVERY IS BARELY PERCEPTIBLE TO MANY AMERICANS.
In Washington, today's hiring challenges have been receiving less attention than tomorrow's fiscal ones. But a week of dismal news on manufacturing, housing and car sales may pivot the discussion. Some pressure is building on the Obama administration and Congress to delay federal spending cuts, which economists say will weigh down the fragile recovery. LIBERAL GROUPS HAVE RENEWED THEIR CALLS FOR MORE AID TO THE STATES AND MORE AGGRESSIVE ACTION FROM THE FEDERAL RESERVE.
The statement about liberal groups calling for mare aid to the states demonstrates the old adage that doing the same thing over and over again and expecting different results being the definition of insanity.
Krugman on the deficit
…On March 25, Krugman wrote:
Two years ago, faced with soaring unemployment and large budget deficits -- both the consequences of a severe financial crisis -- MOST ADVANCED-COUNTRY LEADERS SEEMINGLY UNDERSTOOD THAT THE PROBLEMS HAD TO BE TACKLED IN SEQUENCE, WITH AN IMMEDIATE FOCUS ON CREATING JOBS COMBINED WITH A LONG-RUN STRATEGY OF DEFICIT REDUCTION.
Progressives like Krugman treat unemployment with massive doses of government spending -- such things as stimulus and Keynesian pump priming, which make the deficit all the worse. KRUGMAN HAS LONG INSISTED THAT THE OBAMA'S TRILLION-DOLLAR STIMULUS WAS MUCH TOO SMALL TO MAKE THE NEEDED DIFFERENCE. But right after the 2006 election, when the Democrats took back Congress, Krugman advised:
DEMOCRATS SHOULDN'T SPEND POLITICAL CAPITAL TRYING TO BRING THE DEFICIT DOWN. ... given a choice between cutting the deficit and SPENDING MORE ON GOOD THINGS LIKE HEALTH CARE REFORM, THEY SHOULD CHOOSE THE SPENDING. ... Should [the Democrats] use the reclaimed revenue to reduce the deficit, or spend it on other things? The answer, I now think, is to spend the money...and let the deficit be. ... In the long run, something will have to be done about the deficit. But given the state of our politics, now is not the time.
THIS ADVICE CAME AT A TIME WHEN AMERICA HAD "FULL EMPLOYMENT." So it's natural to wonder if for Paul Krugman there is ever a right time to tackle the deficit.
I think the democrats should change their name to Deficits R Us and Krugman should give back his Nobel Prize.
Editorial: Jobs Slump — It's The Policy, Stupid
Recession: Two years into a "recovery," the unemployment rate leaps to 9.1% and just 54,000 new jobs are created. Is this just "bumps on the road to recovery," as the White House insists, or something more dangerous?
THIS HAS BEEN THE MOST MISERABLE RECOVERY IN MODERN HISTORY. Not only are there not enough jobs being created, but also the economy itself looks to be stalling.
Gross domestic product grew a paltry 1.8% during the first quarter, and most economists expect something similar for the second quarter. Double dip? It's possible.
As we noted earlier last week before the new jobs data came out, THE U.S. IS ALREADY IN A GROWTH RECESSION — DEFINED AS AN ECONOMY THAT'S GROWING TOO SLOWLY TO KEEP UNEMPLOYMENT FROM RISING.
Yet the Obama administration is crowing about its accomplishments as if slowing growth and rising joblessness have nothing to do with its bad policies.
"THE INITIATIVES PUT IN PLACE BY THIS ADMINISTRATION — such as the payroll tax cut and business incentives for investment — HAVE CONTRIBUTED TO SOLID EMPLOYMENT GROWTH OVERALL THIS YEAR, but this report is a reminder of the challenges that remain," said Austan Goolsbee, Obama's top economic adviser.
"Solid employment growth"? SINCE THE END OF LAST YEAR, JOB GROWTH HAS AVERAGED 130,500 A MONTH — ABOUT THE NUMBER OF PEOPLE WHO ENTER THE WORKFORCE EACH MONTH. That's not "solid" enough.
By the way, the unemployment rate has been below 9% for just five months since Obama took office — and three of those months were in the first 12 weeks of his presidency, before his policies took effect….
If Goolsbee actually believes what he is saying he is delusional. But as neuroscientist Earl Miller explains "The brain is very good at deluding itself."
Greenburg warns the Democrats to face the real economy
A prominent Democratic pollster has a blunt warning for the Party: Despite a turn in economic growth and job creation statistics, AMERICANS PERCEIVE NO CHANGE IN A "REAL ECONOMY" OF REDUCED WAGES AND BENEFITS.
On Thursday, Democratic pollster Stanley Greenberg briefed reporters on results from a recent series of focus groups, one-on-one interviews and a national survey of likely voters all sponsored by Democracy Corps, the organization Greenberg founded with campaign consultant James Carville.
THE RESULTS SHOW THAT BACKWARD-LOOKING CAMPAIGN MESSAGES ABOUT WHO IS TO BLAME FOR THE RECESSION OR WHETHER THE RECOVERY EFFORTS ARE SUCCEEDING ARE DOOMED TO FAILURE. Instead Greenberg is urging Democrats to look forward, embrace the ongoing economic hardship and propose solutions that target perceived greed and unfairness.....
It’s the economy stupid! The problem is after $5 trillion in deficit spending and an $861 billion stimulus, it’s Obama’s and the Democrat’s economy.