GDP Under Obama Is Nearly 42% Worse Than It Was Under George Bush

Obama's latest GDP performance report for Q4 wraps up 2013 at a measly 1.9% real GDP for the whole year, quite an achievement when the second half of the year was as good as it was.

It's possible the second and third estimates will be better than the initial report of 3.2% for Q4, but that is not likely to change the overall number for 2013 very much.

As it stands, Obama has now had an average annual real GDP report of just 1.24% vs. George Bush's 2.13%.

Obama's performance remains the worst ever since World War II.

When he said he'd transform the country, he meant it.

Q4 2013 Real GDP At 3.2% In 1st Estimate, Q3 Remains At 4.1%

The BEA reports here.

Change in private inventories added far less in Q4 than in Q3, just .42 points vs. 1.67.

As good as the second half of 2013 appears, real GDP for 2013 still clocks in at an anemic 1.9% vs. 2.8% in 2012.

Abenomics is a fart in a windstorm

Good Help Is Hard To Find: Drudge Leads With A Typo For Five Hours And Counting

You know the "artic", up north where the artists live, in "artica", as opposed to their southern home in antartica.

Yikes, Now Laura Ingraham Repeats Stupid

Just now Laura Ingraham said on her radio program that 3 million Republicans stayed home on election day in 2012.

The story was debunked in late November 2012 already, by Kimberley Strassel for The Wall Street Journal.

She's starting to sound as dumb as Rush.

Get up to speed people!

Hey Obama! Job Change Is A Fact!

Americans in October 2013 are driving like it's still 2005!

Maybe all that reduced carbon pollution Obama is so proud of came on the backs of workers who have millions fewer jobs to drive to: miles-traveled has been stuck at 2004/5 levels for Obama's entire presidency, reducing carbon emissions. Only a blind communist would boast of increased food supplies because he starved his people to death.

Mark Levin Is Smokin' Something, Too

Tonight Mark Levin's calling on the US House to pass a resolution declaring our lawless president's executive orders null and void.

You know, the same House which is about to betray the people who put them in charge up there by passing another illegal alien amnesty.

The same House which just screwed veterans out of their retirements.

The same House which completely botched the so-called government so-called shutdown.

The same House which capitulated on the sequester and raised spending.

And that's the litany of woe for just the last couple of months.

Let's face it. This House isn't worthy of conservatives' support. And we aren't worthy to be called Americans if we support it.

Baby It's Cold Outside

Minimum temps in the US for 1/28/14

Self-Identifying As Middle Class Is Down 17% After 5 Years Of Obama, As Lower Class Up 60%!

Self-identifying as middle class is down 9 points since 2008, which is a 17% decline.

Self-identifying as lower class is up a whopping 15 points, or 60%.

Identifying as upper class is down almost 29% under the regime.

Graph seen here at Time.com.

Balance Sheet Recession Continues To Restrain Aggregate Demand: US Halfway Through Its First Lost Decade

So says Stephen Roach for Project Syndicate, here:

As research by the economists Richard Caballero, Takeo Hoshi, and Anil Kashyap has shown, Japan’s corporate “zombies” – rendered essentially lifeless by their balance-sheet problems – ended up damaging the healthier parts of the economy. Until balance sheets are repaired, such “zombie congestion” restrains aggregate demand. Japan’s lost decades are an outgrowth of this phenomenon; the US is now halfway through the first lost decade of its own.

Mish: Credit Dwarfs Money Supply

Just as the Fed's overnight window dwarfed TARP in the 2008 panic.

Mish hits a homer, here:

I have little doubt the Fed (central bankers in general) will step on the money supply spigot in response to another slowdown. But credit dwarfs money supply. Once again, those who view inflation and deflation in the myopic eyes of money supply alone will come to the wrong conclusions about prices of goods, services and assets, just as they did in 2008 when they thought hyperinflation was just around the corner. Those who understand credit and credit market to market will get the picture right. I repeat my claim that I made in 2007. The US will go in and out of deflation over the course of a number of years. Deflation is once again nearly at hand, but Europe will be first.

US Electricity Consumption Remains 3.35% Off The 2005 Peak Through 2011

click image to enlarge

2011 consumption per capita was 13,246 kWh.

Rush Limbaugh Must Be High Again: Now Blames Tea Party For Staying Home In 2012

Up until now I haven't heard Rush Limbaugh blame the Tea Party specifically for staying home in 2012. It's always been the Republican "base" which he's been blaming for staying home, first 3 million of them, then 4 million. 

But now he's saying specifically that it's the Tea Party which stayed home in 2012, here on Friday:

CALLER: Hi, Rush, thanks for taking my call. Hey, I was just wondering if the Tea Party is so strong, what the hell happened to us in 2012?

RUSH: Stayed home.

CALLER: I would have walked over broken glass to vote against Obama.

RUSH: Yeah.

CALLER: Nothing could have kept me from it.

RUSH: Yeah, but four million of you didn't.

----------------------------------------------------------------------------------------------

Rush got this "stay home" meme in his head from some uncritical knee-jerk repetition of provisional reporting right after the election suggesting whites stayed home, based on admittedly incomplete exit polling data, which is kind of an irony since Rush used the same airtime on Friday to highlight how a false story about a country singer couldn't be erased no matter how hard she tried. Well this false story is well nigh impossible to erase from Rush's hard drive, and it's just getting worse now that he's singling out the Tea Party, which is probably more responsible for Romney's actual better performance than McCain's than people realize.

Within weeks of the election the whole idea that McCain got more Republican votes than Romney was decisively trashed by Kimberley Strassel for The Wall Street Journal here and by Ed Morrissey at Hot Air here. Strassel points out the only losing state where McCain bested Romney was Ohio.

In point of fact, Strassel's numbers show Romney could have won the election but for 334,000 votes in just four states:

In the end, it was 334,000 votes—in Florida, Virginia, Ohio and New Hampshire—that separated Mr. Romney from the presidency.

In McCain's loss to Obama in 2008, the election similarly turned on just 1.4 million votes in the swing states. And for all the close states Romney lost to Obama in 2012, not just those four, the election turned on half that many in total.

So actually Romney did much better than McCain, it's just that Obama deployed his resources on the ground very effectively in a targeted manner, especially in Ohio, while Romney can't be said to have deployed much at all. Turning out your peeps in contested territories is key even if you lose those. Peeling off votes even in small numbers can increase the value of your turnout elsewhere in the same state, which is the point of campaigning on the ground in Hispanic and other minority strongholds, as Strassel points out. You don't have to win them, just weaken them.

Why Rush Limbaugh just keeps phoning it in on this issue is anyone's guess. But it is clear from much of what he says on the show that he increasingly relies on others to do his show prep for him.

Sympathetic critics of Rush Limbaugh are embarrassed for him, and Tea Partiers in particular can't be too happy. 

Energy From Solar Remains "Absolutely Inconsequential" Despite What Obama's Smokin'

Seen here at CNBC.com:

"Renewables are great, but solar generated 0.1 percent of [U.S.] electricity, and 0.5 percent across the globe. It's absolutely inconsequential," [Paul Genoa of the Nuclear Energy Institute] said. "It's growing rapidly and maybe will get up higher, … but we're not going to power New York, Tokyo and Mumbai with solar. It's a pipe dream."

Republicans Preach Unity After Eating Their Own

Republicans were preaching unity this week at their meetings, as reported here by TheHill.com, but those few of us out here who have politicians who actually represent us in our values and ideas can only cry, "Hypocrites! Liars! Cannibals!"

Republicans these days specialize in nothing if not eating their own. Unfortunately they always choose unwisely from the menu. They enjoy a soupçon of conservatism here, and another there, when what they should be devouring is a full plate of Bushmen.

That's because there's only one kind of unity in the Republican Party anymore: Republican Establishment dictated unity, which is to say, rallying around liberalism in the vain hope of forestalling criticism from Democrats.

If you are a social conservative like Gov. Mike Huckabee or Republican National Committeeman Dave Agema of Michigan or Rep. Todd Akin of Missouri, then shut the hell up, which is just what Democrats yell in the direction of Republicans all the time. It is another aspect of the way in which there isn't a dime's worth of difference between the parties.

The moment in history when this sorry fact became memorialized was in the 1920s when Democrats and Republicans conspired to fix representation at 435 so that they didn't have to listen anymore to the voices of the great unwashed from central and southern Europe who had swelled the population for forty years, nor have to rub shoulders with them in the House of Representatives.

If you want to hear that kind of crap on a regular basis, tune in to the likes of Royalist Republican David Frum. But I, for one, am sick of it. As far as I'm concerned the Axis of Evil runs from the Speaker's office to Reince Priebus' office to wherever Jeb Bush happens to be at the moment.

Republicans can go to hell with the Democrats for all I care. Democrats never get my votes, and this year Republicans won't.

The Broad Market Declined About 2% This 24th Of January, 2014

Bank Failure Friday: Two YTD In 2014

Bank failure number two of 2014 is The Bank of Union, El Reno, Oklahoma, costing the FDIC $70 million. 6,891 institutions remain members of the FDIC.

The Civilian Labor Force Level Is Flashing A Warning: Are Students Having Trouble Finding Part Time Work?

1) Civilian labor force level 2007-2013

After falling during the financial panic and its aftermath, the civilian labor force level has been trying to climb out of a deep hole, a hole which got close to, at the very end of 2010, but did not reach as deep as, the pre-recession level in the winter of 2006-2007.

In point of fact, the civilian labor force level has reached a new all-time high in the now much missed and lately departed summer of 2013, above the 157 million mark. That said, the prior trend looked at as an annual average indicates that the level should be much more like 165 million by now (graph 2). We are way behind in the growth of the labor force, which is as much an abortion problem as it is a demographic problem which includes not just retirements but smaller families of the baby boomers going on to have no families. At any rate, growth of the civilian labor force hit a major speed bump in the financial panic and aftermath, from which it is only slowly just lately showing signs of recovery.

As graph 1) shows, steady progress has been made since 2010 with steadily higher highs and ever shallower lows in the civilian labor force level, until recently. The steepness of the drop since the summer of 2013 is nearly as severe as the drop in 2009.

Normally the measure of the level of the labor force peaks in the summers, as does the number saying they work usually full-time. Then both measures retreat in the winters. I'm assuming this has to do with students who work full-time jobs in the summers going back to school in the winters, when, characteristically enough, the measure of those working usually part-time rockets up. The students leave their full-time summer jobs and get part-time ones during the academic year, or take on part-time work schedules at their old jobs while they hit the books. Seasonal holiday work by non-students also boosts the usually part-time measure. But after reaching a peak of 28.106 million in March 2010, usually part-time peaks have been flat to declining: 28.068 million in November 2010 (the level never got to 28 million in 2011), 28.096 million in February 2012, and 28.050 million in April 2013.

As the level of the civilian labor force has recovered to higher highs each summer, the level of the winter lows has fallen to ever shallower levels, but the recently logged level for December at 154.408 million narrowly undercuts the March 2013 low of 154.512 million, with three months to go. Maybe this year we are witnessing students, who are normally classified as not in the labor force, having trouble finding part-time work. Hence they have dropped out, again so to speak.

That's not good news.

2) Average annual civilian labor force level since 1950 hit a speed bump in 2008

Ann Coulter's Wrong Again: Obama's Dope-Induced Paranoia Makes Him Successful At Least At One Thing

Successful only at spying . . . because he's paranoid.

Spying.

For this I'll lift my ban on quoting Ann Coulter:

"Potheads are incapable of following simple instructions and getting a job done," Ann Coulter said on Wednesday's broadcast of Piers Morgan Live on CNN. "You can't get anything done with a pothead...I'm going to be paying for their food, housing, now for their health care apparently, because they can't perform any useful jobs."

It's 2014 But The Economy Is Falling Apart

Jeffrey Snider, here:

As much as these specialists of economic canon project their abilities as something like science, the reduction of economic benchmarks for success shows that it is nothing more than ideology, more closely operating as religion than science. Science is observation, leading to predictable and replicable results. Everything about the past five years is the opposite for the orthodox economist. Everything about the Panic of 2008 was as well - there was no predictability nor replicability in any of the orthodox models or theories. It is all blind faith.

The economy is falling apart, not recovering as you hear from every mainstream outlet. It is a false narrative given cover by the fact that the very definition of recovery has been altered into something that only a few years ago would be easily recognizable as dire malfunction. Even in the highly adjusted statistical economic accounts that show as such are now couched as if they are representative of the opposite, as their meaning has been subverted by this ideology. And where measures of economic accounts clearly diverge from that narrative, such as the labor force participation and the more recent decline in the labor force itself, it is ignored as irrelevant to the heroic monetary chronicle.