Obama administration defends government-sponsored Christian prayers

The Supreme Court is hearing a case that will decide whether or not it is constitutional for a city council to begin with an explicitly Christian prayer.  Surprisingly to both sides, the Obama administration has filed a brief defending the city council being sued and arguing that the government should not determine the content of someone’s prayer. [Read more...]

Rule of Law vs. Rule by Decree

We have discussed the president’s bad habit of ignoring or even altering laws that he finds inconvenient.  Charles Krauthammer catalogs just how many times and to what extent he and his administration have done this. [Read more...]

Journalists are turning on the White House

As I predicted, the news media is turning on the Obama administration.  Not just because the Justice Department, trying to trace a leak, subpoenaed phone companies for a list of calls made and received over two months by 20 reporters from the Associated Press (including both office and personal cell phones).   According to the Washington Post, tensions have been simmering between the White House and the press corp for some time. [Read more...]

Chuck Hagel confirmed as Secretary of Defense

The Senate confirmed Chuck Hagel as our new Secretary of Defense.  Though Hagel, a former Senator from Nebraska,  is a Republican, most Republicans opposed him for his criticism of Israel, his rejection of sanctions against Iran, his opposition to nuclear weapons, and other “dovish positions.” Hagel will join John Kerry, confirmed as the new Secretary of State, as key cabinet members in the second Obama administration. [Read more...]

Deporting homeschoolers

Homeschooling in Germany is illegal and is punished harshly with fines, imprisonment, and even the taking away of children from their families.  A family that suffered that persecutionfor homeschooling their children came to the United States seeking religious freedom, as so many other immigrants have done, and an immigration judge recognized their jeopardy in their home  country and granted them asylum.  But Attorney General Eric Holder and the Department of Homeland Security are disputing that ruling and are seeking to deport the homeschooling family.  [Read more...]

Just how messed up is our economy?

John Ransom says that our economy is so messed up that economists don’t even have tools to describe what is happening:

To give you an idea how bad the jobs report released on Friday is, consider this fact: The employment situation in the country is so bad that economists can’t accurately measure it with the existing tools they use to measure jobs. In other words, we have entered a period in our country not contemplated by economists. They simply don’t have the tools to measure what’s actually occurring in the jobs market.

Modern economists never imagined a scenario in which a country with as much wealth, power and innovation as United States could stretch out a jobs recession as long as the country has under Obama. . . .

We have a record amount of money in the system doing a record amount of nothing right now. And still the government policy wonks keep thinking that by injecting more money into a system already over-burdened by its money supply we will eventually get different results. . . .

The result is that investors today are still buying US Treasuries despite the fact that after calculating for the real inflation rate Treasury bonds are delivering net negative returns. In other words, investors choose to park money someplace where they are guaranteed to lose money. Because with Treasuries at least they know that their losses will be limited. If they invest in expanding businesses, they know they could lose their entire vig to the G-Men.

This phenomenon, where investors would rather have losses than any risk, has an effect on jobs.

As most of the commentariat is noting, the top-line unemployment number- the one that makes all the headlines- is going down not because of an improving jobs market, but rather because people are dropping out of the workforce at a record pace.

The 8.1 percent unemployment number is meaningless. It actually doesn’t exist. It’s like measuring an 8 foot board with a 12 inch ruler. Shortening the ruler doesn’t make the board smaller.

The rate at which Americans are participating in the jobs market is now 63.5 percent. More than one-third of Americans qualified to work have despaired of ever finding a job under Obama. That’s the highest number of Americans who have sat on the sidelines rather than look for work since 1981. For over a year the workforce participation rates have plunged, coinciding with expiring unemployment benefits.

And the problem is not that there is a lack of money in the system to sustain the economy. But there is a notable lack of demand. Demand comes from confidence that consumers and business feel about the health of the economy. Unlike politicians, those of us in the real world can’t spend what we don’t have. We have to manage our lives using the cash that we actually have at hand.

The problem here is not that businesses and banks don’t have money. Currently the money supply (MZM) stands at a record $11 trillion. Yet the velocity at which the money has moved through the system has plunged under Obama. Money is sitting in accounts, not contributing to GDP growth, but rather just chasing the price of hard assets up because people who make decisions fear that the worst in the economy is yet to come.

Obamacare, Dodd-Frank, Sarbanes-Oxley, TARP, public pensions, John Corzine, Solydnra and the UAW have done a fantastic job of muddying the waters for corporate America as well as small business owners and the self-employed.

These hostile acts taken by or on behalf of Big Government have our economy idling in place.

Economic conditions are so bad that the standard tools used by economists to explain current conditions can’t measure the depth of the peoples’- or the economy’s- depression. Jimmy Carter had the Misery Index. People, meet the President of the United States: Barack Hussien Obama.

The Obama Index is the new index for measuring our despair.

via The Obama Index: The Newest Index to Measure Our Despair – John Ransom – Townhall Finance Conservative Columnists and Financial Commentary.


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