Fresh Evidence Of The Bush "Recovery"
Yesterday and today’s economic news provides a clear picture of the Bush recovery. As Pessimist noted yesterday, first-time filings for unemployment claims shot up last week to their highest level in months, even before the Christmas retail workers are laid off in early January.
Now today, it is reported that wholesale prices (not retail, mind you) shot up .5% last month, led of course by energy and food costs (you know, the basics of life for the working classes in this country.) Note that core intermediate goods prices are up 8% this year, their fastest rise in 23 years.
But the analysts were quick to reply that things must be good because consumer confidence as measured by the University of Michigan survey this morning went up due to expectations that oil prices are coming down. Wrong. Bush’s friends at OPEC, seeing some slippage in oil prices over the last several weeks, decided to cut back on supply today because they want those $50/barrel oil prices to stay around a while longer. So let’s see how consumer confidence looks in January around the time W is sworn in for another four years.
But at least all of those red state moral values voters got the president they wanted, huh?