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EducateWorthington.org

The 912 Project - Glenn Beck

912 Group of Central Ohio

Please let me know if you'd like your link added

Interesting Tax Analysis:

Note how Reagan had the largest tax INCREASE in 1982. Given that, did raising taxes cause the deficit?

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[U.S. Factory OrdersRose 4.3% in March]

U.S. Factory Orders
Rose 4.3% in March

A WALL STREET JOURNAL ONLINE NEWS ROUNDUP
May 4, 2004 11:09 a.m.

WASHINGTON -- U.S. factories saw orders jump in March by the largest amount in more than a year and a half, in another sign that the nation's manufacturers are finally seeing a firmer recovery.

The Commerce Department reported Tuesday that orders placed with factories went up 4.3% to $360.72 billion in March from an upwardly revised 1.1% rise in February. That marked the biggest increase since July 2002 and exceeded the 2.3% advance economists forecast in a survey by Dow Jones Newswires. February factory orders were previously estimated as rising by a modest 0.3%.

Orders for durable goods -- costly manufactured products expected to last at least three years -- rose by a strong 5% in March, on top of a sizable 3.9% gain in February. Government forecasters had earlier called for a 3.4% increase in March durable-goods demand.

Nondefense factory orders registered their biggest increase in 12 years, rising 4.6%. Demand grew for a wide variety of goods, including cars, machinery, household appliances, food, clothes and chemicals.

A barometer of business investment also moved higher: Demand for nondefense capital goods, excluding aircraft, rose 4.5%, after going up 2.3% in February.

The positive reading on manufacturing comes a day after a private research group released further evidence of good health in the sector. The Institute for Supply Management on Monday said its index of manufacturing activity expanded for an 11th straight month in April to 62.4, compared with 62.5 in March. Any reading above 50 indicates expansion.

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[Mortgage rates set records again]

Mortgage rates set records again
 
Rates drop for eighth straight week, with 30-year at 5.61%, 15-year at 4.93%, 1-year ARM at 3.68%.
March 13, 2003: 3:54 PM EST
 
NEW YORK (CNN/Money) - Mortgage rates fell for the eighth consecutive week and again reached record lows as heightening tensions at the United Nations over an armed conflict in Iraq continued to pressure the U.S. economy.

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Mort Calc

[Student loan rates reach record lows]

Student loan rates reach record lowsBy Lucy Lazarony • Bankrate.com  

There's never been a better time to borrow money for college or to consolidate student loans.

Interest rates on federal student loans have dipped to an all-time low this summer, which means consolidation loan rates will be lower, too.

On July 1, the interest rate on Stafford loans dropped to 3.42 percent from a then-record low of 4.06 percent. Stafford loans are the largest source of student loan funds in the country.

Parent borrowers also have plenty to cheer about. The interest rate on the Parent Loan for Undergraduate Students (PLUS loans) has fallen to just 4.22 percent.


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[Mortgage interest rates hit 40-plus-year lows]

Mortgage interest rates hit 40-plus-year lows

From your own personal real estate perspective it may not have seemed exceptional, but by almost every national statistical test, 2003 was the single best year in history for American housing, homeowners and mortgage finance.

Almost everything clicked: Annual records were set in the numbers and dollar volume of resales of existing houses, sales of new homes and the dollar volume of new home mortgages made by residential lenders.

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Real wages are rebounding

Faulty Wage Data from the Labor Department
 On June 23, the New York Times reported new Labor Department compensation data purporting to show that "Americans' Real Wages Fell 2.3% in 12 Month Period." After political appointees in the Labor Department had processed the Bureau of Labor Statistics (BLS) data, Secretary Reich used the release of the data to attack the Republican budget, providing a class warfare spin for the New York Times. Reich also took the opportunity to contrast the apparent sharp wage decline with "near record corporate profits," suggesting that the new data reflected a shift from wage to capital income.
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Normal Growth

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NEWS ALERT
from The Wall Street Journal


May 7, 2004

U.S. nonagricultural payrolls grew by 288,000 in April, after rising by 308,000 jobs in March, the Labor Department reported. The jobless rate edged down to 5.6%, from 5.7% in March. The data validate Wall Street's judgment that the "jobless recovery" has finally bloomed into a real resurgence.

FOR MORE INFORMATION, see:
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Sizzle and Steak
By Ed Feulner
CNSNews.com Commentary
May 07, 2004

The roar of good economic news is getting louder.

Our economy expanded 4.2 percent in the first quarter of the year. That follows 4.1 percent growth in the fourth quarter, and 8.2 percent growth in the quarter before that.

Over the last three months alone, our economy created more than a half-million jobs. Business investment grew 11.4 percent. Wages and salaries jumped 4.8 percent. And according to The Wall Street Journal , economists expect growth of at least 4 percent the rest of the year.

Surprised? There's no reason to be.

In the second quarter of 2003, President Bush signed legislation that lowered tax rates on the money entrepreneurs invest in the economy-and those rate cuts took effect immediately. The 2003 tax bill also accelerated some of the tax cuts from the 2001 legislation-specifically, the tax rate reductions that weren't scheduled to take effect until this year and 2006.
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Poverty stats far better under Bush then Clinton, especially for women

[INFLATION-ADJUSTED GAS PRICES ARE LOW BY HISTORICAL STANDARDS]

INFLATION-ADJUSTED GAS PRICES ARE LOW BY HISTORICAL STANDARDS


May 10, 2004, 8:25 a.m. (From National Review Online)
Stick a Pump In It
Gas prices aren’t even near their historical peak.

By Stephen Moore

A headline in Wednesday’s edition of USA Today read: “Oil Prices Hit Highest Since Sept. 1990.” The story glumly reported that “oil traded for more than $39 a barrel last week … the highest closing price since 1990 and the 6th highest price ever.”

Good news: It isn’t true. Yes, gas prices have spiked upwards by at least 30 percent in most local markets this year, and yes, it’s infuriating to pay $2.00 a gallon to fill up the tank. And yes, higher oil prices are a significant tax on the U.S. economy — given that we’re the world’s largest importer of crude.

But prices, properly measured, are nowhere near their historical peak. In fact, the long-term trend in oil, gas, and electricity prices is downward, not upward.

What the reporter at USA Today and so many other fear mongers forgot to do was adjust for inflation. In the world of economics, this is an unpardonable sin. After all, if you don’t adjust for inflation, just about everything is more expensive today than 30 years ago.

So let’s look at the long-term trend for gas prices in inflation-adjusted dollars.

Gasoline prices paid at the pump have been on a steady rate of decline since the 1920s, with the obvious exception of the 1970s, when we faced an OPEC embargo and gasoline lines. In 1920 the real price of gas (excluding taxes) was twice as high as today. Electricity prices were about three-times higher 75 years ago.

If gas prices were as high today as they were in the late 1970s, we would now be paying about $6 a gallon for gas. Today’s price at the pump is higher than it was as recently as 1985.

The same is true, by the way, for the cost of oil. Adjusted for wage growth, oil is slightly cheaper today than it was 20, 30, and 50 years ago, and five-times cheaper than 100 years ago. How can gas and oil be cheaper since we’ve used so much of it over time? Well, thanks to human innovation, we are always finding new sources of oil, while at the same time technology makes it cheaper to drill for it.

For example, the oil fields of Prudhoe Bay in Alaska have two- to three-times more reserves than originally believed. Russia, now on the way to becoming a capitalist economy, may soon become one of the world’s top two oil producers, as the new Russian capitalist entrepreneurs continue to discover new untapped fields.

Of course, if Congress would only allow us to develop new oil sources here at home, gasoline prices could easily slip comfortably below $2.00 per gallon. When oil prices were $25 per barrel, we had the luxury of not drilling for more oil in Alaska. But now that the price is nearing $40 a barrel, with a good share of that money pipelined to Arab nations that are not always friendly to us (petrodollars have no doubt been siphoned off to terrorist networks in recent years), developing greater energy independence is no longer a luxury. In fact, it’s an economic and national-security necessity of the first order. Any energy bill signed into law by the president this year must include the rights to drill in Alaska.

John Kerry has complained that President Bush is doing nothing to contain gasoline prices, but Kerry has been the consistent adversary of people who drive cars. He has supported gas-tax hikes of as much as 50 cents a gallon. He has also voted “no” every time he’s had the chance to sink plans for drilling in Alaska, saying that doing so would endanger the environment for moose and elk. But it’s likely that the biggest beneficiaries of Kerry’s intransigence on drilling have been Arab oil exporters.

High gas prices could be a thorny political issue as we enter the spring and summer months, when travel across the country rises. But travelers should take solace in the fact that we now pay less for gas, adjusted for inflation and wages, than our parents and grandparents ever did. That’s true even though the oil cartel, OPEC, holds the world price at least twice what it would be if there were a competitive marketplace at play. After all, in Saudi Arabia and many other oil-producing nations, oil costs about 50 cents per barrel to produce.

The best way to break the back of OPEC is to produce more oil here at home; if only our politicians would allow it.

— Stephen Moore is president of the Club for Growth and a senior fellow at the Cato Institute.
 

The department reported that unemployment fell last month in 11 of 17 battleground states that could decide the presidential election. Michigan, Minnesota and Wisconsin showed the biggest declines.

"This week brought further evidence that across America, more citizens are finding jobs ... and these figures show that America's jobs engine is running strong," Bush said, rattling off the report's findings.

"Nationally, we gained 288,000 new jobs in April, and the nation has added more than 1.1 million new jobs since last August. ... In April, the biggest job-gaining states were Florida, North Carolina, Missouri and Michigan. Forty-five states out of 50 added new workers."

http://www.foxnews.com/story/0,2933,120669,00.html

Interest rates fell as deficit grew

Dow Supply-side

SNP 500 under Supply-Side

GDP Growth Is Revised Upward
To 4.4% Rate for First Quarter

By KEMBA J. DUNHAM
Staff Reporter of THE WALL STREET JOURNAL
May 28, 2004

The U.S. economy grew a little more briskly than originally thought during the first quarter, but the strong upturn in corporate profits of previous quarters showed signs of cooling.

Gross domestic product, the broadest measure of economic output, increased during the January-March quarter at a 4.4% annual rate, slightly faster than the 4.2% rate originally estimated by the Commerce Department. The GDP estimates released yesterday are based on more data than were available for last month's advance estimates.

http://online.wsj.com/article/0,,SB1085659...e_whats_news_us