The Chicago Fed National Activity Index (CFNAI)
Released Tuesday 11/12/13, the index increased to +0.14 in September from +0.13 in August. The Index’s three month moving average (CFNAI-MA3) increased to -0.03 in September from -0.15 in August, marking its seventh consecutive reading below zero. September’s CFNAI-MA3 suggests that growth in national economic activity was slightly below its historical trend. As I have said before, our economy is languishing with slow growth, lackluster job creation, over taxation and over regulation. This index is headed for and needs to read, above zero for the United States to experience robust growth and generally healthy economic conditions. At least it is headed in the right direction….
About 50,000 people have signed up for Obamacare according to reports issued on 11/12. Whoopee!!! The young and healthy, who are expected to sign up in droves-and be the primary source of money to fund healthcare for those in ill health-DON’T WANT IT and they are NOT signing on. A billion dollars of taxpayer money has been pissed away over the past 3 ½ years. The software does not perform. People are losing the coverage they have chosen because their choice does not meet the government’s mandates. You CANNOT keep your current plan if you like it. Period. And you CANNOT keep your doctor if you like him or her. Period. Where are we? Communist China? And yet, the president refuses to delay implementation instead just rushing forward, throwing money at the problem. He won’t be on the plan, nor will his family, nor will members of Congress, or their families or their staff of personnel.
News Flash from the Wall Street Journal Thur. 11/14/13
The White House will allow insurers to continue plans that have been cancelled, a Democratic official said.
The proposal may dissuade Democrats from backing House GOP legislation slated for a Friday vote. President Obama remarked on the health law this morning by announcing that insurers will be able to continue coverage next year for current health-policy holders that would otherwise be cancelled.
The announcement marks a policy retreat by the president, which he hopes will quell a protest of his faulty promise that Americans can keep their insurance plans under his health-care law. Under the new proposal, insurers won’t be able to sell “substandard” plans to new consumers, only to those who were already enrolled in plans that don’t meet the law’s coverage requirements and were to expire.”
So, what is the deal with this? At the moment 5 million Americans have had their health insurance policies cancelled. Will the insurance companies re-issue these policies for a one year extension? Will insurance companies be forced by the government to re-issue these policies for a one year extension? Will consumers be amenable to purchasing coverage they do not need because it meets the governments minimum requirements? Is it constitutionally legal for the president to change this or any other ratified law to suit his own purpose?
In the end, the passing of this law “in order to find out what’s in it” was a political move (and now in retrospect, a huge blunder) to gain votes in the presidential election. That is self serving, not serving well to Americans. Hopefully this whole boondoggle will unravel under its own weight. Democrats, worried about keeping their jobs in next years’ mid-term elections, are abandoning the president in large numbers.
Federal Reserve statistical release on Industrial production and capacity utilization
- Industrial production edged down 0.1 percent in October after having increased 0.7 percent in September.
- Manufacturing production rose 0.3 percent in October for its third monthly gain.
- The index for mining fell 1.6 percent after having risen for six consecutive months, and the output of utilities dropped 1.1 percent after having jumped 4.5 percent in September.
- The level of the index for total industrial production in October was equal to its 2007 average and was 3.2 percent above its year earlier level.
- Capacity utilization for the industrial sector declined 0.2 percentage points in October.
- Fast & Furious-providing weapons to criminals leading to a loss of American life. No one held accountable. The president was unaware.
- The loss of 4 American lives at our embassy in Benghazi, Libya. No one held accountable. The president was unaware.
- The IRS targeting conservative political groups for tax-exempt status. No one held accountable. The president was unaware.
- The National Security Administration eavesdropping on the phone calls of American citizens. No one held accountable. The president was unaware.
- The software program created for the Affordable Healthcare Act, at a cost of $650 million and 3 ½ years to perfect, has been unusable to the American people. No one held accountable. The president was unaware.
- Spying on our Allies, specifically Angela Merkel of Germany. No one held accountable. The president was unaware. (although these things go on knowingly between countries all the time, the fact that our president denies knowledge of this is just another sign of his incompetence as the leader of the most powerful country on the planet)
Have a great weekend and….
Hug your children and grandchildren, tell them you love them.
Buy American made products whenever you can.
Hire a Veteran: they are patriots, honest, hard working, disciplined, loyal and …. They need and deserve our support.
God Bless America