Thursday Mashup (8/2/12)

(Note: I’ve had a bit more time to do this recently than I thought, but this won’t be the case very often, for what it’s worth.)

  • To begin, I give you some true hilarity from Willard Mitt Romney economic guru (and former Bushie – that applies to a lot of the Romney-ites, by the way) Glenn Hubbard here (here’s the “Cliff Notes” version…cut taxes, Austerity! Austerity! Austerity!, and “entitlement reform”)…

    In contrast to the sclerosis and joblessness of the past three years, the Romney plan offers an economic U-turn in ideas and choices. When bolstered by sound trade, education, energy and monetary policy, the Romney reform program is expected by the governor’s economic advisers to increase GDP growth by between 0.5% and 1% per year over the next decade. It should also speed up the current recovery, enabling the private sector to create 200,000 to 300,000 jobs per month, or about 12 million new jobs in a Romney first term, and millions more after that due to the plan’s long-run growth effects.

    You know what? At a certain point, I actually find myself running out of words for this utter nonsense; just click here to read and/or view something approximating the same degree of reality as that statement. And oh yeah, this post pretty well dismantles the magical thinking when it comes to the stated Romney/Hubbard position on this subject.

    (And by the way, nice touch for Hubbard to actually take his disagreement with Obama overseas, as noted here – oh yeah, Dixie Chicks, Dixie Chicks, Dixie Chicks…funny thing, though; they weren’t officially representing our government when they criticized Former President Highest Disapproval Rating In Gallup Poll History.)

    The Romney people simply are not serious. On this or most any other issue. Period – full stop.

    Update 8/4/12: And as more evidence of their “unseriousness,” I give you this.

  • Oh…mah…gawd – it looks like the Obama people were at fault for Solyndra after all (here)…

    “Political pressure” by a White House eager to tout its stimulus agenda was largely to blame for fast-tracking the ill-fated $535 million Solyndra loan guarantee, according to findings in a massive new congressional report released Thursday morning.

    (And gosh, how many pages were in this “massive” report, I wonder? I mean, all Mikey The Beloved and his pals ever do is complain about the size of the Affordable Care Act legislation – could this be yet another example of the Repugs trying to have it both ways? Perish the thought!)

    Oh, and by the way…

    The report, by Republicans on the House Energy and Commerce Committee, caps a nearly yearlong investigation by the panel into why the government allegedly ignored red flags to approve the loan. Solyndra, a solar-panel firm, filed for bankruptcy last year.

    Surprised? Oh, and one more thing…

    The report, which follows another GOP-authored congressional study earlier this week on the “Fast and Furious” scandal, is sure to fuel an election-year furor over questionable taxpayer investments in private companies.

    About “Fast and Furious” (or, as I call it, Operation Wide Receiver 2.0), Crooks and Liars tells us the following from here (namely, if the Repugs’ own committee couldn’t fix blame on the White House, what does that tell you?).

    Also, I’ve done the whole “Solyndra!” thing to death, but if anyone still wants to read the reality point of view on this subject, click here.

  • Finally, I know I really should ignore the idiocy of John Stossel, but I guess some stoo-pid is too obnoxious to brush off (here)…

    The Olympics have gone smoothly despite — gasp! — America’s team wearing clothing made in China at the opening ceremony.

    “I’m so upset,” said Senate Majority Leader Harry Reid. “Take all the uniforms, put them in a big pile, and burn them. … We have people in the textile industry who are desperate for jobs.”

    Here, Reid demonstrates economic cluelessness. It seems logical that Americans lose if American clothing is made overseas. But that’s nonsense. First, it’s no surprise the uniforms were made in China. Most clothing is. That’s fine. It saves money. We invest the savings in other things, like the machines that Chinese factories buy and the trucks that ship the Olympic uniforms.

    The Cato Institute’s Daniel Ikenson’s adds: “We design clothing here. We brand clothing here. We market and retail clothing. … Chinese athletes arrived in London by U.S.-made aircraft, trained on U.S.-designed and -engineered equipment, wear U.S.-designed and -engineered footwear, having perfected their skills using U.S.-created technology.”

    That’s free trade. Trade makes us richer.

    Anyone making that stupid argument during a period of mass unemployment rivaling the Great Depression should endure the same head slap that Stossel once endured from wrestler David Schultz (and yes, I know I’m not supposed to encourage violence, but I’ll tip-toe over the line for this occasion).

    Let’s “set the wayback” for seven years ago, shall we (March 2005 to be exact)..this tells us the following…

    SHANGHAI, March 9 – In the first month after the end of all quotas on textiles and apparel around the world, imports to the United States from China jumped about 75 percent, according to trade figures released by the Chinese government.

    The statistics bear some of the first evidence that China’s booming textile and apparel trade, unhampered by quotas, could be prepared to dominate the global textile trade and add to trade tensions around the world. The quotas came to an end on Dec. 31 as a result of an international agreement reached in 1993.

    In January, the United States imported more than $1.2 billion in textiles and apparel from China, up from about $701 million a year ago. Imports of major apparel products from China jumped 546 percent. Last January, for example, China shipped 941,000 cotton knit shirts, which were limited by quotas; this January, it shipped 18.2 million, a 1,836 percent increase. Imports of cotton knit trousers were up 1,332 percent from a year ago.

    These figures may be understated because China ships a large part of its goods through Hong Kong, and those shipments are not included.

    Fears that China is going to flood the world market with cheap textile exports have already inflamed tensions between Washington and Beijing because of worries about American manufacturing plants being closed and thousands of jobs being lost.

    And sure enough (from here)…

    MOUNT AIRY, N.C. — Jane Knudsen was a 19-year-old mother of two when she went to work in a textile mill here in 1973. Jobs were plentiful: “When you started work, you thought you’d be there until you retired,” she says.

    She didn’t make it. The mill shut down a few years ago. So she took a job with an auto supplier. Then she lost that one. Now 57, she’s a part-time cook at the Surry County jail.

    Here, in the place that inspired Mayberry of The Andy Griffith Show and in textile towns just like it across the Southeast, thousands of workers are starting over again, sometimes painfully, at ages when they thought they’d be planning retirement.

    Mount Airy (pop. 9,500) has lost 3,180 jobs in textile and apparel plant closings since 1999, the North Carolina Employment Security Commission says. The nation has lost 707,000 textile and apparel jobs since January 2000 and nearly 263,000 since a trade pact phased out quotas on textile imports in January 2005, opening the floodgates to imports.

    Those jobs won’t be coming back: The Bureau of Labor Statistics says the three occupations that will lose jobs the fastest (on a percentage basis) from 2008 to 2018 are in textiles. The bureau expects textile and apparel manufacturing jobs will drop 48% to 259,000 from 2008 to 2018.

    What a shame Mrs. Knudsen and other hard-working Americans who had the proverbial rugs pulled out from under them by idiot Washington politicians (cheered on by media stooges like Stossel) can’t land cushy jobs as conservative TV pundits instead.

    Oh, and March 2005 – now who was taking up space in An Oval Office back then? And who is it that the Repugs are doing their best to hide while they make ready for their coronation of Willard Mitt Romney as their presidential candidate in Tampa?


    Heckuva job, Dubya.

  • Advertisements

    Leave a Reply

    Fill in your details below or click an icon to log in:

    WordPress.com Logo

    You are commenting using your WordPress.com account. Log Out / Change )

    Twitter picture

    You are commenting using your Twitter account. Log Out / Change )

    Facebook photo

    You are commenting using your Facebook account. Log Out / Change )

    Google+ photo

    You are commenting using your Google+ account. Log Out / Change )

    Connecting to %s

  • Top Posts & Pages

  • %d bloggers like this: