Energy Equals Prosperity -- There Is No Replacement Yet -- That's Why The Eco-waco's Want It Regulated Out Of Existance!

To judge by actions, not words, the carbon-warming view hasn't come close to persuading a political majority even in nations considered far more environmentally enlightened than China and India. Europe's coal consumption is rising, not falling, and the Continent won't come close to meeting the Kyoto targets for carbon reduction. Australia is selling coal to all comers.

On the far side of the environmental curtain China already mines and burns more coal than any other country. Together, China and India control more than one-fifth of the planet's vast coal reserves. Dar predicts--very plausibly, in my view--that the two countries may fire up a new coal plant as often as once a week for the next 25 years, adding about twice as much coal-fired generating capacity as the U.S. has today. Persian Gulf states are planning significant coal imports, because coal generates much cheaper electricity than oil or gas.

In developing countries the political survival of the people at the top depends on providing affordable fuel for kitchens, farms, fertilizer plants, steel mills, highways and power plants. Oil and coal are the only practical fuels at hand.

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Instapundit

Green Sources Of Energy = Continued Poverty -- Just As The Greenies Hoped!

The economy is by far the No. 1 issue on most Americans’ minds. Gas prices are a close second. The two issues are intimately related. But the spike in oil prices this year is just the tip of the iceberg. Due to similar developments in supply and demand, electricity prices are set to skyrocket next year.

While American oil consumption has grown only 15% since 1973, electricity use has shot up 115%. Right now the U.S. has 760 gigawatts of power to meet consumption. We will need 135 gigawatts of new capacity over the next decade to keep the lights on, but right now only 57 gigawatts of power are planned. No matter what Barack Obama and Al Gore tell you, alternative energy sources cannot meet demand. Solar is still only one-tenth as efficient as the cheapest fossil fuels. Today 97% of our electricity comes from fossil fuels, nuclear and hydro power. Wind provides 1% and solar .01%.

The rest of the world knows that green sources of energy are inadequate to keep their people out of poverty. That is why around the world, from Europe to South America to Asia, countries are building coal and nuclear power plants at a dizzying pace while also drilling for oil wherever they can find it. Meanwhile, the United States, crippled by an out-of-control environmental movement, is refusing to develop needed energy sources.

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Morning Bell -- The world Is Powering Up While America Powers Down

Democrats Plan To Affect Gas Prices -- Raise Gas Taxes -- Seriously!

Despite calls from the presidential campaign trail for a Memorial Day-to-Labor Day tax freeze, lawmakers quickly concluded — with a prod from the construction industry — that having $9 billion less to spend on highways could create a pre-election specter of thousands of lost jobs.

Now, lawmakers quietly are talking about raising fuel taxes by a dime from the current 18.4 cents a gallon on gasoline and 24.3 cents on diesel fuel. …

Oberstar, D-Minn., said his committee is working on the next long-term highway bill. He estimated it will take between $450 billion and $500 billion over six years to address safety and congestion issues with highways, bridges and transit systems.

“We’ll put all things on the table,” Oberstar said, but the gas tax “is the cornerstone. Nothing else will work without the underpinning of the higher user fee gas tax.”

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Hot Air -- Instead of a gas-tax holiday, Congress considers gas-tax hike

Tongue In Cheek SUV Bailout -- Barney Frank SUV Buyback Program

This was referenced by see-dubya on Michelle Malkin's blog but there was no transcript so I grabbed the video for them. Via: RedLasso DKK

McCain Corrects The Record On Economic Knowledge

Your gonna hear this a lot between now and election day so here, in his own words, is John McCain correcting the record on his understanding of economics:



Reporter -- You have said your not exactly an expert when it comes to the economy...

McCain -- No I have not!  Actually I said I am stronger on national security because of all the time I have spent in the military.  I'm very strong on the economy, I understand it, I'm a lot more experienced then my opponent.
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Stimulus Checks working

The stimulus checks are working. A big increase in retail sales signaled that people are spending their rebate payments, helping to ward off a serious economic slump, at least for now.

The Commerce Department reported Thursday that retail sales soared 1 percent last month, double what had been expected. It was the largest increase since November and represented strong sales at a variety of retailers including the biggest increase at department stores and other general merchandise stores in a year.

The May increase, double what economists had been expecting, provided the strongest evidence yet that the economy is getting a major boost from the $50 billion in economic stimulus payments the government sent out by the end of May, slightly less than half of the $106.7 billion scheduled to be sent out this year.

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Associated Press

Perhaps The Democrats Will Support An Ally And American Workers And Consumers

Congress: Is the outlook improving on passing Colombia free trade? Apparently, yes. Monday, its trade minister noted a "good atmosphere" in Congress. If so, Democrats may finally be considering their own interests.
(...)

Plata called Canada's passage of its own Colombia free trade pact — concluded last Saturday — "a factor" that was getting Democrats' attention. As we noted last week, Canadians will eat our lunch with their own tariff-free goods, while American companies sit on the sidelines paying $1 billion a year in levies and lose business.

Let's not even bring up that Colombian companies selling in the U.S. already don't pay tariffs at all due to prior agreements — it's another thorn Congress can correct with a vote right away.

Two-way trade between the U.S. and Colombia today is $18 billion. The same between Canada and Colombia is $1.14 billion.

But because the U.S. and Canadian economies export similar goods — chemicals, grains, cars, car parts, petroleum products, plastics, and machinery — it's a slam-dunk that tariff-free Canadian goods will be an easy switch for Colombian buyers, losing American companies their markets.

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IBD -- Breaking A Logjam

Obama's Economic Advisor Disagrees With Most Of Obama's Rhetoric

So Barack Obama has named economist Jason Furman of the Brookings Institution as his top economic adviser. Very interesting pick. Already, liberal activists are in a tizzy because of his contrarian positions on some policy issues. Here is what I can tell you about Furman. (I have spoken with him on several occasions, and several conservative economists I know think highly of him.)
1) Furman is no protectionist. ...
2) Furman is also skeptical about a major pillar of economic thought in the Democratic Party, that the past three decades have been terrible for workers because of "stagnant wages." He sees it as intellectually dishonest to ignore healthcare and retirement benefits when doing that calculation, as well as the falling price of everything from computers to airline tickets. ...
3) Furman also sees the value in a low tax rate with few deductions and is in favor of Charlie Rangel's proposed corporate income tax cut. ...

Read the whole thing.
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USNews -- The Jason Furman Saga: Has Obama His New Economic Adviser Yet?

Dollar Largest Gains Since 2005

The dollar may extend the biggest two-day gain versus the euro since 2005 after Federal Reserve Chairman Ben S. Bernanke said economic risks have faded, spurring traders to boost wagers interest rates will rise.

The U.S. currency rose to a three-month high against the yen after Bernanke said late on June 9 that the central bank will ``strongly resist'' any waning of public confidence in stable prices. Economic fundamentals ``compare favorably with those of other industrialized major economies,'' Treasury Secretary Henry Paulson said yesterday in a Bloomberg Television interview in Washington. A Fed report today on economic activity, the so-called beige book, may show an improvement.

Policy makers are trying to ``dispel this notion in the market that the U.S. has a policy of benign neglect to the dollar.''

DKk
Bloomberg

Which Part of Raising Minimum Wage Will Cost Jobs Didn't Democrats Believe?

Finals week is over; summer is here. And thanks to misguided politicians, your teenager is more likely to be sitting in front of the television than waiting tables or scooping ice cream.

This year, it’s harder than ever for teens to find a summer job. Researchers at Northeastern University described summer 2007 as “the worst in post-World War II history” for teen summer employment, and those same researchers say that 2008 is poised to be “even worse.”

According to their data, only about one-third of Americans 16 to 19 years old will have a job this summer, and vulnerable low-income and minority teens are going to fare even worse.

The percentage of teens classified as “unemployed” — those who are actively seeking a job but can’t get one — is more than three times higher than the national unemployment rate, according to the most recent Department of Labor statistics.

One of the prime reasons for this drastic employment drought is the mandated wage hikes that policymakers have forced down the throats of local businesses. Economic research has shown time and again that increasing the minimum wage destroys jobs for low-skilled workers while doing little to address poverty.

According to economist David Neumark of the University of California at Irvine, for every 10 percent increase in the minimum wage, employment for high school dropouts and young black adults and teenagers falls by 8.5 percent. In the past 11 months alone, the United States’ minimum wage has increased by more than twice that amount.

This is after one year os a Democratically controlled Congress. What would four years of Carter II be like on top of that.

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Examiner -- Kristen Lopez Eastlick -- Dude, where's my summer job?

Not Only Are Democrats Pushing Up Gas Prices, They Prove Selfish Uncaring Citizens of The World!

Tens of thousands of Spanish lorry drivers have begun an indefinite strike over the soaring price of diesel, which has risen by 20% this year.

After stopping work at midnight, many disrupted traffic at one of the border crossings between Spain and France.

A number of lorries crossing the picket lines had their windscreens broken, lights ripped out and tyres slashed.

The government is preparing a package to assist the sector, with emergency loans and more flexible contracts.

It would also offer cash payments to older lorry drivers who are willing to retire.

French fishermen from Mediterranean ports have, meanwhile, joined fleets from other French ports in suspending their action pending an EU summit in Brussels later this month.

This is becoming an ongoing event in Europe! There will come a time and a price per barrel when the world looks at the US and wonders why we let the Democrats drive the world into recession for political gains. And they won't be able to blame George Bush, this one is all on them and their enviro-wacko allies.

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BBC News

Bernanke Says Economic Downturn Risk Avioded

The US economy may have avoided a major decline, US Federal Reserve Chairman Ben Bernanke has said.

Mr Bernanke said the risk of a substantial downturn had "diminished over the past month or so".

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BBC News

Economy Refuses To Recess...ion

The Labor Department's report that applications for unemployment benefits came in at 357,000 -- a decline of 18,000 from the previous week -- offered investors some relief about the health of the job market a day ahead of a key monthly reading.

While the weekly readings can show volatility, the latest drop left applications for benefits at their lowest level since mid-April. Still, the four-week average for those getting benefits rose to 3.086 million, the highest since March 2004.

Among retailers reporting solid May results, Wal-Mart Stores Inc. said sales at stores open at least a year rose as consumers sought bargains.

Subodh Kumar, global investment strategist at Subodh Kumar & Assoc. in Toronto, said the jobs figures and the Verizon Wireless deal offer some investors reassurance about the health of the economy.

"It looks like the U.S. is not in recession but, I would say, tepid growth," he said, adding that the Verizon bid for Alltel is "encouraging."

"Companies are willing to invest in their businesses," Kumar said.

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Ace of Spades HQ -- DJIA Soars Nearly 200 Points on Jobs Report, Stimulus Check Spending

Manufacturing Increases Thanks To Exports

Orders to U.S. factories unexpectedly jumped in April, led by demand for petroleum and chemicals, signaling purchases from abroad are helping sustain manufacturing.

The 1.1 percent increase followed a 1.5 percent gain in March that was higher than previously estimated, the Commerce Department said today in Washington. Bookings excluding cars and airplanes climbed 2.6 percent for a second month.

Increases in categories such as machinery and electrical equipment indicate a weaker dollar is making American-made goods more attractive to overseas buyers, helping to keep some factories running. Still, soaring costs for raw materials and a cooling in consumer and business spending will prevent manufacturing from strengthening in coming months.

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Bloomberg

Congress To Raise Prices Of Everything

Next week, the Senate will vote on the Lieberman-Warner cap-and-trade climate control bill. The proposed statute is a nightmare that would devastate our economy. The Wall Street Journal calls it "the most extensive government reorganization of the American economy since the 1930s."

The EPA estimates that by 2030 it will reduce GDP by 0.9% to 3.8%, and that is based on assumptions that appear hopelessly optimistic. Even the EPA's assumptions contemplate an additional increase of 44% in the cost of electricity over what would occur without Lieberman-Warner.

There is a chart provided by the Chamber of Commerce of how complicated the regulations would be for businesses.

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Powerline -- Looming disaster

Economic Growth Numbers Adjusted Up -- Media Still Down!

The economy logged slightly better -- but weak -- growth in the first quarter, spurred by improved sales of U.S. products overseas. While that's heartening, the country's economy is still far from being out of the woods.

The numbers were increased from .6% to .9% primarily on lower imports and improved exports.
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AP - US logs better but still weak growth

Two Surges That Are Working!

Meanwhile, the president of the San Francisco Fed is sounding cautiously optimistic about the economy.

(...)

Democrats counting on the two issues of Iraq and the US economy to help them this November, need to start paying attention. The reality is that in both instances, a “surge” has brought stability out of the turmoil. The comparison is obvious.

And George W. Bush isn’t running for the third term.

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Say Anything Blog --The “Other” Surge - A Light at the End of the Tunnel

Manufacturing Numbers Up!

Resurgence in US manufacturing? What?
Bless that falling dollar!

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Econopundit

Albatros or Eagle?

The Presidency: It takes little courage — or brains — to join the mob vilifying President Bush. But the Democrats (and Republicans, too) depicting him as villain will one day regret it.
(...) Economy (...)

As for national security, Obama keeps saying the war in Iraq and the rest of the administration's foreign and defense policy have, as he put it last week in South Dakota, "prevented us from making this country safe." But the country is safer than anyone expected after 9/11.

There has not been a single terrorist attack on the homeland, and we have instead foiled multiple terrorist plots to kill innocent Americans. America has succeeded in foiling these plots because Bush gave the National Security Agency the authority to monitor any and all communications of suspected terrorists, by telephone, e-mail or other means.

(...) Iraq (...)

This is the supposed albatross Republicans are so intent on distancing themselves from and which Democrats believe to be the key to victory in November. The facts of the last seven years tell a different story.
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Investors Business Daily

Wrong On Virtually Everything -- The Democrats Election Platform 2008 -- Time They Were Accountable!

There's little to do, it seems, but prepare for the deluge, and make plans to rebuild once the inevitable retreat begins.

This contention has become so widespread that it's achieved the status of a received truth, with the danger of becoming a self-fulfilling prophecy. But there's one problem with it: if the American left is in such great shape, why are all their programs collapsing?
(...) Global Warming (...) Iraq (...) Recession (...)

This is what the GOP is running against: people who want to lose a war, who are keeping alive an environmentalist scam, who (as a byproduct of that scam) have created conditions of serious hunger across the world, and who would not mind seeing a recession in the U.S., no matter how many people it hurts.

How do you lose against a hand like this? You lose by throwing your cards down and collapsing under the table whining about being forced to play at all. That's what the GOP is doing -- it can't be described in any other way.
(...)

The American left is not made to eat its failures. This must change. The only entity capable of forcing that change is, unfortunately, the Republican Party. So the GOP must take steps: it needs to shed its invertebrate qualities and become an opposition party worthy of the name. To give up its sense of entitlement, which wrecked both George H.W. Bush and Bob Dole and will wreck John McCain if allowed half a chance. To cease expecting anybody to hand them victories, to stop running from the fight, to stop ducking the sharper aspects of politics. To start playing the political game the way it has to be played.

The Democrats deserve to hurt for the actions they take and the stances they embrace.

There is so much more, this is a Must Read! An outstanding piece by J.R. Dunn
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American Thinker -- Is 2008 to be a Transformational Election?