State of Our Economy – March 2011

I’ve decide to put up a blog entry each month pointing out the good and the bad things taking place in our economy. Just the facts and numbers … with snide remarks when appropriate. I’m doing this because it’s sometimes hard to get past all the spin and deliberate misinformation put out by our government. I’ll break down the state of the economy into two sections; the good and the bad.

  • The index, which tracks home prices across 25 major markets, declined 3.8% between December and January and 3.4% year-over-year.
  • The price per barrel of oil is at $106 as of 3/24/2011. Look at gas prices and you’ll see why this is bad.
  • As of February 28, 2011, the Total Public Debt Outstanding of the United States of America was $14,190,000,000,000 and was 96.8% of calendar year 2010’s annual gross domestic product (GDP) of $14,660,000,000,000. Big numbers so I’ll break it down for you; that’s bad.
  • About 4.6% of home loans were in foreclosure in the fourth quarter of 2010, an increase from 4.4% in the previous quarter. There will be a continued rise in foreclosure rates throughout 2011 due to a backlog of paperwork.
  • Average price per gallon for gasoline is $3.56.
  • Obama decided to attack Libya this month without congressional approval. I guess he just decided it was a good idea. We don’t really know the reason why because he hasn’t told anyone. Anyhow, that means we are now blowing crap up in three Muslim countries (Libya, Afghanistan, and Iraq).
  • Our worthless Congress can’t pull their heads out of their arses and pass a budget bill. So we will most likely see more of these 2 and 3 week extension crap bills for the foreseeable future.
  • The median price of a new home dropped nearly 14% to $202,100 the lowest since December 2003. The housing market isn’t expected to bottom out until sometime in 2012 … maybe.
  • Sometimes setting records is a good thing. Sometimes not. The Federal Government posted a record setting deficit in February alone, an astounding $223,000,000,000. Yay for the Federal Government! I’m so proud!
  • James Clapper, you know, they guy who is in charge of protecting the good People from bad people, thinks Russia and China are our biggest threats. Apparently, he’s not worried about Iran making a nuke or the Mexican drug Cartels waging war on the US border.
  • The government run Postal Service is laying off 7,500 workers because they are getting their ass handed to them by FedEx and UPS. Let’s just pour more money into that sinkhole.
  • Price of corn is up 10.60% this month.
  • Price of cotton is up 19.14% this month.
  • Price of rubber is up 12.15% this month.
  • Price of wheat is up 6.61% this month.

The Good

  • Foreclosure filings, defined as a default notice, auction sale notice or bank repossessions, were down 14% in February from the previous month and down 27% from February 2010. Could be that the paperwork is piling up, but I need to have some good news for the month.
  • According to the magical government crystal ball of all knowing facts, and if you believe in said magical crystal ball, the unemployment rate is going down. Only 380,000 people filed for unemployment benefits last month. Keep in mind, this is the same crystal ball that says the stimulus package saved or created 2 million jobs.
  • Price of sugar is down 1.08% this month.
  • Stock Market is climbing … but I have no idea why.
  • One of the Obama Czars is granting permits for deep water drilling, 4 in total this month.

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