Economy

Posts filed under Economy

Obama Insults Flyover Country

Filed in Politics, ReligionTags: Democrats, Economy, Elections

Obama's recent insults of America's heartland were so egregious, even the St. Louis Post-Dispatch made mention of his remarks [emphasis added]:

The Huffington Post Web site reported Friday that Obama, speaking of some Pennsylvanians' economic anxieties, told supporters at the San Francisco fundraiser: "You go into these small towns in Pennsylvania and, like a lot of small towns in the Midwest, the jobs have been gone now for 25 years. ... And it's not surprising then they get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations."

Needless to say, the Conservative side of the 'sphere has taken these statements and run with them:

Of course Hilary Clinton, ever the opportunist, jumped at the chance to take a shot at her opponent:

"It's being reported that my opponent said that the people of Pennsylvania who face hard times are bitter," Clinton said during a campaign event in Philadelphia. "Well that's not my experience. As I travel around Pennsylvania. I meet people who are resilient, optimist positive who are rolling up their sleeves."

"Pennsylvanians don't need a president who looks down on them," she said. "They need a president who stands up for them, who fights hard for your future, your jobs, your families."

The McCain campaign has also responded:

Asked to respond, McCain adviser Steve Schmidt called it a "remarkable statement and extremely revealing."

"It shows an elitism and condescension towards hardworking Americans that is nothing short of breathtaking," Schmidt said. "It is hard to imagine someone running for president who is more out of touch with average Americans."

And now, caught red-handed in his arrogance and elitism, Obama is trying to make quick work of spinning his remarks. Unfortunately for him, he's not doing a very good job of it.

First, the Obama campaign spokesperson tries a diversionary tactic [emphasis added]:

"Senator Obama has said many times in this campaign that Americans are understandably upset with their leaders in Washington for saying anything to win elections while failing to stand up to the special interests and fight for an economic agenda that will bring jobs and opportunity back to struggling communities. And if John McCain wants a debate about who's out of touch with the American people, we can start by talking about the tax breaks for the wealthiest Americans that he once said offended his conscience but now wants to make permanent,

Then in Terre Haute yesterday, Obama tried the "Nuh-unh" approach in response to the McCain campaign's assertions that Obama's statement indicated that he was "out of touch with average Americans" [emphasis added]:

In Terre Haute, Obama chided McCain for not responding promptly to the home mortgage crisis and criticized Clinton for voting for a bankruptcy bill supported by credit card companies.

"No, I'm IN touch," he said. "I know exactly what's going on. People are fed up, they are angry, they're frustrated and they're bitter. And they want to see a change in Washington."

And finally, in the same speech, he tried to re-phrase his message [emphasis added]:

"People don't vote on economic issues because they don't expect anybody is going to help them," Obama told a crowd at a Terre Haute, Ind., high school Friday evening. "So people end up voting on issues like guns and are they going to have the right to bear arms. They vote on issues like gay marriage. They take refuge in their faith and their community, and their family, and the things they can count on. But they don't believe they can count on Washington."

Man, the cheap-seat view of the Democratic primary is so fun to watch!

Gas Prices Drop Below $2.00

Filed in PoliticsTags: Democrats, Economy, Elections, Missouri, Republicans, Saint Louis

Democrats' worst post-Labor-Day nightmare, Part I:

Gas Prices 002

Gas Prices in the St. Louis area fall below $2.00. Here is the gas station nearest my house.
Photo © Chip Bennett, all rights reserved.

Great timing, Claire [emphasis added]:

“Considering that Jim Talent thinks giving tax breaks to oil companies raking in record profits is the best way to lower gas prices, it’s difficult to see how keeping him in the Senate will result in cheaper prices at the pump,” DSCC spokesman Phil Singer said. “Claire McCaskill thinks it makes more sense to eliminate those tax breaks so that we can invest in alternative energy sources like ethanol. That’s the kind of change that’s needed to deal with the record gas prices.”

Indy Still Tops in Housing Affordability

Filed in MiscellaneousTags: Economy, Indiana, Indianapolis, Missouri, Saint Louis

Good news for my parents, since they are currently looking for a home in Indy, now that they have retired (emphasis added):

The Indianapolis area had the most affordable housing among major metro areas in the second quarter, according to the National Association of Home Builders and Wells Fargo.

...

Eighty-seven percent of Indianapolis-area homes were considered affordable for families earning the region's median household income of $65,100.

Here are the '06 Q2 report, and official press release for the NAHB-Wells Fargo HOI:

In the nation’s most affordable major housing market of Indianapolis, 87.4 percent of homes sold in the second quarter were affordable to families earning the area’s median household income of $65,100. The median sales price of all homes sold in Indianapolis during that time was $120,000, which is up from $113,000 in the previous quarter and equivalent to the median sales price for Indianapolis homes sold in the final quarter of 2005.

Interestingly, Saint Louis isn't all that far behind: the median house price is $127,000, which is affordable for 79.1% of the population, at a median income of $65,800.

Another note: I apparently missed a golden opportunity to buy a house, as housing prices plummeted in 06Q1, and then recovered in Q2.

Most Lucrative College Degrees

Filed in MiscellaneousTags: Economy

Casting Out Nines references this report, and laments that "math professor" didn't make the list. Interesting which degree takes top honors, though:

degree worth

Image from article linked above.

I guess that economic trough we Chemical Engineering majors faced when I graduated in 2000 has long since evaporated...