Tales of the Unexpected
Has anyone noticed how economic expectations have changed since the advent of The One? I noted this tendency the other day. Though there is no objective reason to have any faith that the Obama economic program will produce economic growth and lower unemployment, the will to believe among the media elite who put their diminishing credibility on the line to elect him remains powerful. But reality keeps on intruding. Some recent headlines.
"US weekly jobless claims unexpectedly rise" (Reuters, Aug. 20)
"New Home Construction Unexpectedly Declines in July" (Washington Post, Aug. 18)
"Dollar May Extend Decline After Retail Sales Unexpectedly Drop" (Bloomberg, Aug. 13)
"Consumer confidence falls unexpectedly in August" (Christian Science Monitor, Aug. 14)
Meanwhile, overseas:
"German Services, French Industry Unexpectedly Grow" (Bloomberg, Aug. 21)
"Brazil Futures Yields Rise as Jobless Rate Unexpectedly Drops" (Bloomberg, Aug. 20)
"UK Factory Production Unexpectedly Jumped in June by 0.4%" (Bloomberg, Aug. 5)
"Australian Employers Unexpectedly Add 32200 Workers" (Bloomberg, Aug. 5)
Yes, there is "June Factory Orders Unexpectedly Rise 0.4%" (Forbes, Aug. 5), but I think you get the idea. Ben Bernanke may think things are looking up, but the numbers aren't showing it yet. I normally don't think Bob Herbert gets much of anything right, but he is almost unique on the Left in calling attention to the ongoing plight of the unemployed. If Obama is a quarter as smart as everybody in DC says he is, he will get on the same page fast.