By entering into an agreement with Bashar Assad to destroy his chemical weapons, Obama is encouraging dictators to not only develop chemical weapons, but selectively use and trade them for respectability as needed. Moreover, by elevating the regime to that of a partner in a long disarmament process, a dictator that should have been punished is rewarded with credibility. Lastly, new chemical weapons are easy to make the second time.
Tag Archives: elliot eisenberg and economist
Gassing Up
Retail sales jumped 0.1% in April and while not great, it beats the 0.5% decline in March! Moreover, it shows that consumers are spending despite the sequester and the payroll tax increase. And a key reason was the huge 3.5% decline in gasoline prices, the largest monthly drop in a decade. If sustained for a year, lower gas prices would save consumers $15 billion/year and boost GDP by 0.1% singlehandedly.
March For Jobs
March employment numbers come out tomorrow and they will disappoint. ADP reported weak private sector job growth numbers yesterday, first time unemployment claims that came out this morning and were on the high end and sequestration will probably knock off 5,000 to 15,000 jobs. Moreover, both the manufacturing and non-manufacturing sectors while still growing are slowing slightly. My forecast, 173,000 net new jobs with unemployment remaining unchanged at 7.7%.