He's like a Tasmanian Devil of economic misery.

This, by the way, is due to a "revised" algorithm, which, it turns out, was only ready for publication after the election.

Latinos poverty rates climbed to 28 percent after the census reconfigured its algorithm to take into account medical costs and government programs. The Hispanic poverty level rose after the government took into account safety-net programs such as food stamps and housing, which have lower participation among immigrants and non-English speakers.

Overall, the ranks of America's poor edged up last year to a high of 49.7 million, based on the new census measure.

Just stressing, again, that these new numbers are only available post-election.

The numbers released Wednesday by the Census Bureau are part of a newly developed supplemental poverty measure.

...

Based on the revised formula, the number of poor people exceeded the 49 million, or 16 percent of the population, who were living below the poverty line in 2010. That came as more people in the slowly improving economy picked up low-wage jobs last year but still struggled to pay living expenses. The revised poverty rate of 16.1 percent also is higher than the record 46.2 million, or 15 percent, that the government's official estimate reported in September.

Romney quoted that 46 million figure a lot, if I remember right. And he was wrong. It was worse. As we're just finding out.

In other news, first-time jobless claims surged -- really surged -- last week.

Get ready for the "it's all Sandy's fault" barrage, because the post-reelection status quo sure will desperately need it today. The latest initial claims data posted a multi-year high 104,548 surge in weekly NSA claims from 361,800 to 466,348, and even the Seasonally adjusted number soaring from 361K to 439K on expectations of a 375K print. In other words, a complete disaster for any economic data bulls. What is truly amusing is that the same Wall Street "experts" who set expectations were unable to foresee the Sandy effect that every "macrotourist" on Twitter apparently is so very aware of. Also, it is apparently also "Sandy's fault" (now that the Bush excuse is back in retirement) that the prior week's claims were revised from 355K to 361K. Basically, just as we said 3 weeks ago, ignore every negative data point: it is Sandy's fault.

See, for example, CNBC pushing the "It's all Sandy's fault" line...

Super storm Sandy drove U.S. weekly jobless claims up to 439,000, while consumer prices rose slightly last month as higher rents and costlier food offset cheaper gas.

...though I don't know if Sandy went back in time four months to slow New York manufacturing:

Separately, a reading on manufacturing in New York State showed that factory activity slowed in November for a fourth straight month.

It is terribly frustrating and dispiriting. I don't know what could possibly wake the public up to the possibility that Maybe Obama's policies are hurting the economy. If God Himself came down with a Holy Whiteboard and explained the connection between burdening job-creators and rising joblessness, I think the American public would still vote for Free Condoms.

In addition, Chris Matthews would claim that God's Holy Whiteboard was a "dog whistle" for the "ethnic talk types."

Posted by: Ace at 07:56 AM | Comments (368)
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A few assumptions here: That Obama's strange policy choices do not forestall this possibility, that shale-oil extraction technology matures to make it cheap enough to be viable, and that we engineer a way to bring millions of gallons of water to the shale (or the shale to millions of gallons of water).

The process is very water-intensive. One report I saw noted that a large-scale shale-oil operation in the mountain states would almost drain all the water from farms and Denver. Just spitballing here, but I got the sense a seriously large-scale operation would have to involve ocean water being pumped in via massive transcontinental pipes and desalinated.

But these are simply problems, and when something's important, and when people can make money from it (will people still be making money on investments ten years from now?), problems are overcome.

The International Energy Agency thinks the problems will be solved.

The latest reminder of this comes from a surprising source: the annual World Energy Outlook report from the Paris-based International Energy Agency (IEA). In the report, the agency comes to the startling conclusion that, by 2020, the United States will displace Saudi Arabia — albeit temporarily — as the world’s largest oil producer. Even more astonishing, the United States is projected by 2035 to be virtually self-sufficient in oil, with modest imports coming from secure suppliers.

...

No more. Geology and technology, it seems, are destiny.

The same technology that has resulted in a vast expansion of natural gas production — so-called “shale gas” — is doing the same for oil. “Fracking” (shooting highly pressurized water into oil formations) and horizontal drilling are steadily increasing production. Meanwhile, the IEA expects that much-improved vehicle fuel efficiency will slowly reduce U.S. oil demand. The Obama administration has adopted rules raising fuel efficiency for new cars to 54.5 miles per gallon by 2025 -- roughly double the present standard.

Ah. Well, that's actually a mark I doubt very much will be hit. The report also thinks a that biofuels will be A Thing, which I doubt. Assuming some of these things I don't in fact assume:

The IEA sees profound consequences. For starters, the long-standing U.S. trade deficit will narrow and might disappear. In 2011, oil imports represented two-thirds of the deficit in goods. While the United States will use less imported oil, it should also become a substantial exporter of liquefied natural gas (LNG); until a few years ago, it “was expected to become a major importer of LNG.” Abundant and cheap natural gas should support a manufacturing revival by attracting energy-intensive industries such as “aluminum, paper or iron and steel, or . . . petrochemicals . . . where feedstock costs can represent over 80 percent of total operating expenses.”

If America can just survive Obama, help is on the way.

Posted by: Ace at 07:05 AM | Comments (287)
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Mild stroke.

Link to comment on his site.

Thanks to TomM. for the heads up.

Posted by: LauraW at 05:45 AM | Comments (136)
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• Latino Poverty Rate Up To 28%
  
• Obama To Do Staten Island Photo Op
  
• Clueless Hill Reporter:Obama Gives No Hint Of Which Way He'll Lean During Second Term
  
• Republicans Say They Will Not Back Down On The Budget
  
• Gov Christie's Obama Problem
  
• NBC Is Really Sickening And Worthy Of A Boycott
  
• EU Plunges Into Second Rcession
  
• Denny's To Charge 5% Obamacare Surcharge And Cut Employee Hours
  
• Jobless Claims Skyrocket
  
• Unions Destroying Hostess:Company Will Liquidate If Employees Don't Stop Striking
  
• House Republicans Find Corzine Guilty Of MF Global Collapse, Democrats Refuse To Endorse The Findings
  
• Could You Live On Just Social Security?
  
• Legacy Media In Europe Suffering Too
  
• Fat Generals A Sign Of Chinese Weakness?
  
• Aussies Play Game Of Thrones
  
• The Amnesty Fantasy
  

Follow me on twitter.

Posted by: Pixy Misa at 05:20 AM | Comments (311)
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Happy Thursday.

Posted by: Gabriel Malor at 02:58 AM | Comments (465)
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How To Make Your Own eBooks And Publish Them On Amazon

It's so simple even a moron could do it - and they have. It don't cost nothing and no pants or interacting with <shudder> people are required either. So there goes that excuse. Hell just put all your blog comments together and offer it as a book - proposed title: 'Stuff a Moron Said (Vol. IV): The Snarkening'.

Sigil and Kindle Previewer are two free programs you'll need to create eBooks, so grab them now. You'll be working mainly in Sigil, but you'll need the Kindle Previewer to convert to MOBI for Amazon later. Note, there are plenty of other ways to do this - even converting directly from your blog to ePub. This is the process we use at MakeUseOf to convert our Manuals for Amazon, because it's free and allows us enough control to create exactly what we want.

You don't even have to write anything - if there's something you want to read on your Kindle or iPad, just turn it into an ebook yourself and import it. Wikipedia already supports turning articles or entire sections into ebooks.

And if you want to print a professional dead-tree version of your book, manifesto, or blackmail photo collection, try Lulu or Blurb. Lulu only charges around $22 for a qty. 1 custom paperback and it gets cheaper from there. I find that professionally printed death threats or ransom notes always get a better response since they communicate that you're serious, got teh skillz, and take pride in your work.

Posted by: Maetenloch at 05:48 PM | Comments (707)
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I asked this earlier, but Kirsten Powers asks it here, and she's prettier.

She also notes Obama's "paternalistic" performance, pretending to be the Big Man come to rescue a Damsel In Distress from Villains. This account overlooks the fact that Obama sent out Rice to lie -- the Big Hero put the Damsel in Distress for his own selfish purposes-- and that Kelly Ayotte, who's also a woman, is one of those asking questions about Rice.

Finally, she notes the central dishonesty of this pose: Of course we'd like to ask Obama questions, and "come after" him. But he won't answer questions. Instead, he dangles us Rice.

Lindsey Graham, by the way, had a strong retort:

"Mr. President, don’t think for one minute I don’t hold you ultimately responsible for Benghazi.”

Obama's quite an odious demagogue, isn't he?

Krauthammer also just ridiculed Obama's "chivalrous" posturing on the Bret Baier show.

Via @rdbrewer4.

Posted by: Ace at 02:56 PM | Comments (661)
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A real book (I guess; it's written, so I guess that makes it a "book") by a... college professor who instructs young students in how to think properly.

She teaches at -- or, rather, collects a paycheck from -- Florida A&M.

Here's her description of her book:

Yes, Barack had worked tirelessly on behalf of the American people, especially those who elected him in 2008. His followers needed to re-elect him to a second term, so that he could continue to accomplish the promises he made, thus, realizing his vision of America as a more perfect political union or “heaven here on earth.”

Then, as I began to contemplate ways to assist Barack in his 2012 re-election bid something miraculous happened. I felt God’s (His) Spirit beckoning me in my dreams at night. Listening, cautiously, I learned that Jesus walked the earth to create a more civilized society, Martin (Luther King) walked the earth to create a more justified society, but, Apostle Barack, the name he was called in my dreams, would walk the earth to create a more equalized society, for the middle class and working poor. Apostle Barack, the next young leader with a new cause, had been taken to the mountaintop and allowed to see over the other side. He had the answers to unlock the kingdom of “heaven here on earth” for his followers. The answers were repeated – over and over – in speeches Barack had made from his presidential announcement to his inaugural address. Those speeches or his teachings contained the answers to the middle class and working poor people living in a “heaven here on earth.” For when the answers were unlocked and enacted, Apostle Barack’s vision of America would be realized.

You're probably wondering what she might be a professor of -- Mathematics? Computer Science? Chemistry? Engineering? Neurology?

Nay, better than all those. The Queen of the Sciences -- Physical Education. She's got a doctorate in sit-ups I guess.

No really she is a doctor. Says so right at her link.

Posted by: Ace at 01:55 PM | Comments (358)
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Via @rdbrewer4.

Why? I don't know. Still, I guess it's funny, if references are funny. Let's say more cute than actually funny. more...

Posted by: Ace at 01:28 PM | Comments (96)
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The DJIA fell 185 points.

Stocks started the day in positive territory but quickly gave those gains up to hand the Dow its fifth decline in the six sessions since Election Day. The blue-chip measure has lost nearly 5% over that span.

The Nasdaq's decline, meantime, brought its slide to 10.6% off its mid-September high, putting the index in a correction according to generally-accepted definition of a fall of 10% or more from its recent peak. The Russell 2000 index of small-capitalization stocks suffered a similar fate, falling 2% to 11% below its mid-September high.

A correction itself, this here article says, isn't a big deal itself and doesn't forecast a recession. But when losses exceed 10% in a relatively short period of time we might be looking at a crash.

Posted by: Ace at 12:59 PM | Comments (238)
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