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More (Relatively) Good Economic News   February 12th, 2009
Ecomomic data continues to question premise of stimulus package       


More observations...

Once again we have economic data today that calls into question the need for an economic stimulus package.


The Labor Department said Thursday that the number of initial jobless benefit claims dropped to a seasonally-adjusted 623,000, from an upwardly revised figure of 631,000 the previous week...

In slightly better economic news, the Commerce Department reported Thursday that retail sales jumped 1 percent in January, reversing six months of decline and defying expectations of a 0.8 percent drop.

The rise in sales follows a 2.7 percent plunge in December, which marked the weakest holiday selling season since at least 1969.

So initial claims for unemployment benefits dropped and retail sales actually increased by 1% after six months of decreasing sales.

It seems that every week we have new economic data that gives us reason to believe things might not be as dark as they are being portrayed by the president... yet this economic data never seems to give the president pause as to whether or not the stimulus is necessary or not.

We're talking about $800 billion. The president shouldn't be rushing forward to pass this spending regardless of the economy. Rather he should be constantly looking at the economy to see if there are indications that we don't need to further mortgage our childrens' future.

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