Escaping Barry Jones' Economic Locker

You know - "up is down".  Capsize the ship and it will breach the surface of prosperity.  C'mon, work with me here, I just watched another Pirates of the Caribbean marathon Saturday and the salty metaphors are still fresh in the ol' cerebellum.

***More good news, folks!  Durable goods orders plummeted another 1% in June!:

New orders for manufactured durable goods in June decreased $2.0 billion or 1.0% to $190.5 billion, the U.S. Census Bureau announced today. This was the second consecutive monthly decrease and followed a 0.8% May decrease. Excluding transportation, new orders decreased 0.6%. Excluding defense, new orders decreased 0.7%. Transportation equipment, down four of the last five months, had the largest decrease, $1.1 billion or 2.4% to $45.9 billion. This was due to nondefense aircraft and parts, which decreased $1.8 billion.

Shipments of manufactured durable goods in June, down two consecutive months, decreased $0.7 billion or 0.3% to $195.0 billion. This followed a 0.7% May decrease. Computers and electronic products, down four of the last five months, had the largest decrease, $1.3 billion or 4.1% to $31.3 billion.

Hey, don't blame me, I just bought my laptop a month ago, so I did my part.

This report also showed inventories increasing, which means that we can "expect" (right, Reuters?) continuing decline in manufacturing volume until supply finally reaches the depths to which consumer demand has plunged.  Which means more layoffs and fewer jobs, which will pummel consumer confidence further, which will depress demand for durable goods even more, and so on.

But don't worry, folks, there won't be a double-dip recession, because the first one never really ended.

***Hooray!  The rich have been driven economically underground, like Puxatawney Phil!  That'll teach....us:

Wealthy Americans aren’t spending so freely anymore. And the rest of us are feeling the squeeze.

The question is whether the rich will cut back so much as to tip the economy back into recession — or if they will spend at least enough to sustain the recovery.

The answer may not be clear for months. But their cutbacks help explain why the rebound could be stalling. The economy grew at just a 2.4% rate in the April-June quarter, the government said Friday, much slower than the 3.7% rate for the first quarter.

Economists say overall consumer spending has slowed mainly because the richest 5% of Americans — those earning at least $207,000 — are buying less. They account for about 14% of total spending. These shoppers have retrenched as their investment values have sunk and home values have languished.

Nice of the Assholiated Press to finally notice the effects of supply-side economics in the absence of supply-side economic policies.  Gee, what a shock - the "wealthy" are under economic and propaganda siege by the regime, so they're pulling back on consumer and business spending in order to protect as much of their wealth as they can against the new rapacious Obamunist economic tempests to come in the very near future.  Whodathunkit?

But notice the classist spin the AP injects into their Narrative.  The economy would be JUST FINE if only those greedy capitalist pig running dog bastards would squander their wealth as Dear Leader demands (and is doing with the wealth they - and we - haven't been able to retain).  So when the economy collapses again, DON'T BLAME BARACK OBAMA and the Democrats and their runaway tax & spend debt orgy, blame "THE RICH," starting by overrunning their estates and terrorizing their families in the name of the dictatorship of the proletariat!  Workers of the world, UNITE!  And don't look too closely at the fine print on the chains you are putting on them and us for the sake of The Cause.

Yeah, that'll teach us, alrright - to expect more economic winter, and for a lot longer than six weeks.

***Better and better and better!  Private construction sank another 0.6% in June!  Oh, happy day!:

Spending on private construction was at a seasonally adjusted annual rate of $527.6 billion, 0.6% (±1.3%)* below the revised May estimate of $530.9 billion. Residential construction was at a seasonally adjusted annual rate of $258.3 billion in June, 0.8% (±1.3%)* below the revised May estimate of $260.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $269.3 billion in June, 0.5% (±1.3%)* below the revised May estimate of $270.6 billion.

Compared to a year ago (June 2009), when the economy was "still in recession," the June 2010 drop was ten percent.

Viva la recovery!  Just wait until the Bush tax cuts expire!  You ain't seen NOTHIN' yet!