Did the big March jobs report put President Obama back on the road to re-election? If so, he can thank the GOP, whose tax cuts saved him from himself.
Commentary by Lawrence Kudlow
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If you buy into the energy speech President Obama delivered on Wednesday, it sure sounds like we're headed for drill, drill, drill. It would be a total reversal of policy. I guess $100-plus oil and near $4 gas at the pump -- along with a consumer economic-political revolt -- will do that to you.
Caveat emptor: The first-quarter economy is slowing, and inflation is rising. A month ago, economists were optimistic about the potential for 4 percent growth. Now they are marking down their estimates toward 2.5 percent. Behind this, consumer expectations are falling, while inflation fears are going up.
Stocks got slammed today. The Dow dropped 228 points as the much anticipated correction appears to be taking hold. Year-to-date, the broadest index, the S&P 500, is still up 3 percent, and the Dow is up 3.5 percent. Curiously, a $2 drop in oil did not rescue the market. But a lot of worries about China growth, a Spanish credit downgrade, and a widening U.S. trade deficit weighed down the market right from the opening trade.
According to news reports, Team Obama and House Republicans are at least $50 billion apart in the budget negotiations for FY2011. I'm willing to bet that Team Obama and Senate Democrats won't agree to even $20 billion in spending cuts.
Big economic-growth stats are trumping oil prices and the Mideast tinderbox. In optimistic trading on Thursday, stocks soared nearly 200 Dow points. Oil barely fell to just under $102 a barrel. Know what? The market may be shouting out that the recent oil spike is not going to derail economic recovery.
“Don’t fight the Fed” is an old stock market adage. Successful investors pay a lot of attention to it. It means that when the central bank is easy, it’s bullish for stocks. And when the bank turns tight, it’s bearish for stocks. Obviously, the Bernanke Fed has been ultra-easy for a couple of years now: The bullish stock market has just doubled its value from the early March 2009 bottom.
A week after Ronald Reagan's 100th birthday celebration, comparisons between Presidents Obama and Reagan continue.
The January employment report was a complete snow job. Abominable winter blizzards across the country caused 886,000 workers to report "not at work due to bad weather," according to the Bureau of Labor Statistics. This is 600,000 more than the normal 300,000 not at work for the average January of the past decade.
The January employment report was a complete snow job. Abominable winter blizzards across the country caused 886,000 workers to report “not at work due to bad weather,” according to the Bureau of Labor Statistics. This is 600,000 more than the normal 300,000 not at work for the average January of the past decade.
Decades of autocratic government and a lack of free elections are, of course, the main drivers of the political upheaval in Egypt. But did the sinking dollar and skyrocketing food prices trigger the massive unrest now occurring in Egypt -- or the greater Arab world for that matter?
As we know, massive popular unrest has broken out against autocratic governments in North Africa and the Arab world. Egypt is the biggest story. But to varying degrees, the people have taken to the streets in Algeria, Jordan, Libya, Morocco, and Yemen.
New Jersey Gov. Chris Christie expressed disappointment in President Obama’s failure to commit to aggressive budget cuts and entitlement reform in last night’s State of the Union speech.
In his State of the Union message tonight, President Obama is likely to call for some kind of corporate tax reform. But don’t look for him to be a budget-cutter.
Can GE CEO Jeffrey Immelt talk President Obama into a major corporate tax cut? Immelt has been appointed to the new Council on Jobs and
Competitiveness, which replaces the disbanded Paul Volcker Economic Recovery Advisory Board. Immelt was a member of that original board. Now he has a more elevated position in the Obama 2.0, allegedly pro-business move-to-the-center Clintonesque White House.
Is there a new Cold War developing between China and the United States? That’s a question hovering over President Hu Jintao and his entourage as they come to Washington to discuss military, trade, and financial flash points with the Obama administration.
U.S. economic recovery continues to look better, according to the stock market and a boatload of economic stats last week. Stocks jumped 133 points on the Dow, which hit a 30-month high following its seventh straight weekly rise. Early fourth-quarter profit reports from Alcoa, Intel, and JPMorgan all beat expectations. Share prices are back to June 2008 levels, before the financial meltdown.
"Stop the bad stuff" is what John Boehner told a bunch of us at breakfast a few weeks before the election. That's how he defined the GOP mission. Now he's speaker.
The past is not always a prologue to the future. But looking at some of the big winners and losers of 2010 does provide some strong hints of a positive 2011.
On a historic night this past Thursday, a new Tea Party Republican Congress completely transformed U.S. economic policy. Elections matter, and so do their ideas. Smaller government, low taxes, and less spending were key election themes in the Republican landslide. And those themes triumphed this week as a large tax-cut bill finally passed the House and a monstrosity of a spending bill was defeated in the Senate.