More evidence of that booming economy:
U.S. crude futures hit an 18-month high on Monday, climbing toward $86 per barrel…U.S. crude has risen almost 2 percent in the first five days of the quarter, versus a rise of 5.5 percent through the whole of the first three months of the year.
Unsurprisingly, as that article is from Reuters, this is actually reported as good news – its because the economy is so strong that oil prices are this high. Bunch of pinheads not seeming to realize that oil at $86 a barrel a huge tax on everything and thus will reduce overall economic activity. Who is going to want to take a long car trip this summer if gasoline is more than $4 a gallon? No matter – the happy talk must continue!
Then there’s this:
The U.S. office vacancy rate in the first quarter reached its highest level in 16 years…
…The U.S. office vacancy rate rose to 17.2 percent, a level unseen since 1994, as the market lost about 11.6 million net square feet of occupied space during the first quarter, according to the report released on Monday. The U.S. vacancy rate inched up 0.2 percentage points from a quarter earlier and was 2 percent higher than a year ago.
Once again, that is Reuters and thus the overall story is pitched as positive – the occupancy rate is not dropping as fast as before! Woohoo! Never occurs to them that we might be reaching the irreducible minimum – in other words, there is in a nation of 300 million a certain amount of work which has to be done, and thus there is a minimum of office space which will be occupied.
Ah, well – it doesn’t really matter. The course is set – for better or worse, Obama has implemented his policies and there is no indicator of a change coming. What will happen, will happen.
Just get ready for a rough ride.
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