God bless us, every one!How are we ever going to continue tricking the Chinese into buying our bonds if we can't properly fudge our economic data or keep a certain lame-duck Treasury Secretary from exposing the lie?
So personal incomes rose 0.4% last month. Great. As with all recent economic indicators, that bit of good news was tempered by the fact that the market expected--nay, demanded!--better news.
And what were we doing with all these newfound riches? Buying crap. At least, buying slightly more crap than we did a month earlier, 0.5% more crap, to be exact. And this of course also disappointed the experts, who expected us to buy slightly more crap.
What weren't we doing with the money? Buying houses. Mortgage applications dropped almost 11% last week, to their lowest level in two months.
And to top it all off, Tiny Tim Geithner has to go all reality-check on us and tell the 10% of Americans who don't have a job but are still foolish enough to be looking not to bother.
"Most economists would say that, by the spring, we'll have positive job growth," Geithner said in an interview on ABC's "Good Morning America," conceding that it is unlikely there was any job growth in December.
Well, if the economists expect it by spring, there's no doubt we'll be creating more jobs than we lose by next December. At the latest. Maybe.
U.S. Personal Income and Spending Up in November [NYT]
US mortgage applications drop to two-month low [Reuters]
Geithner: U.S. Job Growth Unlikely Before Spring [Reuters via NYT]