Farewell. The Flying Pig Has Left The Building.

Steve Hynd, August 16, 2012

After four years on the Typepad site, eight years total blogging, Newshoggers is closing it's doors today. We've been coasting the last year or so, with many of us moving on to bigger projects (Hey, Eric!) or simply running out of blogging enthusiasm, and it's time to give the old flying pig a rest.

We've done okay over those eight years, although never being quite PC enough to gain wider acceptance from the partisan "party right or wrong" crowds. We like to think we moved political conversations a little, on the ever-present wish to rush to war with Iran, on the need for a real Left that isn't licking corporatist Dem boots every cycle, on America's foreign misadventures in Afghanistan and Iraq. We like to think we made a small difference while writing under that flying pig banner. We did pretty good for a bunch with no ties to big-party apparatuses or think tanks.

Those eight years of blogging will still exist. Because we're ending this typepad account, we've been archiving the typepad blog here. And the original blogger archive is still here. There will still be new content from the old 'hoggers crew too. Ron writes for The Moderate Voice, I post at The Agonist and Eric Martin's lucid foreign policy thoughts can be read at Democracy Arsenal.

I'd like to thank all our regular commenters, readers and the other bloggers who regularly linked to our posts over the years to agree or disagree. You all made writing for 'hoggers an amazingly fun and stimulating experience.

Thank you very much.

Note: This is an archive copy of Newshoggers. Most of the pictures are gone but the words are all here. There may be some occasional new content, John may do some posts and Ron will cross post some of his contributions to The Moderate Voice so check back.


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Friday, August 29, 2008

Wages and well being fall (again)

By Fester:



From Menzie Chinn at Econbrowser:

But unlike exports, imports are -- according to macroeconomic estimates -- highly insensitive with respect to exchange rates, and much more elastic with respect to income [1]. So I suspect that real income is either actually stagnants or falling, or perceived to fall in the near future (I'm not so Keynesian as to think only current income matters)....
The divergence between real GDP and real Gross Domestic Purchases remains. Indeed it has expanded, from 2.4 ppts to 3.1 ppts. In Figure 3, I plot real GDP and Gross Domestic Purchases growth, and in Figure 4, the respective growth rates of the deflators.


This observation that internal consumption is falling and it is due to primarily income effects seems to be backed up by the data.  Marketwatch reports that personal income and consumption fell in real terms:

Real consumer spending fell 0.4% in July..... Personal income fell 0.7% in July, the biggest drop since August 2005. Real disposable incomes fell 1.7% in July... Inflation surged in the month. The core personal consumption expenditure price index rose 0.3% in July compared with June


Incomes are down, prices are up, and the GDP price deflater looks absurd.  The good news isn�t that good if the inflation deflator is in line with its historical trend performance against other inflation gauges.   This is a recession or at least it sure as hell feels like one. 




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