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File: Wholesale trade sales and inventories. (Photo: Bureau of Labor Statistics/ BLS)

File: Wholesale trade sales and inventories. (Photo: Bureau of Labor Statistics/ BLS)

The U.S. Census Bureau said Monday preliminary readings on wholesale inventories (up) and retail inventories (down) essentially offset each other out. Whole inventories rose 0.4% to $601.2 billion in July, a solid number for third-quarter (3Q) gross domestic product (GDP), and are up 3.1% (±0.7 percent) from July 2016.

The percentage change from May 2017 to June 2017 was revised from up 0.7% (±0.4 percent) to up 0.6% (±0.4 percent).

They slightly more than offset a preliminary 0.2% drop in retail inventories to $619.6 billion after they rose strongly in June to give a late boost to second-quarter (2Q) GDP. Initial readings also showed 2Q weakness but were revised higher.

Retail inventories were up 3.3% (±0.5 percent) from July 2016 and the percentage change from May 2017 to June 2017 was unrevised at up 0.6% (±0.2 percent).

Still, the Atlanta Federal Reserve on Friday revised its GDPNow Forecast for the 3Q to 3.4%, down from 3.8% on August 16. The next GDPNow update including the latest data is due on Thursday, August 31.

The U.S. Census Bureau said Monday preliminary

Sherri Walker, center, and Curtis Walker, right, go over retirement options with Calpers Benefit Program Specialist Lisa Bacon, left, at the Calpers regional office in Sacramento, California, October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. (Photo: Reuters)

Sherri Walker, center, and Curtis Walker, right, go over retirement options with Calpers Benefit Program Specialist Lisa Bacon, left, at the Calpers regional office in Sacramento, California, October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. (Photo: Reuters)

Most people understand that there’s a Social Security crisis, but they only know half the story. The part of the crisis they grasp is that the program is basically bankrupt, though I doubt many of them realize that the long-run shortfall is a staggering $44 trillion.

The part of the crisis that generally is overlooked is that the program is a lousy deal for workers. They pay record amounts of tax into the system in exchange for a shaky promise of a modest monthly check. For all intents and purposes, they are being charged for a steak, but they’re getting a hamburger (with Medicare, by contrast, people are charged for a hamburger and they receive a hamburger but taxpayers pay for a steak that nobody gets).

For groups with lower-than-average life expectancy, such as poor people and minorities, Social Security is even worse. They pay into the system throughout their working lives, but then they don’t live long enough to collect a decent amount of benefits.

I narrated a video that was partly focused on how people could have more retirement income if we shifted to a system of personal retirement accounts, but this video from Learn Liberty directly addresses this issue.

By the way, I have one minor complaint with this excellent video. Social Security is not forced savings. There’s no money set aside. Yes, there’s a “trust fund,” but it contains nothing but IOUs. And if you don’t believe me, see what the Clinton Administration wrote back in 1999.

It would be more accurate to say the system is a pay-as-you-go, tax-and-transfer entitlement.

But I’m digressing, so let’s focus on some potential good news. Americans actually have a pretty good track record of saving for their own retirement. Indeed, total pension assets (measured as a share of economic output) in the United States rival those of nations that have mandatory private retirement systems.

So it presumably shouldn’t be that difficult to transition to a private retirement system in America.

Which was a key takeaway from a column in the Wall Street Journal last week by Andrew Biggs of the American Enterprise Institute. He starts with a pessimistic observation on how major politicians have addressed the crisis.

During last year’s presidential campaign, the candidates promised not to cut Social Security benefits (Donald Trump) and even to increase them (Hillary Clinton). …the Trump administration should reconsider its pledge not to cut Social Security benefits. The program is 25% underfunded over the long term, the Congressional Budget Office projects.

But the good news is that many Americans already are saving for retirement, so it wouldn’t be disruptive to extend personal retirement accounts to the entire population.

…private plans such as 401(k)s have allowed more people than ever to save for retirement…61% of workers… Contributions to private plans have…risen from an average 5.8% of wages in 1975 to 8% in 2014. …in 1984 only 23% of households received benefits from private retirement plans. By 2007 that had risen to 45%. Moreover, during the same period the benefits that the median household received from private plans rose by 141% above inflation, versus only 25% for Social Security benefits.

This is a system that should be expanded, with a prudent transition from a bankrupt Social Security system to a safer and more lucrative system of personal retirement accounts.

And that would be a much better outcome than what the current system will give us.

…Scandinavian-level tax rates or multi-trillion dollar unfunded entitlement liabilities.

P.S. Responding to those who worry about stock market downturns and the implications for retirement income, my colleague Mike Tanner showed that even people retiring after the 2008 crash would have been better off with personal retirement accounts.

Forget the Social Security crisis. The American

An SUV moves through the assembly line at the General Motors Assembly Plant in Arlington, Texas June 9, 2015. (Photo: Reuters)

An SUV moves through the assembly line at the General Motors Assembly Plant in Arlington, Texas June 9, 2015. (Photo: Reuters)

The Texas Manufacturing Outlook Survey showed factory activity in the region continued to increase in August, again beating the consensus forecast. The general activity index hit 17.0, higher than the 15.8 consensus forecast and matching the highest given for the month.

The production index, a key measure of state manufacturing conditions, ticked down a bit to a still very strong 20.3, suggesting output grew but at a slightly slower pace than the previous month. The Texas Manufacturing Outlook Survey has been generally considered as overheated, thus a smaller decrease in growth is actually welcomed news.

Other measures of current manufacturing activity also indicated continued growth, as other regional surveys have, as well. National manufacturing data have also strengthened, though not at the pace of regional surveys conducted by District Federal Reserves.

The new orders and the growth rate of orders indexes both ticked down slightly but stayed solidly positive at 14.3 and 11.7, respectively. The capacity utilization index fell 6 points to 12.2, while the shipments index gained 7 points to 18.1.

The company outlook index fell 10 points to 16.3 after skyrocketing to a multiyear high last month, posting its 12th consecutive positive reading.

Labor market measures indicate strong employment gains, wage increases and increased workweeks this month. The employment index came in at 9.9, slightly below the July reading but still strong and continuing consecutive positive readings for the year.

Eighteen percent (18%) of firms noted net hiring juxtaposed to 8% reporting net layoffs. The hours worked index gained 5 points to 14.5 and wages & benefits came in at a very strong 26.9, which points to inflationary pressures.

The raw materials prices index increased 11 points to 26.9, its highest level in 6 months. The finished goods prices index gained 5 points to 10.2 and the wages and benefits index also increased 6 points to 26.9.

Expectations regarding future business conditions continued to improve. The indexes of future general business activity and future company outlook remained elevated at 29.2 and 34.5, respectively. Other indexes of future manufacturing activity showed mixed movements but remained solidly in positive territory.

Next release: Monday, September 25

The Texas Manufacturing Outlook Survey showed factory

A U.S. flag decorates a for-sale sign at a home in the Capitol Hill neighborhood of Washington, August 21, 2012. (Photo: Reuters)

A U.S. flag decorates a for-sale sign at a home in the Capitol Hill neighborhood of Washington, August 21, 2012. (Photo: Reuters)

A new in-depth analysis by WalletHub of the of 2017’s Best Real-Estate Markets finds more are in Red States, while 8 of the 10 worst are in Blue states. The study compared 300 cities across 21 key metrics, including median home-price appreciation, home sales turnover rates and job growth.

Four of the 10 best are in Texas, the largest Republican state in the nation, with only two being in a solidly Democratic state–Seattle and Bellevue, Washington. On the flip side, solidly Blue New Jersey and Connecticut trail the nation with 3 and 4 Bottom 10 slots, respectively.

Best Real-Estate Markets vs Worst Real-Estate Markets

Regionally, the Northeast repeatedly trails the nation in most housing indicators, including existing home sales and pending home sales. However, there are still some positive indicators in deeply Democratic areas.

Berkeley, California, for instance, has the lowest share of homes with negative equity, at 1.51%. That’s 28.6 times lower than in Hartford, Connecticut, the city with the highest at 43.23%.

Source: WalletHub

A new in-depth analysis by WalletHub of

Floyd Mayweather defeated Conor McGregor by technical knockout 1 minute 5 seconds into the 10th round, remaining undefeated at 50-0. The “Money Fight” at T-Mobile Arena in Las Vegas was the MMA fighter’s first professional boxing match.

After a stronger-than-expected performance against Floyd Mayweather in the Money Fight, Conor McGregor gave a post-fight press conference.

Floyd Mayweather and Conor McGregor gave post-fight

[brid video=”160291″ player=”2077″ title=”Floyd Mayweather vs Conor McGregor Final Round Technical Knockout (TKO”]

Floyd Mayweather defeated Conor McGregor by technical knockout 1 minute 5 seconds into the 10th round, remaining undefeated at 50-0. The “Money Fight” at T-Mobile Arena in Las Vegas was the MMA fighter’s first professional boxing match.

McGregor, the first concurrent two-division champ in UFC history, actually took the first 3 rounds against the undefeated champion and later round 7. But he ran out of gas.

“This was my last fight tonight ladies and gentlement,” Mayweather said. “I chose the right dance partner. Conor McGregor, you’re one hell of a champion.”

Floyd Mayweather defeated Conor McGregor by technical

Antifa, or Antifascist Action, armed and protesting before clashing with white supremacist groups in Charlottesville, Virginia on Saturday, August 12, 2017. (Photo: AP)
Antifa, or Antifascist Action, armed and protesting before clashing with white supremacist groups in Charlottesville, Virginia on Saturday, August 12, 2017. (Photo: AP)

For two weeks, since racist and hate-filled groups clashed in Charlottesville, Virginia, we’ve been listening to the talking heads, none of whom even live in the America most of us do. We’ve heard guests and so-called hard news anchors attack President Trump, claiming his statement condemning all violence was a dog whistle to white supremacists.

Predictably, his stronger statement condemning white supremacist groups by name didn’t silence his critics. The following Tuesday, President Trump started another firestorm when he said that both sides were to blame.

Mitt Romney took to Facebook to say there is “no conceivable comparison or moral equivalency between the Nazis–who brutally murdered millions of Jews and who hundreds of thousands of Americans gave their lives to defeat–and the counter-protestors who were outraged to see fools parading the Nazi flag, Nazi armband and Nazi salute.”

New York Times reporter Sheryl Gay Stolberg was attacked on Twitter after she made the mistake of tweeting the truth, correctly observing that the “hard left seemed as hate-filled as alt-right. I saw club-wielding ‘antifa’ beating white nationalists being led out of the park.”

She quickly caved to social media pressure, which came in the form of users and mediates basically claiming “only one group would commit genocide against the other if given power.”

The basic argument is that Adolf Hitler and, by extension Nazism, was and is worse than Leftism because the Third Reich was responsible for the horror of the Holocaust. Hitler, they argue, is different because he attempted to eradicate an entire people on racial or ethnic grounds. Thus, there is no moral equivalence between Neo-Nazi groups and Antifa.

But is that really true?

Historically, absolutely not. The false moral equivalence, the new deadliest sin which Ms. Stolberg and President Trump have committed, is a false criticism. Let’s look at the real, horrifying truth by the numbers.

The total number of noncombatants killed by fascists in Germany—including some 5.4 million Jews—totaled 11 million. Roughly 2.6 million Jews were killed by shooting and 2.8 million by gassing, including 1,000,000 at Auschwitz, 780,863 at Treblinka, 434,508 at Bełz˙ec, roughly 180,000 at Sobibór, another 150,000 at Chełmno and 59,000 at Majdanek.

A few hundred thousand more Jews died during deportations to ghettos, or of hunger or disease while in those ghettos. Romania, Germany’s ally during World War II, killed some 300,000 Jews, while the Germans also killed more than 100,000 Roma.

As horrific as they are, these numbers pale in comparison to other forms of leftwing governments. Socialist governments killed hundreds of millions of people in the 20th century, alone. Marxist regimes, those “given power” who practiced the most deadly form of socialism, murdered nearly 110 million people from 1917 to 1987.

And they continue to do so in North Korea, Latin America and elsewhere to this very day.

“No cause, ever, in the history of all mankind, has produced more cold-blooded tyrants, more slaughtered innocents, and more orphans than socialism with power,” Alan Charles Kors wrote in The Atlas Society in 2003. “It surpassed, exponentially, all other systems of production in turning out the dead. The bodies are all around us. And here is the problem: No one talks about them. No one honors them. No one does penance for them.”

Quite the contrary. Big Media and politicians make excuses for those who subscribe to the same worldview as the regimes that caused their deaths.

Democide, as defined by R.J. Rummel in his seminal work Death by Government, is “the murder of any person or people by a government, including genocide, politicide and mass murder; and although the figures are dynamic, six times as many people died as a result of democide during the 20th century than in all that century’s wars combined.”

For comparison, roughly 35 million were killed as a result of all domestic and foreign wars during the 20th century. Rummel demonstrated that socialism, specifically Marxism, is “by far the bloodiest” ideology when backed by power.

In practice, Marxism has meant bloody terrorism, deadly purges, lethal prison camps and murderous forced labor, fatal deportations, man-made famines, extrajudicial executions and fraudulent show trials, outright mass murder and genocide.

Stalin alone obliterates a central thesis in the false moral equivalence argument. The Stalin-sanctioned famine of 1930 to 1933 killed more than 5 million people. Of those who starved in 1932 and 1933, roughly 3.3 million residents of Soviet Ukraine were the victims of a killing policy tied directly to nationality.

Mao Zedong, or Mao Tse-tung, put both Hitler and Stalin to shame. The Great Leap Forward policy led to an estimated 45 million deaths from 1958 to 1962, making it the biggest act of democide or mass murder ever recorded.

Leftists not only targeted groups of people based on nationality and ethnicity, as Hitler did, but also ideas. Antifa’s tactics to scapegoat groups mirror those used by socialists regimes during their rise to power and subsequent killing sprees.

Antifa, the American brand of Anti-Fascist Action in Britain and Antifaschistische Aktion in Germany, is not a new group. Anti-fascist groups popped up in Europe during the first half of the 20th century and again in the United Kingdom in the 1980s to counter conservatism, an ideology that is the antithesis of fascism.

They also happen to be leftwing extremists designated as a domestic terror group in New Jersey. The Department of Homeland Security (DHS) has officially classified the activities of Antifa as “domestic terrorist violence.”

While they often claim and are reported to be anti-government, they and similiar groups have long-served as the “useful idiots” of despotic, leftwing regimes. U.S.S.R. flags are routinely carried by Antifa and the threat of imminent tyranny at the hands of fascists has long-been their go-to rallying cry. Most of their other scapegoats might also sound familiar to readers.

As Rummel wrote in an op-ed for World Net Daily, leftists always frame their cause as “a war on poverty, exploitation, imperialism and inequality–and, as in a real war, noncombatants would unfortunately get caught in the battle.”

“There would be necessary enemy casualties: the clergy, bourgeoisie, capitalists, ‘wreckers’, intellectuals, counterrevolutionaries, rightists, tyrants, the rich and landlords,” Rummel wrote. “As in a war,” he wrote, people might die, “but these deaths would be justified by the end… To the ruling Marxists, the goal of a communist utopia was enough to justify all the deaths.”

The latter was on full display in a recent featured story on CNN, which openly justified violence routinely used by Antifa. As Breitbart News underscored, “CNN lays out the narrative that the leftist protesters are driven to violence in an effort to achieve peace.”

“Antifa leaders admit they’re willing to physically attack anyone who employs violence against them or who condones racism — as long as force is used in the name of eradicating hatred,” CNN stated in their outrageous report.

This is the horrific history of socialism, rewriting and repeating itself. They justify violence in the name of peace and sympathetic media outlets such as Reuters even try to portray them as “peace activists.” But once their preferred system of government is in place, they go on a killing spree unrivaled by any of the boogeymen they had dreamed up.

For leftwing groups like Antifa, dissenting views are not tolerated and violence used to enforce that intolerance is justified by other useful idiots, i.e. CNN and Reuters. It’s propaganda at a skill level that would impress Joseph Goebbels, himself.

In truth, there is a moral equivalence between Neo-Nazis and Antifa, given the regimes and ideologies they represent. It’s a false, intellectually dishonest interpretation of history to argue that they are somehow that different from each other.

Fascists have more in common with Antifa than we are led to believe, certainly more than the most rightwing conservative. They are both socialists at their core. Nazi, or the National Socialist German Workers’ Party, also placed a strong emphasis on centralized government and the subjective collective good above individual liberty. Of course, the latter is the predominant concern in conservatism and classical liberalism.

There is nothing “rightwing” about using government to impose your will on others, as both groups propose to do. The only differences between their ideologies are their victims.

“The problem is power. The solution is democracy,” Rummel argued. “The course of action is to foster freedom.”

That includes freedom of speech, as vial and bigoted as it may be. But in the end, groups that use violence and terror to crush dissenting speech are the problem, not the solution. They are all a threat to freedom.

Is there really no moral equivalence between

Director of the Office of Management and Budget Mick Mulvaney (L) and Treasury Secretary Steve Mnuchin (R) flank U.S. President Donald Trump as he hosts a "strategic initiatives" lunch at the White House in Washington, U.S., February 22, 2017. (Photo: Reuters)

Director of the Office of Management and Budget Mick Mulvaney (L) and Treasury Secretary Steve Mnuchin (R) flank U.S. President Donald Trump as he hosts a “strategic initiatives” lunch at the White House in Washington, U.S., February 22, 2017. (Photo: Reuters)

Total public debt outstanding has declined more than $100 billion under the Trump Administration. According to the latest figures from the U.S. Treasury Department, those savings were preserved for the week ending August 25 and actually ticked down slightly.

On January 20, 2017, the day President Donald Trump was inaugurated, total public debt for the U.S. stood at $19,947,304,555,212, or nearly $20 trillion. It continued to increase and fluctuate incrementally, reaching a high of $19,959,593,604,841 on February 28, 2017.

But then it started to fall and has generally continued on a downward trend ever since. There has been no significant increase in the total public debt outstanding in the U.S. since it increased to $19,902,604,401,637 on March 14, 2017.

As of August 26, 2017, total public debt for the U.S. stood at $19,845,100,367,124.09, a decline of more than $100 billion ST and $88,460,166.77 since August 17. Debt held by the public fell from $14,403,704,176,388.94 to $14,398,771,600,092.09 ST. Intragovernmental holdings fell from $5,543,600,378,823.55 to $5,446,328,767,032.00 ST.

Still, barring significant reforms in the federal budget, short-term savings are likely to be erased by inevitable increases in the cost of poorly designed entitlements and demographic trends.

The U.S. Treasury Department publishes data on the total public debt outstanding in the U.S. at the end of every business day. Since our first report, as requested by our readers, People’s Pundit Daily (PPD) has begun to track that data weekly, beginning with the day President Trump was sworn in on Inauguration Day.

View this period here.

Total public debt outstanding has declined more

Then Republican presidential candidate Donald Trump, left, is joined by Sheriff Joe Arpaio in Maricopa County, Arizona. (Photo: AP)

Then Republican presidential candidate Donald Trump, left, is joined by Sheriff Joe Arpaio in Maricopa County, Arizona. (Photo: AP)

President Donald Trump pardoned former Maricopa County Sheriff Joe Arpaio, who was found guilty of criminal contempt in a politically-motivated prosecution. “America’s toughest sheriff” defied a state judge’s order to stop traffic patrols targeting suspected undocumented immigrants.

Donald Trump Pardon Joe Arpaio

President Trump signaled he would do so at a rally in Phoenix earlier this week. He asked the crowd if they believed the former sheriff was targeted and prosecuted for doing his job.

Mr. Arpaio, 85, was convicted by U.S. District Judge Susan Bolton of misdemeanor contempt of court for willfully refusing to obey an Arizona judge’s order dating back to 2011. It ordered him to stop the so-called “anti-immigrant” traffic patrols. But he continued the patrols for 17 months after it was issued and was reelected.

It was expected he would be sentenced on October 5 and faced up to six months in jail. Legal experts on both the Left and Right say the court denied him fundamental rights during the prosecution, including the right to a jury trial.

“The judge’s verdict is contrary to what every single witness testified in the case,” he lawyer said after the verdict. “Arpaio believes that a jury would have found in his favor, and that it will.”

President Donald Trump pardoned former Maricopa County

An offshore oil platform is seen in Huntington Beach, California September 28, 2014. (Photo: Reuters)

An offshore oil platform is seen in Huntington Beach, California September 28, 2014. (Photo: Reuters)

The Baker-Hughes North American Rig Count fell 3 rigs to 1,157 for the week ending August 25, the fourth consecutive drop after an uninterrupted surge for months.

The U.S. rig count is down 6 rigs to 940, but is still up 451 rigs from last year. The Canadian count is up 3 rigs to 217, but up 71 rigs from last year.

For the U.S., rigs classified as drilling for oil are down 4 rigs to 759 and those classified as gas rigs are down 2 to 180. For the Canadian count, rigs classified as oil rigs are down 6 rigs to 115, but those classified as gas are up 9 rigs to 102.

Worth noting, the rig count in Texas was down by 3 rigs to 456 rigs this week, which could very well be due to preparations for Hurricane Harvey. The National Hurricane Center has said it is expected to cause catastrophic flooding across the Gulf, specifically southern and southeastern Texas.

But since the other 3 U.S. rigs taken out commission were in Pennsylvania, the decline this week more likely is due to the fact that oil prices have not been able to stay above $50 per barrel. At that level, most North American rigs are well above their break-even point.

The Baker-Hughes North American Rig Count fell

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