New Durable Goods Orders Point to a V-Shaped Recovery

New orders for manufactured durable goods in October increased $3.0 billion or 1.3 percent to $240.8 billion, according to the U.S. Census Bureau. Transportation equipment, up five of the last six months, led the increase, $0.9 billion or 1.2 percent to $77.1 billion.

  • Excluding transportation, new orders increased by 1.3 percent to $163.7 billion.
  • New orders for capital goods increased by $2.2 billion or 2.7 percent to $83.2 billion.

This is the sixth consecutive monthly increase, placing new orders at only 0.3 percent below the same month a year ago. These results surpassed the consensus expectations of a 0.5 percent increase and shows that the economic recovery continues to have unexpected strength.

No, Joe Biden is Not President-Elect

On Saturday, the establishment media did something incredibly irresponsible. In the midst of the most contentious election in modern history, instead of acting as neutral observers of the political process, they decided to embrace the undemocratic role of kingmaker by prematurely calling the election for Joe Biden. Yes, in normal times it has been a time-honored tradition that the media act as the unofficial scorekeeper in presidential elections, but this role has no official standing, despite the desperate attempt by the media to usurp that role for itself.

These are not normal times and the media’s action amounts to an attempt to short circuit the official and legal process of selecting the president. The outcome of this election is still very much in doubt. The electoral margins are razor thin, votes are still being counted, recounts will be held in a number of states, and there are legal challenges that have yet to work their way through the courts. Regardless of the false claims of the media, the election process is not yet over.

The media is compounding its own malfeasance by making the false claim that there is no evidence of election fraud and by suppressing any reports of the many problems with the vote counting. Although it may be true that there is yet to be any proof of election fraud, this is not the same as there being no evidence of fraud. Evidence and proof are not the same things. And the proper bodies to judge any evidence are courts of law. In our constitutional system, neither the news media nor the laughably misnamed “independent fact checkers” of the social media have any place deciding the merits of the evidence of fraud taking place in this election.

Of the many actual pieces of evidence of election fraud surrounding the vote counting, the most damaging are the cases of GOP poll watchers, in violation of election laws, being kicked out of the vote counting rooms in Philadelphia, Pittsburgh, Detroit, Milwaukee, and Atlanta. It was in these very Democrat-controlled cities that partisan political machines in charge of the vote counting, now behind closed doors, somehow managed to find enough additional votes to flip the vote counts in their respective states from being in favor of Donald Trump to being in favor of Joe Biden. The media has become willfully blind to this clear violation of the law.

Any ballots counted during the period when GOP observers were locked out of the counting rooms are now tainted and legally suspect. If the courts eventually do throw out these votes, as they should, the fault would not be on Donald Trump for bringing a legal challenge, but on the Democrats for attempting to use their partisan political machines to control the vote counting.

One final point. If Joe Biden wanted to ensure that any victory would be seen as legitimate by Trump’s supporters, he should have immediately joined the Trump campaign in demanding that GOP poll watchers be allowed to observe the vote counting, as they are entitled to by law. The fact that he remained silent, as did the entire Democrat establishment (including their media allies) makes him complicit in any illegal activities that occurred behind those closed doors and will forever taint any claim that he has on being legitimately elected as president.