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Monday, October 8, 2012


Photo of the Day:


Photo of the Day: A U.S. Air Force C-17 Globemaster III aircraft taxis to its parking spot on Bagram Airfield, Afghanistan, Sept. 25, 2012. The Globemaster III is a regular visitor to Bagram Airfield, transporting troops, equipment and supplies in and out of the country. U.S. Air Force photo by Capt. Raymond Geoffroy


Photo of the day: Meet seven-year-old Eric Smith. This first-grader has a deep appreciation for those who have served our country and wanted to express his gratitude—so he set up a hot-cocoa stand. With the help of his family, Eric raised $500 (donations are still coming in) and he plans to present a check to the Bedford VA Medical Center in Massachusetts. Thank you for your support, Eric!


On Fund-Raising Tour, Obama Admits Poor Debate Showing


LOS ANGELES – President Obama joined the chorus of critics who have been slamming his debate performance, acknowledging on Sunday night before a star-studded fund-raiser that he may have flubbed the face-to-face standoff with Mitt Romney last week.

Appearing at the Nokia Theater after a concert where Stevie Wonder, Earth Wind and Fire, Jennifer Hudson, Katy Perry and Jon Bon Jovi performed, Mr. Obama complimented the entertainers for their flawless presentations. Then, he added, “I can’t always say the same.”
The joke at his own expense comes as Mr. Obama and his campaign continue to try to recover from the debate. 

Sunday, October 7, 2012
Obama Jokes About Debate Performance at Los Angeles Fundraiser
I just got home from this event at the Nokia Theater in downtown LA and can confirm that the crowd there absolutely ate up President Obama's self-deprecating joke. I can also say that Stevie Wonder was flawless.




The president, seeking to add to his already strong fund-raising totals last month, exhorted wealthy and staunchly Democratic donors to continue their support, painting a picture of an economy in the United States that is making a comeback.
“On Friday we found out the unemployment rate has fallen from the height of 10 percent to 7.8 percent, the lowest since I took office,” Mr. Obama said, to cheers. “Manufacturing is coming back.”
Mr. Obama is on a two-day fund-raising swing in California, a state he has visited only recently to raise money for Democratic coffers. At a posh party at the home of the Hollywood mogul Jeffrey Katzenberg, Mr. Obama, joined by former President Bill Clinton, mingled with a small group of wealthy donors, ostensibly to thank them, campaign aides said, for all the money they’ve given this election cycle.

Then it was on to the Nokia Theater. From there, the president headed to a $25,000 per person party for 150 supporters held at Wolfgang Puck’s WP24 in the Ritz Carlton. On Monday, Mr. Obama will do the same, this time in San Francisco.

Still stinging from the president’s lackluster showing in the debate, the Obama campaign is beginning this week with a full frontal assault on Mr. Romney, who is due to deliver a foreign policy speech at the Virginia Military Institute on Monday.

Aboard Air Force One en route to California, a campaign spokeswoman, Jennifer Psaki, ridiculed Mr. Romney’s foreign policy experience. “We are not going to be lectured by someone who’s been an unmitigated disaster on foreign policy every time he sticks his toe in the foreign policy waters,” Ms. Psaki said, referring to Mr. Romney’s European trip this summer, which received poor reviews both at home and abroad.

But the Obama campaign is clearly nervous about the next presidential debate, which is scheduled for next week in Long Island. Mr. Obama will hole up in Williamsburg, Va., this weekend for debate preparation, aides said, and Ms. Psaki even joked that a childhood friend of the president’s from Punahou School in Hawaii, Mike Ramos, who was along for the ride on Air Force One on Sunday, was actually on the plane to act as Mr. Obama’s new debate coach.



  UnSkewed Political Projections

 

Now Even the "Unskewed" Polling Has Obama out in Front

 

Mitt Romney arrives on the stage during a campaign rally at the Valley Forge Military Academy and College in Wayne, Pa., Friday
Mitt Romney arrives on the stage during a campaign rally at the Valley Forge Military Academy and College in Wayne, Pa., Friday

Photograph by Jewel Samad/AFP/Getty Images.




As we explained in yesterday's Slatest PMnewsletter, some conservatives are becoming increasingly vocal regarding their doubts about recent polls that show President Obama pulling out in front of Mitt Romney. In short, they contend that pretty much everyone but the conservative pollsters over at Rasmussen are relying on turnout models that unfairly favor Democrats. If the models were tweaked appropriately, they say, Mitt Romney would have a substantial lead coming down the home stretch.
Or at least that's what their "unskewed" polls had been showing up until yesterday when Fox News released its latest survey, which showed Obama up by 5 points, 48 percent to Romney's 43.
Dean Chambers, who runs unskewedpolls.com, quicky worked his usual magic on the Fox data but this time his "unskewing" wasn't enough to move the numbers in the GOP's favor. The result: Obama up by 2 points. While that's obviously less than the gap the Fox News poll showed, it's nonetheless noteworthy because it's a major departure from the past dozen or so of Chambers' "unskewed" polls that claimed to have Romney well on his way to a historic victory this fall.
We'll let Chambers explain what he did:
"When the data from the Fox News poll is unskewed by weighting their reported percentages between Romney and Obama to the partisan affiliations showed by Rasmussen's extensive data results on that issue, the overall picture of the race is different. With Republicans weighted 34.8 percent, Democrats at 35.2 percent and Independents at 30.0 percent, the results calculate to Obama leading but by a smaller 46 percent to 44 percent margin over Romney"
It's also worth pointing out again that the major pollsters who keep tabs on the race for a living obviously don't see eye to eye with Chambers. Frank Newport, the editor-in-chief over at Gallup, penned a forceful response to the polling critics yesterday, explaining that their main beef with the numbers—what the doubters say is an oversampling of Democrats—actually is just further proof that the president is out in front. More info on that here.

Hey liberals, you're right: The polls are telling us something

Mitt Romney Delivers Major Foreign Policy Speech

Mitt Romney Delivers Foreign Policy Address (right-click to copy direct link)

Lexington, Virginia
Monday, October 8, 2012

In a foreign policy speech Monday, Republican Presidential Candidate Mitt Romney said President Obama is passive in the Middle East and that “it is time to change course” in the region. He made these remarks at the Virginia Military Institute’s Hall of Valor in Lexington, Virginia where he laid out his foreign policy vision. Foreign policy will be the focus of the third and final presidential debate on October 22nd.

Coming off a widely reported success in last week's domestic policy-focused Presidential debate, Mitt Romney and his running mate Paul Ryan held rallies in Virginia on Thursday and Friday. The Presidential candidates have a week off before the next debate, which is a town hall format. The final debate, which focuses on foreign policy, will take place October 22.


Romney has previously struggled in the foreign policy arena, with an overseas trip this summer for which he received mixed reviews, and a hasty statement about the recent uprisings in the Middle East, which came shortly before the U.S. Ambassador to Libya, Christopher Stevens, and three other Americans were killed in an attack on the U.S. Consulate in Benghazi.

Updated: 24 min. ago

Comedians poke fun at debate


The Situation Room|Added on October 5, 2012

Late-night comedians have some laughs at the presidential candidates' expense. 



The BLS Just Discovered Almost 400,000 Missing Jobs in Its Rebenchmarking


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A protestor holds a sign during a demonstration against unemployment benefit cuts in Oakland, Calif.
Photo by Justin Sullivan/Getty Images.



When it comes to economic data, as with much else in life, the media tends to overweight the new relative to the true. So each monthly jobs report is scrutinized, but later revisions tend to get ignored. Yet today the Burea of Labor Statistics did a rebenchmarking and found 386,000 new jobs.
As you'd expect, that doesn't utterly transform our understanding of the economy. The job market is still weak, all things considered. But it's not as weak as the data we've been seeing imply. And that can help us explain things like "why has the unemployment rate been falling despite weak payroll growth?" or even "how can Mitt Romney be losing with the economy doing so poorly?" The payroll growth maybe wasn't quite as weak as we thought, and the economy overall was perhaps doing a bit better.
And these are just revisions through March. We won't have the real data story of what was going on this fall and summer until long after the election is done, and by then probably it'll just get ignored.
Note that the benchmarking added a net of 386,000 jobs. In gross terms it actuallysubtracted 67,000 government jobs so the rebalancing of the American economy away from government employment and toward the private sector has actually gone somewhat further than we realized. Note that this also means that the Obama Era has crossed the symbolically important zero line. More Americans are employed today than were when he took office.
  
BLS reports today that the economy added 114,000 new jobs (with, I remind you, a +/- 100,000 confidence interval) in September. Upward revisions to July and August data found a total of 86,000 new past jobs. Separately the household survey reports a fall in the unemployment rate to 7.8 percent, which brings joblessness below the politically salient threshold of 8%.
I'm going to look deeper and do some more analysis, but I do have to say that the recent rebaselining exercize that discovered almost 400,000 missing jobs was a reminder that the online press has started paying too much attention to this monthly data. It's based on a statistical sample with a large margin of error. It gets revised twice through the sampling data, and then is subject to further revisions as per the rebaselining. A strong number is better than a weak number, but there really isn't a ton that can be inferred from month-to-month fluctuations until they're well in the past and we have more accurate data.

Slatest PM: The Unemployment-Rate-Trutherism Edition


7.8 PERCENT: That was the nation's unemployment rate last month, according to the latest jobs report released today by the Labor Department. That figure is down three ticks from August's 8.1 percent, and represents the lowest unemployment level since President Obama took office in 2009.
JOBS, NEW AND FOUND: The government data shows that employers added roughly 114,000 jobs last month, largely in line with analysts' predictions. The real surprise came in the form of revisions to July and August's jobs numbers, which together added a combined 86,000 more jobs than previous estimates.
THE GOOD NEWS FOR DEMOCRATS: Slate's Matthew Yglesias: "[O]ver the past two weeks the world has added two great new talking points for Obama. One is that per this month's BLS household survey, the unemployment rate is now back down to where it was in January 2009 before he took office. The other is that between the rebaselining of the first quarter and the upward revisions to July and August it's now clear that more people are at work today than were when Obama was inaugurated—with the net private sector gains even stronger."
THE GOOD NEWS FOR THE ECONOMY: The Washington Post: "Unlike in August, the number improved for the right reason: not because people gave up looking for jobs, but because far more people reported having one."
ANYONE WANT TO DISPUTE THE NUMBERS? Yes, you in the back there, Jack Welch. "Unbelievable jobs numbers ... these Chicago guys will do anything ... can’t debate so change numbers,” the former CEO of General Electric tweeted, quickly finding support in some conservative circles that included at least one GOP congressman.
PUTTING THAT IN PERSPECTIVE: Slate's Dave Weigel: "Let's hope that's a joke, because the idea of an administration doing black magic to Labor statistics in the 24 hours before a report comes out is up there with assuming WTC Building 7 was brought down with controlled demolitions. The Romney campaign, naturally, is smarter and more slippery."
SO, MR. WELCH, WERE YOU JOKING? “I wasn’t kidding,” he told the Wall Street Journal. "I am doing nothing more than raising the question."
A CLOSER LOOK AT THE BLS: The New York Times: "The Bureau of Labor Statistics, which is part of the Labor Department but has no political appointees at the moment, computes the numbers from two surveys, one of businesses and one of households. By definition, the data in both surveys are not precise and are subject to regular revisions. Recently, those revisions have showed a strengthening labor market, suggesting that if anything the economy may be improving more than initially reported."
NOT EXACTLY A SURPRISE: The Washington Post: "The fact is that there’s not much that needs to be explained here. We’ve seen drops like this—and even drops bigger than this—before. Between July and August the unemployment rate dropped from 8.3 percent to 8.1 percent—two-tenths of 1 percent. November-December of 2011 also saw a 0.2 percent drop. November-December of 2010 saw a 0.4 percent drop. This isn’t some incredible aberration. The fact that the unemployment rate broke under the psychologically important 8 percent line is making this number feel bigger to people than it really is."
IN PRAISE OF THE BLS: Slate's Matthew Yglesias: "The real story about BLS data is how enormously credible it is. Financial markets, the press, opposition politicians, and everyone else almost uniformly takes it seriously. If anything, the national pathology is taking the month-by-month errors a little too seriously and not wrestling with sample error, modeling error, and the relatively large scale of revisions. Conspiracy theorists are rare enough to be newsworthy, and widely dismissed as conspiracy theorists."
LAST WORDS: Romney: “This is not what a real recovery looks like,” he said in a statement. “We created fewer jobs in September than in August, and fewer jobs in August than in July, and we’ve lost over 600,000 manufacturing jobs since President Obama took office.” Obama: "Every month reminds us that we've still got too many of our friends and neighbors who are looking for work. ... But today's news certainly is not an excuse to try to talk down the economy to score a few political points. It's a reminder that this country has come too far to turn back now."
HAPPY FRIDAY and welcome to The Slatest PM, where your afternoon host is happy to report he's returned to his rightful spot atop Slate's Ken Jennings News Quiz office leader board: 1) Josh Voorhees 444; 2) David Plotz 426; 3) Rachael Larimore 406; 4) Emily Yoffe 397; 5) Seth Stevenson 394; 6) June Thomas 380; 7) Matt Yglesias 379; 8) Dan Kois 369; 9) Allison Benedikt 361; 10) Bryan Lowder 359. Last week's winner couldn't repeat his magic this time: Farhad Manjoo 282. (Revenge is oh-so sweet!)
FOLLOW the entire @slatest team and @JoshVoorhees on Twitter, or bring your host back down to earth by reminding him his job description gives him a teeny, tiny advantage in each week's quiz with an email to josh.voorhees@slate.com.
MORE DEBUNKING: No, Mitt Romney didn't use a cheat sheet during Wednesday's debate, no matter what the Internet tries to tell you. Full story here. Also, while we're on the subject, the president's supporters can't blame his debate performance on the altitude either. Mini-explainer here.
"JUST COMPLETELY WRONG": That's what Romney now says about his controversial comments suggesting that 47 percent of the electorate see themselves as "victims." In the immediate wake of the tape's release, you likely remember, the Republican said he meant what he said, even if he should have said it better.
ON A RELATED NOTE: Weigel explains why Republicans suddenly love their candidate—even if he sounds like a moderate governor from Massachusetts.
CHECKING THE TRAPS—
AP: "A deadly meningitis outbreak rose to 47 cases in seven states Friday, as clinics scrambled to notify patients across the country that the shots they got for back pain may have been contaminated with a fungus."
Reuters: "The British government's imminent move to extradite five prominent Islamic militants to the United States for trial could trigger security and political headaches for President Barack Obama and his administration."
NYT: "Hugo Chávez, a polarizing president who has led Venezuela for nearly 14 years, has many advantages over the opposition candidate trying to unseat him on Sunday, from the airwaves he controls to the government largesse he doles out with abandon. But one especially potent weapon in Mr. Chávez’s arsenal is what might be called the fear factor."
WSJ: "South African gold and platinum producers begin a collective effort next week to resolve strikes over pay that have shut down much of the country's vital mining sector and raised doubts about its economic stability."

Friends Don't Let Friends Put Too Much Stock in Initial BLS Estimates

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Timothy Ni, a research assistant at the San Francisco Federal Reserve, was kind enough to share with me this data he assembled from ALFRED showing the difference over the years between the Bureau of Labor Statistics' initial reporting of monthly jobs gains and its final estimate.
As you can see, though the average error is small, the scale of the revisions on a month-to-month basis is extremely large. What's more is that it's been large for a long time. There's no new problem with the data but little evidence of progress being made on estimating job growth more precisely. Which means, basically, that the monthly initial estimates that make so much news are actually an incredibly poor guide to understanding what's going on in the world. For a lot of data series, the agencies responsible for tracking the indicator in question (be it the BLS, the Commerce Department, the Census Bureau or what have you) don't even try to give these quasi-real-time numbers. If the BLS simply said, "We can't do the data accurately enough that quickly" and did everything on a one-month delay, we'd probably get better initial estimates. But people want to know what's going on as soon as possible. That's a very understandable impulse, and it's nice for the world that the BLS hustles and tries to indulge that impulse. But people ought to understand that the initial estimate is quite rough and ready. In any given month it's the revision to past data that provides the most information.

Is Obama overrated as a candidate?

By , Published: October 7

In his closing remarks at the first debate in Denver last week, President Obama uttered the following sentence: “Four years ago, I said that I’m not a perfect man and I wouldn’t be a perfect president.”
For anyone who has watched Obama campaign for a second term this year, the phrase is old hat — part of the president’s seemingly self-effacing acknowledgment that he has, is and will continue to make mistakes but that he does so in the service of trying to do the right thing.

But the now-familiar phrase took on a different — and more troubling — meaning for the president in the debate as it capped a decidedly desultory performance that left even his most loyal allies wondering what was wrong with him.

Obama’s debate performance also raised a bigger question: Is he overrated as a candidate?

Four years ago, that question would have been unimaginable. After all, this was a man who in his first run for national office not only outmaneuvered the Clinton family to win the Democratic presidential nomination but also went on to claim a 365-electoral-vote general-election landslide against Sen. John McCain (R-Ariz). And, oh by the way, Obama did all that while raising $750 million (including $500 million online) — a sum that shattered all fundraising records.

And yet, even in that campaign, there was some evidence that candidate Obama had flaws — the most notable of which was that while he delivered solid performances in the debates against McCain, he was far from the champion performer that many expected. (The coverage largely glossed over that fact because a) the race had already heavily tilted in Obama’s favor by that point, making the debates less meaningful, and b) McCain was a decent debater at best, which made Obama’s performance seem stronger in comparison.)
Fast-forward to this campaign — and specifically its last two major public events — and you see Obama’s flaws as a candidate in starker relief.

His acceptance speech at the Democratic National Convention was flat and, rhetorically, felt like a patchwork effort — five or six different speeches all clumped into a single address. His debate performance was glum and defensive, leaving anyone who watched with the overwhelming sense that the president would have rather been anywhere but sharing the stage with former Massachusetts governor Mitt Romney (R).
Obama allies defended the convention speech as workmanlike, if not inspirational, and insist that the debate was more a function of the president being caught by surprise by an alleged Romney reinvention than anything else.

Maybe. But that analysis misses two broader points about Obama the candidate.

First, he’s a terrible faker. Obama is simply not good at acting as though he is happy to be somewhere he’s not or pretending that every person he meets is the single most important person he has ever met. Obama wasn’t thrilled (to say the least) about the man he was debating Wednesday, and it showed. Big time. (In that, Obama is the polar opposite of Bill Clinton. Clinton’s greatest political gift was his ability to make wherever he was seem like exactly where he wanted to be.)

Second, Obama is, at heart, a political pragmatist who relies much more on analysis and caution than gut instinct. He stuck with a prose-over-poetry convention speech when it became clear that the fundamentals of the race were moving in his favor. And, even as Romney repeatedly bashed him during the debate, Obama avoided going deeply negative against the Republican with attacks on his “47 percent” comments or his time spent at Bain Capital. (Even Obama’s most daring decision — to run for president after just two years in the Senate — was born of careful calculation, not willy-nilly cavalierness.)

“He’s a cautious man— been like that his whole life,” said one senior Democratic strategist granted anonymity to speak candidly about the party’s top elected official. “It’s him. He doesn’t throw punches.”

Here’s the reality: Obama is the single most talented big-speech giver (the convention speech notwithstanding) and fundraiser currently operating in politics — and it’s not close. But, like all candidates, he has weaknesses, too. And that makes his I-am-not-a-perfect-president line from last week’s debate more true than most people — maybe up to and including Obama himself — realize.