household | The Obama Diary

A year ago today: President Obama greets the family of Make-A-Wish child Francisco “Paqui” Lopez Pena, outside the Oval Office, Aug. 6, 2012 (Photo by Pete Souza)

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Today:

EDT

10:10 AM The President departs the White House

MST

11:40: Arrives Phoenix, Arizona

12:10: Tours Erickson Construction

1:05: Delivers remarks at Desert Vista High School, Phoenix (4:05 EDT, White House Live)

2:10: Departs Phoenix

PDT

3:25: Arrives Los Angeles

4:30: Tapes an appearance on “The Tonight Show with Jay Leno”

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BREAKING: U.S. trade deficit falls to $34.2 billion in June, lowest since late 2009, as exports hit record. -MM

— The Associated Press (@AP) August 6, 2013

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If you missed it earlier, the much smaller than expected trade deficit is going to boost Q2 GDP by 0.2-0.6% or so, pushing GDP over 2.0%.

— Dan Greenhaus (@DanBTIG) August 6, 2013

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Bloomberg: Americans With Best Credit in Decades Drive U.S. Economy

Americans have made progress putting their finances in order and are ready to borrow again – giving the world’s largest economy another driver of spending and growth.

Household net worth soared to a record high in the first quarter, Federal Reserve data show, and the financial-obligations ratio relating consumer debt to income matched the lowest in 33 years. Consumer loans are rising, and the American Bankers Association reports the share of delinquencies on bank cards is the smallest since 1990.

“Household finances are in the best shape in decades,” said Joseph Carson, director of global economic research at AllianceBernstein … “We now have a creditworthy borrower. It’s a powerful ingredient” ….

More here

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@WhiteHouse

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Marketwatch: Home-price growth near seven-year high

Annual home-price growth in June was close to the fastest pace in seven years, as inventories of existing and new homes remained low, according to data released Tuesday.

Home prices, including distressed sales, rose 1.9% in June, and were up 11.88% from a year earlier … In May, prices were up 11.93% from the prior year, the fastest annual growth since February 2006.

Excluding short sales and other distressed properties, prices rose 1.8% in June, and were up 10.97% from the year-earlier period, reaching the fastest annual pace since February 2006.

More here

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USA Today: President Obama heads west Tuesday, to talk housing in Phoenix and the economy on a late-night talk show in Hollywood.

Obama starts in Phoenix, where he tours a home construction company and delivers a speech on housing policy.

…. After Phoenix, Obama travels to the Los Angeles area for an appearance on The Tonight Show with Jay Leno, where he hopes to talk about the economy in between jokes.

The president will spend the night in Los Angeles.

More here

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Steve Benen: PolitiFact finds its pants on fire

House Majority Leader Eric Cantor (R-Va.) appeared on Fox News on Sunday, and when the discussion turned to a possible self-imposed budget crisis, the Virginia Republican said lawmakers should be “focused on trying to deal with the ultimate problem, which is this growing deficit.”

What Cantor said was the opposite of the truth – he said the nation has a “growing deficit,” when in reality, we have a shrinking deficit. We can have a discussion about whether the House Majority Leader was deliberately trying to deceive the public – Republicans have an incentive to convince the public that U.S. finances are in worse shape than they really are – or whether Cantor simply doesn’t know the basics of current events. But I’m afraid it’s either one or the other.

Unless, that is, you’re PolitiFact…..

More here

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#VotingRightsMatter. That’s why I’m joining @TheDemocrats in fighting to protect our rights. Will you join me? http://t.co/rrUWIq3COH

— Donna NoShock (@NoShock) August 6, 2013

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VotingRightsMatter.com

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From The Last Word:

From Mississippi to the Ivy League: Two students reflect on their unique journeys – video here

Sister Simone schools ‘Catholic school boy’ Paul Ryan – video here

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A question of moderation… or extremism. pic.twitter.com/cWu6ZgoGHT

— amk4obama (@amk4obama) August 6, 2013

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Former baseball players in the Negro League, from left to right, Pedro Sierra, Minnie Minoso, and Ron Teasley, talk outside the West Wing of the White House in Washington following their meeting with President Obama.

USA Today: Obama praises Negro League veterans

While Major League Baseball grapples with performance enhancing drugs, President Obama and some special guests spent Monday evening talking about the old days in the Negro League.

Obama thanked Negro League veterans for helping pave the way for African-Americans in professional sports, as well as other walks of life.

….. The Negro League delegation also included a woman owner, Minnie Forbes of the old Detroit Stars.

Forbes pointed out that in the old days African-American ballplayers — and African-Americans in general — couldn’t stay in certain hotels or restaurants.

“Now,” she said, “we are able to come to the White House and see the president,” himself an African-American.

Forbes also reported that the the president gave her a kiss on the cheek — “and I’m not washing my face!”

More here

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Greg Sargent: Keep An Eye On Georgia Senate Race

A new survey from the robo-firm Public Policy Polling finds that Democrat Michelle Nunn is locked in a close battle for the Georgia Senate seat with several of the main potential GOP challengers. This — combined with the fact that the GOP primary is a crowded affair — has Dems looking at this race as a potential firewall: If Dems can somehow win in Georgia (or even Kentucky), Republicans will have to sweep four Dem incumbents out of office to take the Senate.

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National Journal: Republicans Confront Lady Problems in Congress

When the House Judiciary Committee passed a late-term abortion ban in June, Republican leaders scrambled to find a female, media-savvy legislator to bring the legislation to the floor. Their biggest problem: Not a single Republican woman was represented among the committee’s 23 Republican members. They eventually settled on Tennessee Rep. Marsha Blackburn, who isn’t on the Judiciary Committee.

The episode underscored a growing problem that is worrying Republicans: Women are badly underrepresented within their party in the Congress. Only eight percent of House Republicans are women, and there are only four female Republican senators. Of the long list of potential 2016 GOP presidential contenders, there’s not a single woman.

More here

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And that 1+1 = 3 MT @DavidCornDC: Studies show that watching Fox News increases your risk of holding incorrect beliefs about climate change

— Nerdy Wonka (@NerdyWonka) August 6, 2013

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On this day….

President Obama visits with Supreme Court Justice Ruth Bader Ginsburg and newly confirmed Supreme Court Justice Elena Kagan in the Blue Room of the White House, prior to Kagan’s confirmation reception in the East Room, Aug. 6, 2010 (Photo by Pete Souza)