Thursday

Jobless Claims Up Despite Obama's Valiant Efforts. Wait, He's Done Nothing.


Let's see what has Obama done to help with unemployment....
Health care? Nope that didn't help. Okay how about cap and trade? Nothing there so it must be the world wide apology tour, yes, no, maybe. I guess he was trying to create jobs when he bashed Arizona's immigration law along with Felipe. I'm sure playing the blame game over the B.P. oil spill created at least a few jobs. Maybe dumping in Israel is the key to ending the jobless crisis.

The truth is, and we all know it, Obama has done nothing but feed us a shovel full of political bulls**t since he has been in office. Tons of platitudes covered in pork but nothing substantive. The continuing unemployment issue has not miraculously resolved itself despite the return of the Messiah in Chief.

So what miracle does his Heinous have up his sleeve...Amnesty perhaps, or more business killing environmental policies? Those are sure to bring the jobs rolling in; or not.

Well in any case truth is always a good place to begin and the truth is born out below (from CNN):

Initial claims for unemployment benefits shot up by 25,000 to 471,000 last week. Economists had expected claims to drop to 440,000.


"This is horrible," Ian Shepherdson, chief U.S. economist at High Frequency Economics, wrote in a note to clients. "The Labor Dept told the press that there are no special factors lifting claims, so we are left with the uncomfortable possibility that the trend in claims has not only stopped falling, but may be turning higher."


One bad week doesn't make a trend, Shepherdson pointed out, so stay tuned. One cause for concern: Small businesses employ half the workforce and "so as long as they remain credit-crunched, claims won't drop as they usually do in recoveries," he said.

Maybe Obama should spend less time lavishing Felipe at gaudy State dinners, roll up his sleeves and do something for the people who elected him. Just a thought. 






1 comment:

  1. (1) The basic premise of this post--that unemployment is getting worse instead of better--is very questionable. A rise in "claims for unemployment benefits," which is what you are referring to, is not the same thing as a drop in the absolute number of jobs. The fact is, according to the U.S. government's Bureau of Labor Statistics, the number of jobs in the U.S. increased by almost 300,000 in the month of April. This is very good news. The fact that claims for unemployment benefits increased shows that the economy is still in the process of restructuring, but it has nothing to do with whether new jobs are being created. The fact that the unemployment rate has continued to increase is probably a function of the fact that people are re-entering the labor force now that they think they might be able to find a job. All of this information can be found on the official Bureau of Labor Statistics website by googling "jobs report April."

    (2) The other basic premise of the post--that President Obama hasn't done anything about unemployment--also seems very flawed to me. The question, "What has Obama done about unemployment?" is actually very easy to answer. His much-hated stimulus package, and President Bush's easy-to-dislike bank and auto-industry bailouts, were specifically meant to combat unemployment. Think about it: the stimulus was meant to "stimulate" the economy. The bank and auto-industry bailouts were meant to keep the financial and industrial sectors of the economy from collapsing.

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