Uh Oh! Unemployment Rises Again
What can I say that I didn’t say the last time this happened? Socialism doesn’t work. You can’t dig yourself out of a hole. You can’t spend yourself out of debt. Common sense eludes liberals. Obama’s political capital is spent. How can liberals possibly expect the American public to support a government ran healthcare system when they can’t even run their own budget or manage the economy responsibly?
The number of first-time claims for unemployment benefits rose unexpectedly for the second straight week, a sign that jobs remain scarce even as other data show the economy is stabilizing.
The Labor Department said Thursday the number of new jobless claims rose to a seasonally adjusted 576,000 last week, from a revised figure of 561,000. Wall Street economists expected a drop to 550,000, according to a survey by Thomson Reuters.
Economists closely watch initial claims, which are considered a gauge of layoffs and an indication of companies’ willingness to hire new workers.
The figures are volatile, and had been trending down, after remaining above 600,000 for most of this year. The new report indicates that the labor market is still weak. In a healthy economy, initial claims are usually around 325,000 or below.
Obama has a big problem. The stimulus package has utterly failed to prevent unemployment from getting above the target line of 8%. After some initial optimism about the economy, employers are once again shedding jobs and reducing costs, particularly as they see Obama’s expansive — and expensive — legislative agenda work through Congress. At the time when Obama says, “Trust me to run health care,” voters are realizing that he couldn’t get the economy right while mortgaging the Treasury. Maybe Obama should focus on fixing what he’s already broken before breaking something else.
No wonder Obama’s approval rating is now at 50/50!
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Posted by Jay on August 20, 2009 12:15 pm
» Filed Under Anti-Capitalism, Barack Obama, Democrats, Economy, Fiscal Responsibility, Government malfeasance/misfeasance, News, Polls, Socialism, Unemployment, economic stimulus, liberalism
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Syndicate Me
When the numbers for the week beginning on Labour Day come out, subtract one from that total. I start a new job as DOD civilian employee. It took six months from the time I applied for it, shortly after getting laid off at an aircraft company in Wichita.
I have to move to California but we have family in the area of the base I am going to, so, it works out.