"WASHINGTON (MarketWatch) -- The number of initial claims for regular state unemployment insurance benefits reached the highest level since February in the week ended Aug. 7, rising 2,000 to a total of 484,000, the Labor Department reported Thursday. ""
Yes, the weekly number of new unemployment claims (a measure of layoffs--the number being new unemployment claims filed in the previous week) was reported today. It was, again, TERRIBLE news. First, last week's number was revised UP another 3,000, to 482,0000. While it is not necessarily that significant that this is the worst weekly number since February--since this is only one week, and the weekly number bounces around--it IS significant that this number is staying so high over time. The four week average is now 473,000. The last four weekly numbers for new unemployment claims have been: 468,000, 460,000, 482,000 and 484,000. Every single number was REVISED upward at least 3,000 from the originally reported number, and I have given you the revised number. Of course, this week will not be revised until next week, and could be even WORSE (if the upward trend in the weekly revision continues).
What did I telly you last week? First, I told you that the four week average would JUMP, because the FALSE 429,0000 number (statistical glitch) of 5 weeks ago would be falling ut of the average. The average did jump, as I predicted. I also said that last week's number would be expected to DROP, because there was a big jump in the weekly number last week. If we are not falling off of a cliff as far as jobs are concerned, you would expect this week's number to drop. "Economists" and "analysts" had PREDICT GED such a drop. They have no clue. I did not predict such a drop. I merely told you, correctly, that we NEEDED such a drop, because a drop would be expected if we really are not getting WORSE. It now appears that the jobs situation is getting WORSE, and that Obama's FAILURE on jobs is reaching critical mass.
Remember, the AVERAGE for this weekly number for all of DECEMBER (2009) was 455,000. It is not just the last four weeks. If you throw out the 429,0000 aberration, EVERY weekly number since early May has been 455,000 or above. And now the job losses are ACCELERATING. We have NOT IMPROVED for eight entire months, and now we are getting WORSE. It just does not get any worse than this. Obama could not FAIL any worse than this.
Why do I say that? It is not just because Obama and the Democrats have NOT IMPROVED the employment situation, and not even just that the labor market now appears to be getting WORSE. In a real "recovery", we should not see jobless claims act this way over a full eight months. Nope. That is not even the worst of it. Obama and the Democrats have BANKRUPTED us on the PROMISE that unrestrained government spending would SAVE us from this.
In other words, Obama and the Democrats have BANKRUPTED us for NOTHING. The government spending has done no good, and it has made a real recovery impossible. That truly is the worst of all possible worlds, as we become GREECE.
The only "solution" Obama and the Democrats have is to SPEND MORE--more Big Government. We have already mortgaged our future for nothing, and Obama and the Democrats want to continue down the same road. That is truly insanity. We are digging ourselves a hole from which there is no way out, as we put the burden on the private sector for a government out of control.
I stand by my statement: President Obama simply could not FAIL worse than this, and his "answer" is to "double down" on the same policies. The disastrous health care bill is just in its early stages, and already HURTING jobs. Obama is more interested in PUNISHING ARIZONA for trying to do something about securing the border than he is about jobs. The EPA is proceeding with plans to crucify industry, and this country, on the cross of "global warming". And when he bothers to address the problem, all Obama can think of is MORE SPENDING to BUY VOTES. If you can be "bought" this way, you deserve what you get.