WASHINGTON (MarketWatch) -- First-time filings for state unemployment
benefits rose unexpectedly in the latest week to reclaim the highest
level for this key economic benchmark since the middle of last
November, the Labor Department reported Thursday. "

What did I tell you last week (accurate, in foresight, to a degree no
one else is)? I told you that last week's terrible reported number
on people filing NEW unemployment claims (newly laid off) seemed to
indicate a WORSENING labor market--significantly worse than December
of 2009 (now almost NINE months ago). I also told you that the weekly
number was growing close to 500,000, which would tend to indicate
that the labor market is FALLING OFF OF A CLIFF (since it has not been
that high since November), and I told you that this was especially
true because the REVISION of last week's number might make it even
worse. I was right on all counts, as usual. Last week's REPORTED
number of 484,0000 was REVISED this week to 488,000, as I told you it
likely would be. That is because I am the ONLY person who is telling
you that this weekly number is being consistently revised UPWARD by
3,0000 or 4,000--a trend that has been occurring for months. Thus,
these are the TERRIBLE numbers for the past three weeks--truly
approaching Armageddon: 482,000 (revised upward from 479,000),
488,0000 (revised upward from 484,0000), and 500,000 (this week's
reported number, subject to revision next week).

This weekly report of new applications for unemployment benefits is
released by the Labor Department every Thursday (reporting new jobless
claims for the previous week). The AVERAGE for all of December was
455,0000. The AVERAGE for the past four weeks has been 482,0000. As
I have been telling you over all of that period, this number (one
measure of layoffs, and the health of the labor market) has NOT
IMPROVED over ALL of the months since the last part of November. But
the number has previously fluctuated between about 445,0000 and
490,000--a narrow range showing NO IMPROVEMENT (Obama failure), but
not showing worsening. That has now changed. This number is now
showing a WORSENING labor market from an already BAD level. Even
though this number rarely goes straight up or down, the recent trend
has been TERRIBLE. Yes, since problems in housing and construction
are part of the reason, and since construction is notoriously
volatile, you would expect the volatile weekly number to decline next
week (at least some week). If the number were to fall back under
500,000 next week, the despicable AP would probably note that as some
kind of significant "improvement". That would not be so. The TREND
is firmly in the wrong direction, and the four week average is
TERRIBLE. It is only a CONSISTENT decline in this number over
several weeks that would indicate we are at least returning to "no
improvement"." in nine months. Continued rises in this number from
this level would truly be Armageddon.

It was really almost impossible for Obama and the Democrats to FAIL
any worse than this on jobs. Not only is the labor market now firmly
established as WORSE than any time in nine months, after previously
NOT IMPROVING over eight months, but Obama and the Democrats have
BANKRUPTED us for NOTHING. In other words, both spending and the
Federal Government are out of control, and it has done NO good. In
fact, the complete domination of the Federal Government, and the
uncertainty that has brought to the private economy, has made a real
"recovery" IMPOSSIBLE. The health care bill alone is destroying
jobs. Again, this is Armageddon.

Notice again the word "unexpectedly" in the quoted paragraph that
opens this article. Yes, "economists" and "analysts" again were WRONG,
as they almost always are. I have previously told you the
significance of this. It is not that these people are incompetent
(although they often may be). The significance is that these are the
very people--or the same kind of people--that the Federal Government
relies upon to DIRECT the economy. What both theory and practice tell
you is that there is no way fallible human beings can know enough, and
be wise enough, to PLAN our economy, and direct it from the Federal
Government. How can these people believe--as many of them do--that
they can DIRECT and CONTROL the economy for the benefit of us all,
when they can't even come close on correct predictions one week ahead?
How ARROGANT is it to FAIL week after week to know what is going on
in the economy, and still say that the Federal Government knows what
it is doing running the economy with the same people?

How ARROGANT is President Obama, to keep failing and still assert he
knows what is "best" for you? How arrogant are that unholy trio who
are ONE---Democrat politicians, leftists and the mainstream media--to
assert that the answer to FAILURE is MORE OF THE SAME . Yes, the
answer of leftists Democrats to FAILURE of Federal Government spending
and control is MORE Federal spending and control. Insane. These
people are insane.