Initial jobless claims hit a staggering 6 month high! The ‘unexpected’ increase reached 484,000 newly unemployed. The highest we’ve seen since February. After yesterday’s dismal day on Wall Street and more economic bad news, it would seem that the Obama Administration’s “Recovery Summer” is turning into the “Failure Summer”!
Now matter how you spin the numbers, things are bad! Initial jobless claims have now risen three of the past four weeks. Even the four-week average has soared to 473,500, up 14,250 from the previous four weeks. This, too, is the highest since February. Yet another sign that that Obama stimulus package failed, as have his entire program of economic policies.
Also reported is that another 118,000 people have exhausted their unemployment benefits, as there are just no jobs to be had. Companies are simply not hiring due to the ‘unusual uncertainty’. Actually, they’re certain of one thing. Obama’s health care reform law is going to cost businesses far more money than promised by the President. The ‘Affordable Health Care Act’ is just that, an act! Little more than a kabuki theater to placate unions and other core Democrat bases.
Is it any wonder now why Pater Orszag and Christian Romer have resigned? They must have seen the handwriting on the wall, as those of us who subscribe to the Austrian school of economics did long ago. Obama’s economic policies and Progressive agenda are destroying America’s economic engine.
Not only is the Federal government expanding in size and power, but it is forcing the states, now, to leap off the cliff with it. The latest ‘jobs’ bill that Obama signed was actually merely a $26 Billion dollar bailout for state employee union pensions. But the bailout came with a catch, the states MUST keep on spending at current levels into next year. Those states which exercise common sense and trim their budgets will be penalized by Washington and the Obama regime.
After yesterday’s bloodbath on Wall Street, the markets again are losing ground. The realization of Obama’s failures have finally begun to sink in. Not only on Wall Street, but Main Street as well. The latest polling data from the NBC-Wall Street Journal poll show a general frustration with Washington DC. Obama’s approval ratings declined and the number of Americans who believe we are worse off has increased to about 68%. On top of the list is Obama’s mishandling of the economy. Congress also got very low approval numbers, bad news for both Democrats and Republicans.
Today’s initial jobless claims increase to 484,000 will only add to fuel the general disregard Americans have for the incumbent politicians in Washington. Most of all, it will reflect the worst on President Obama, as he continues to try to spin his ‘happy talk’ about the economy recovering. He’s spent hundreds of billions of dollars, plunging America deeper in debt, with nothing to show for it. Yet, Obama wants to spend more, and more, and more….