It's Thursday, and that means that we will all get to see an "unexpectedly" high number for new unemployment claims during the prior week. True to form, this week's number was 418,000 new claims. That is up 10,000 from last week, and it is right in line with the four week average of 421,000. It is also the 15th week in a row that the claims number has exceeded 400,000. In other words, it is the fifteenth week in a row that the economy is not producing jobs fast enough to lower unemployment and, perhaps, even keep the rate steady. Indeed, during the last three months, the unemployment rate has risen with each new monthly figure.
Today's news is just another blow to the myth that Obama has done anything to help the economy grow. Indeed, it is proof positive that Obama's policies have been a massive flop that has cost the American people dearly. Of course, that does not stop the media from still trying to downplay these terrible results. Here is what AP had to say today:
"Economists have attributed much of the slowdown to temporary factors, such as a spike in gas prices this spring. Manufacturing output also declined after Japan's March 11 earthquake disrupted global supply chains."
You would think that even the media would be embarrassed to keep telling us that the increase in unemployment is temporary when we are just short of four months of awful results, but nothing seems to stop their campaigning for Obama and the Obamacrats.
The real truth is that something major has to be done or we will see another year or even more of steady or rising unemployment numbers. There are a host of things that could help, some quickly and some long term. Right now, Obama is doing none of them. NONE! How can he ever hope to win re-election when his policies continue to raise unemployment and kill jobs? Who will actually vote for him?
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