Since today is Thursday, the government released the weekly stats for new unemployment claims. This week the number is 428,000, and the government also revised last week's number up by an additional 3000. This is a truly bad number. Sure, one week does not make a trend and it can be revised down next Thursday. For the moment, however, it seems that the trend of lower claim numbers that brought the weekly total down to 400,000 for the first time in four months is over. Instead we have seen higher and higher claim numbers.
Let's be clear: this number coupled with some disappointing industrial production figures today point towards an economy that seems to be slipping into recession. It is a problem that needs attention. There actually are things that could be done by the government to make things better; yet, none of them seem to have any chance of happening. Instead, we get the nonstop caterwauling from Obama about PASS THE BILL NOW!! The only problem is that the bill won't really help and America knows that.
At some point, president Obama has to start caring about jobs for Americans rather than just his own re-election. We do not need any more speeches.
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