The Obama Job Recovery Plan … New Jobless Claims Rise to 484K, Second Straight Week, Reach Highest Level Since February
Jobless Claims Rise to 484,000 First-Time Claims …
How is that Barack Obama job recovery plan working out for you America? Are you going to believe what comes out of Obama’s moth regarding job recovery or the facts and numbers in front of your lying eyes?
Jobless claims rise unexpectedly for second straight week.
The number of newly laid off people signing up for unemployment benefits rose sharply for the second straight week, suggesting that jobs are still hard to come by even as the economic recovery gains traction.
The Labor Department reported Thursday that first-time requests for jobless benefits rose by 24,000 last week to a seasonally adjusted 484,000, the highest level since late February. Economists were predicting claims would fall.
It marked the second week that claims took an unexpected leap. In the prior week, claims rose by 18,000 to 460,000.
Hey America how is that Obama “Hopey, Changey” thing working out for you?
Great, tax day and bad job news. Thank you President Obama.
But there was still plenty of slack in the labor market. Initial claims for state unemployment benefits rose 24,000 to a seasonally adjusted 484,000 last week. A Labor Department official attributed the spike to a backlog in applications from the Easter holiday and saw no unusual economic factors.
Posted April 15, 2010 by Scared Monkeys
Barack Obama, Economy, Obamanation, Obamanomics, Unemployment | 20 comments
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20 Responses to “The Obama Job Recovery Plan … New Jobless Claims Rise to 484K, Second Straight Week, Reach Highest Level Since February”
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Well, how about that? These numbers don’t lie and it does not paint a good economic forecast for Obama & his Administration. Love how he brags about all the new jobs he thinks & pretends he can take credit for creating. Uhhhmn, No, I don’t think so, Barack!
Wonder what his rude Press Secretary Gibbs will have to say about this when the White House Press grills him? I can’t stand that guy & have as much disdain for him as his Boss!
People need jobs. I’m one of the 53% that pay income tax and i’m being taxed to death already. Gas prices are rising. I haven’t had a raise in two years but the cost of living keeps increasing. My well is dry.
You think Obama caused this mess? Please think again. It took years to cause the current economic crisis. Look at Alan Greenspan. Look at George W. Bush. Look in the mirror. You voted for Bush twice.
Fern—Did anyone here say we think Obama CAUSED this mess? Knock it off and quit the childish finger pointing!
It’s about JOBS and THE ECONOMY, Stupid and Americans are tired as hell of listening to the same old BROKEN campaign promises he made! Stop skirting the issue! Inflation is still on the uprise, foreclosed homes (Thanks, Barney Frank & Company) are at an all time high and actually went UP first quarter this year—and unemployment claims have jumped again!
That is what we are talking about! When the hell are you going to stop talking about GWB or any former President and look to our current Commander in Chief now? Grow up.
NewGirlBoston, apparently I have sparked in you a psychotic rage. You can shriek all you want, and it still doesn’t make you right.
Barry Soetoro, currently known as Barack Obama, is having
great trouble keeping his word on anything. Instead of
telling the truth, cutting spending, stopping increased
taxation, and being reasonable, he pretends that all
will be fine as he steers our economy into the tank. A
pink slip for him and his regime of misfits will be a
healing prescription for America and it’s Constitution.
Fern – get lost with you typical and honestly boring puke liberal talking points…
Seriously, the blame George Bush mantra is old and tiring and intelligent and informed Americans know the real mess started with Barney Frank and Chris Dodd and the whole housing fiasco.
You don’t know sh*t!
The burst of the housing bubble, which both Bush and McCain tried to slow down but were rebuked by Frank and Dodd, IS AND WAS the whole cause of the economic downturn. The economy is NOT recovering; the housing problem is getting worse as I said back months ago; that a bigger wave of foreclosures were coming because a lot of five years ARMs were expiring. Low and behold…just out yesterday, biggest jump in foreclosures in FIVE YEARS! This is on Obama’s dime you twit!
Because he fails to try and fix the housing problem; instead shoving something the majority of Americans don’t want; the economy is still fluttering; even Obama’s boy Soros is warning of another dip.
The actual measure of a recovering economy is J-O-B-S. Guess what? After over $1B of my kids money; MORE people are losing jobs. Wasn’t that the purpose of the STIMULUS? LOL! You mindless liberals don’t have a clue.
Keep blaming Bush; it doesn’t work.
It’s funny how you forget from 2000-2004; the economy was strong and vibrant; and I would bet my life you participated in this boom; buying Escalades; flat screen TVs; using all the equity in your home to make renovations; taking out 2nd mortgages to help pay off credit card debt. I’m probably giving you too much credit; as like most mindless liberals you probably don’t pay into the system and just suck of the tit of the government.
Scott, that’s totally false, everything you say. Bush and McCain did nothing to slow it down; in fact, they encouraged it. They gave birth to it! Barney Frank’s role in this has been greatly exaggerated by GOPers, who are trying to absolve themselves from guilt.
Also, I’d just like to add, my family lives in a modest home. We have one car. We don’t have a 2nd mortgage. We never signed on for an ARM, despite Alan Greenspan openly encouraging consumers to do so. We are doing quite well, thank God, and we pay our taxes every year. Our children have a college fund, and we have a retirement fund.
And if you think the economy is going to turn around from a Depression (which is what I think it is) in two or three months, you know nothing about economics. Read a little bit about the Great Depression and get back to me. I think you’ll learn something besides more effective name-calling. And, really, you need to improve your name-calling, too.
Ha! Let’s take the time machine back to early 2004 and read about one of Greenspan’s many calls for consumers to consider ARMs, a huge part of what caused the housing mess:
Posted 2/23/2004 11:39 AM Updated 2/24/2004 2:13 AM
Greenspan says ARMs might be better deal
By Sue Kirchhoff and Barbara Hagenbaugh, USA TODAY
WASHINGTON — Federal Reserve Chairman Alan Greenspan said Monday that Americans’ preference for long-term, fixed-rate mortgages means many are paying more than necessary for their homes and suggested consumers would benefit if lenders offered more alternatives.
In a standing-room-only speech to the Credit Union National Association meeting here, Greenspan also said U.S. household finances appeared generally sound, despite rising debt levels and bankruptcy filings. Low interest rates and surging home prices have given consumers flexibility to manage debt, he said.
“Overall, the household sector seems to be in good shape,” Greenspan said.
Americans have been buying homes and refinancing mortgages at a record pace in the past several years, lured by low interest rates. Most mortgages are fixed rate, so consumers can prepay when rates go down but do not face higher costs if rates rise. Under adjustable-rate mortgages (ARMs), which made up about 28% of mortgages in January, borrowers usually have lower initial rates but face the risk of higher payments if rates in the broader economy rise.
While borrowers can refinance fixed-rate mortgages, Greenspan said homeowners were paying as much as 0.5 to 1.2 percentage points for that right and the protection against a potential rate rise, which could increase annual after-tax payments by several thousand dollars.
He said a Fed study suggested many homeowners could have saved tens of thousands of dollars in the last decade if they had ARMs. Those savings would not have been realized, however, had interest rates shot up.
“American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage,” Greenspan said.
Joseph McKenzie, deputy chief economist at the Federal Housing Finance Board, says buyers like the stability of fixed-rate mortgages, but there is increasing flexibility in products. “There are lots of innovative programs, especially targeting low-income and first-time buyers,” he says.
The Mortgage Bankers Association said the average rate for a 30-year fixed mortgage in the week ended Feb. 13 was 5.46%, compared with 3.27% for a one-year ARM. Mark Zandi of Economy.com says that although Greenspan is technically correct, for some borrowers, including those with high debt, fixed-rate mortgages may be a better bet.
SM: You also might want to take a look what Freddie Mac and Fannie Mae did as well while you are at it.
yes, the bush bashing is almost as old as the racist excuse the democrats love so much. well, that gives them a total of two overused excuses
for ignorance. they just can’t seem to advance
past this brainfart they all have. they should be called the blameocrats. they are like tattle tell
elementary school children.
2009 Wall Street seen profits pushing 300%…American Productivity Up…Why should companies hire when they’re doing fine with what they have and are making more $ for themselves and shareholders??
Wall Streets up…so who do you blame?
I still Blame Bush..He had 8 years to f things up…Obama has only had 18 m to fix them.
#5- Fern–psychotic rage? How immature of you, Fern. Again, no where to go so you have to start with the insults, etc. You skirt the issue and try and raise your nose up at everyone or anyone who calls you out on it.
You really need to act like an adult and mostly, get over yourself. No one is impressed.
#11 Of course you blame Bush, that’s all you libs know how to do is blame, blame, blame. I’m sick of it.
Right on, Wolf.
#11 … Your argument is old.
Obama is the President and he bailed out Wallstreet and you blame Bush. Because that makes all the sense in the world.
When will you people figure out Obama could give a hoot about you.
How is that old? That news just came out less than a week ago.
Yes they did bail out wall street. I don’t know if you have read the real news but most of the money has been paid back…check out Citigroup just posted 4.4 B. in earnings.
So are you still saying the Govt. should have let them fail?
Bush didn’t give a damn either…worthless
You do the same thing…so stuff a sock in it already.
#17 I do not blame Bush for everything. He’s been out of office over a year now and you are still blaming Bush. You guys will be blaming Bush 20 years from now.
You’re right…and he deserves every bit of it. He’s not a bad guy..just a terrible president.