The Obama Economic Recovery:New Jobless Unemployment Claims Increased 12,000 to 500,000
Welcome to the Barack Hussein Obama economic Summer of job recovery, NOT!
For the third week in a row, jobs are going the opposite direction. For the week ending August 14, 2010, first time unemployment claims were up another 12,000 to a season adjusted 500,000! That is correct America, jobless claims have reaced one half a million. This is the highest rate since November 2009. Can you say that the Obama job recovery is going backwards? What does this tell us … employers are cutting jobs in the slow economy, not hiring.
These economic numbers should bode well for Obama and Democrats 75 days out from the 2010 midterm elections. There is a reason why only 28% of Americans think the country is headed in the right direction and only 41% think Obama is handling the economy well. Look for this number to drop into the 30′s.
Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended Aug. 14, the highest since mid-November, the Labor Department said.
Analysts polled by Reuters had forecast claims slipping to 476,000 from the previously reported 484,000 the prior week, which was revised up to 488,000 in Thursday’s report.
As President Barack Hussein Obama stumps across America and vists hard hit states like Ohio with his lies that the economy is getting better … the fact of the matter is, IT IS NOT! Obama told people in the Buckeye state that the economy was on the right track. What track is that, one where the train is headed on a colission coarse with a double dip recession?
“Slowly, but surely, we are moving in the right direction,” Obama told a group of about 40 in the backyard of Rhonda and Joe Weithman’s home, a Cape Cod with red brick and brown cedar-shake siding on quiet East Kanawha Avenue.
The president acknowledged that times remain tough — Ohio’s unemployment rate remains a full percentage point above the national rate at 10.5 percent — saying, “we’ve made progress, but let’s face it, the progress hasn’t been fast enough.”
Critics say the president’s policies aren’t working, but Obama said the recession was in full force and jobs were being lost by the millions immediately before he took office. He touted the $787 billion stimulus package passed last year, the health-care overhaul and other efforts to help stabilize the economic decline and eventually replace the lost jobs.
The president compared the economic recovery to getting better after an illness, saying “You get a little bit stronger each day.”
Alittle better each day? Mr. President, the patient is regressing, not getting better!
I guess Barney Frank (D-MA) was correct in saying, Obama admin ‘dumb’ to predict no higher than 8% unemployment.
Posted August 19, 2010 by Scared Monkeys
2010 Elections, Barack Obama, Economy, Jobs, Obamanation, Obamanomics, Unemployment | 8 comments
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8 Responses to “The Obama Economic Recovery:New Jobless Unemployment Claims Increased 12,000 to 500,000”
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This administration thinks it can follow the flawed policies of FDR and solve problems with the economy.
When you try to pay back all your buddies in the financial sector and the unions with taxpayer money, all that happens is that some (the selected ones) are better off while the general population takes the hit in lost jobs.
This is a repeat of 1937. Unfortunately for the people, there is NOT a true manufacturing base in the USA. All those jobs have long ago been transferred off-shore due to punishing taxes,government regulated business rules and agencies such as the EPA.
It took almost twenty years for our economy to recover from FDR. This time it is going to take twice as long. Not a pleasant situation.
maybe you should complain aainst the corperations who started to throw ppl out when even they didn’t need too.
but, hey, they maxed out on their bonus….long live capitalism
get rid of obama and his thugs and the problem will disappear magically. obama couldn’t manage
an ant farm much less a country.
your son back on the working track?
toke me 6 months, darkest time of my life
Unemployment is a racially motivated hate crime – oh wait now it’s the new normal and a fun break from working – who’s president now?
It just goes to show that we have a long way to go. I don’t think either of the parties is going to solve this mess. They just need to get out of the way. Too many business have a fear of what they are going to do to pull in those trillions for their government spending projects.
Add to this that our big debt holder China is looking at getting out of dollars.
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