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.