I Told You So 46

I just read the following article at newsmax.com.

Jobless Claims Rise to Highest Level in 9 Months
Thursday, 19 Aug 2010 08:58 AM Article Font Size

New applications for unemployment insurance reached the half-million mark last week for the first time since November, a sign that employers are likely cutting jobs again as the economy slows.

And as they leave the country with their dough to avoid the commie rent called taxes.

The Labor Department said Thursday that initial claims for jobless benefits rose by 12,000 last week to 500,000, the fourth increase in the past five weeks. Wall Street economists forecast that claims would drop.

Note that the experts were wrong AGAIN after I had told you it was going to get worse and why. They haven't been right once this year.

And then...

The number of people continuing to receive benefits fell by 13,000 to 4.5 million, the department said. The continuing claims data lags initial claims by one week.

This fell because of over 400,000 people per month giving up and quitting the job market.

But that doesn't include millions of people receiving extended unemployment insurance, paid for by the federal government. About 5.6 million unemployed workers were on the extended unemployment benefit rolls, as of the week ending July 31, the latest data available. That's an increase of about 300,000 from the previous week.

From the previous WEEK and the clowns are still saying we are in a recovery, it is only a recession, and it might "double dip"?!?

During the recession, Congress added up to 73 extra weeks of benefits on top of the 26 weeks customarily provided by the states. The number of people on the extended rolls has increased sharply in recent weeks after Congress renewed the extended program last month. It had expired in June.

Private employers added only 71,000 jobs in July. But that increase was offset by the loss of 202,000 government jobs, including 143,000 temporary census positions.

Note that the governments (state and federal) are now having to lay off bureaucrats because they are out of money. Also note the 71,000 new private jobs when they must increase private jobs by at least 400,000 per month to hold event. Do the math on that one. :-P

So, how is that recovery thing going, boys? :-)

Then what?

As the commie's continue to increase taxing and spending, they will continue to cause the businesses to cut back on hiring and increase laying off which will cause the economy to get worse and the "experts" will still say we are recovering from a recession. Oh yes, expect to see the unemployment figure increase back up towards 10% or higher in spite of the number of people dropping out of the job market because they are now laying people off faster than the people can give up looking for work.

Pray long, pray hard, pray often!!!

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I Told You So 47