Jan 05 2012
Jobs Picture Is About To Get Worse
With the Christmas season now over, I expect to see the weekly jobs picture start to slide back into the danger zone as the holiday part time work load disappears. And we can see that already in this week’s job data (which data reports through 12/24/11):
In the week ending December 24, the advance figure for seasonally adjusted initial claims was 381,000, an increase of 15,000 from the previous week’s revised figure of 366,000.
The four week average looks flat for now. But this is only going to get worse as the post Christmas data starts pouring in. I would be surprised if December does not look pretty good tomorrow, but then when January’s numbers hit in early February we will still be in the Obama-Reid-Pelosi economic doldrums.
What you want to do is read past the first paragraph (something the news media is too intellectually lazy to do):
WEEK ENDING Dec. 10
Dec. 3
Change
Prior Year1
TOTAL 7,231,514 7,152,129 +79,385 8,846,629
80,000 additional people on unemployment in one week (and this is 12/10/11, not 12/24/11). Think this will rival the entire months jobs gains? Keep an eye on the details folks, the news media just spoon feeds the spinnable numbers.
Finally, what does his Obamaness think will happen if he puts tens of thousands of ground troops out of work??? Does he have any clue about what he is doing or is this all classic liberal-panic flailing?
What about this ADP report staking a claim of an increase of 325K jobs? Was that proved to be incorrect?
I remember asking last fall what will happen to the ground troops once Obama pulls them out of Iraq. I wasn’t surprised when I read that Obama now wants to throw the troops out on the streets.
Wow.
However, if they are not looking for a job, then will they not be considered a number for the unemployment rate?
I think Obama is doing it to fulfil one of his campaign promises in order to get re-elected.
HE DOES NOT HAVE A CLUE AJ.
He is dumber then a rock but talks like an anointed prophet. I have to turn him off if I don’t want to have a fixit bill for the TV.
Depending on how fast they kick 100,000 out of the service that will make the unemployment numbers head downhill again.
So Obama has established a new regulatory agency. So far it has gotten off to a good start. The agency has hired 700 people to regulate us. Each of those people is paid for by we the people, we pay their salary, health insurance and their pension. I think they make a small payment to health and pension as well. I wish one of the Presidential candidates would tell us the people, how many people we employ to run our federal government, their average salary and our cost in health care and pensions for each employee’s life. And Obama wants to give these employees another raise. Is it ever going to stop?
How did the Congress approve setting up a new agency with 700 Federal employees? Was it before the GOP took over the house?
Why doesn’t the Congress and Supreme court do something about an out of control Executive branch. The Constitution is supposed to contain checks and balances, has everyone forgotten that.
Obama was bragging about how many ‘new’ jobs have been created in the last 22 months. You can bet that the ‘new’ jobs created do not exceed the ‘old’ jobs eliminated. Unemployment (in reality) has continued to increase. Only claiming that people don’t exist or are not looking for a work allows them to ‘fool’ the people. The unemployed are not fooled.
I am guessing that this new regulatory agency is the CFPB, created by the Dodd-Frank Act, voted by the Democratic majorities in both houses.
So Obama cuts the defense budget, letting half a million troops go (these are non-union members), increased the entitlement spending, asking for 1.2 Trillion to borrow, asking for 1/2 percent pay raise, hiring 700 for this new agency, hiring about 16K for IRS, and, and, and, and, and….
Now we get the idea from the likes of Robert Murphy and Stephen Landesburg implying that the debt cannot be paid off by the next generation…it will take maybe 100 years to pay off what we currently owe?
Ah…that’s not so surprising but anyone ever think that the fiat system just might become obsolete as the world wide fiat gets devalued every second?