First time claims for unemployment came in at 428,000 against the “experts” expectation of 410,000; continuing claims are at 3,726,000 against an expectation of 3,700,000. What I really want to know – in both first time and continuing claims, the expectation was that they would decline. Who expected this? Why? What bit of information out there would lead any financial prognosticator to expect a decline in unemployment?
I think we’ve simply got a bunch of idiots – public and private sector – running the economy. People who don’t know how things are made, mined and grown and can only predict things based upon assumptions on borrowed and printed money. For crying out loud, things are lousy out there…you’d at least expect some caution and have the prediction be for things to remain as lousy as they were last week, not get better.
Aside from that, we are seeing more and more indicators of a double dip recession here in the United States while Europe shows ever more signs of financial implosion (day by day there is a new rumor floated of some miracle money to come through to bail out Europe…eventually, they’ll run out of rumors). Obama’s jobs bill will do nothing to get us back to work but even if we manage to make things improve, the coming crash of Europe will be a huge hit to our economy. Only a complete re-working of our economic life to make all taxation and regulation geared towards wealth creation will get us permanently out of this mess…and that can’t happen as long as any liberal, anywhere, has a say in what goes on.