A worrying development:
n a trend that will drive both the Fed and the administration crazy if it lasts too much longer, weekly unemployment claims are moving in the wrong direction.
Please consider the Unemployment Insurance Weekly Claims Report.
In the week ending Jan. 23, the advance figure for seasonally adjusted initial claims was 470,000, a decrease of 8,000 from the previous week’s revised figure of 478,000. The 4-week moving average was 456,250, an increase of 9,500 from the previous week’s revised average of 446,750.
It has been and remains my contention that all of the “stimulus” was just so much nonsense – you can’t print up a trillion dollars, have the Fed buy bonds with it and expect to have the growth in wealth required for their to be an actual increase in employment. We’re just spinning our wheels and the only people gaining right now are the very people who brought on the problem – corrupt bankers and their kept politicians.
Until we start creating wealth we won’t get anywhere – and the only way we can create wealth is to take the burden off wealth creation. We need massive tax and spending cuts and large amounts of regulatory easing in order to get the ball rolling. Obama won’t do this because he is incapable of understanding how wealth is created – we’ll be wallowing in this morass for some time to come.
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