Team Obama Oblivious: Unemployment Unexpectedly Jumps Again, More Jobs Lost… This Is an Improvement?
Posted By Vicki McClure Davidson on February 4, 2010
Pres. Obama said in his State of the Union address that our economic and job problems are improving under his watch.
Nope.
From Associated Press: First-time jobless claims rise unexpectedly – New jobless claims rise unexpectedly to 480,000 as layoffs continue, jobs remain scarce:
WASHINGTON (AP) — The number of newly laid-off workers filing initial claims for jobless benefits rose unexpectedly last week, evidence that layoffs are continuing and jobs remain scarce.
The rise is the fourth in the past five weeks. Most economists hoped that claims would resume a downward trend that was evident in the fall and early winter.
The Labor Department said Thursday that new claims for unemployment insurance rose by 8,000 to a seasonally adjusted 480,000. Wall Street economists had expected a drop to 460,000, according to Thomson Reuters.
The four-week average, which smooths fluctuations, rose for the third straight week to 468,750.
The figure is the highest in the past two months. Initial claims dropped sharply in late December, raising hopes among economists that layoffs were nearing an end and the economy would soon start generating net gains in jobs.
The figures come a day before the Labor Department is scheduled to report the January employment figures, which are expected to show a tiny gain in jobs. The unemployment rate is forecast to rise to 10.1 percent.
More jobs are being eliminated:
Some employers are continuing to cut jobs. Wal-Mart Stores Inc. said Wednesday that it will eliminate 300 administrative jobs at its headquarters. The company has cut almost 14,000 jobs in the past 13 months, including 11,200 positions at its Sam’s Club stores.
Sony Pictures Entertainment Inc., a unit of Japan’s Sony Corp., said Tuesday it is laying off 450 people and eliminating 100 open positions.
Among the states, Oregon reported the largest increase in claims, with 4,336. Puerto Rico and Hawaii also reported increases.
Obama is getting hit from both sides, and was blasted by Sen. Olympia Snowe.
From Associated Press, Obama team draws sharp Hill questions on budget:
President Barack Obama’s $3.8 trillion budget outline drew bipartisan fire on Capitol Hill on Tuesday, with Republicans complaining it doesn’t address deficits soon enough and raises taxes too much. Democrats balked at some of Obama’s spending cuts.
[...]
Sen. Olympia Snowe, R-Maine, blasted Obama’s effort to create jobs while proposing higher taxes on families making more than $250,000 a year. Snowe said the tax increase would also hit small businesses, leaving many owners unwilling to start hiring again because of uncertainties over future tax liabilities. “Who is going to take the risk?” Snowe asked.
One contentious area was Obama’s proposal to draw up to $30 billion remaining in the $700 billion bank bailout program, enacted in 2008, to invest in community banks to encourage them to lend to small businesses. Obama promoted the program on Tuesday at a campaign-style appearance in Nashua, N.H.
From Gateway Pundit: The Obama Disaster– Only 11% Say Economy Better Since Dems Passed $787 Stimulus:
Don Surber broke down the latest PPP report. It doesn’t look good for Team Obama:
If you want a prism into why Democrats are struggling so much right now, this may sum it up: only 11% of voters across the country say that their economic situation has improved over the last year compared to 42% who think it has become worse. 47% say it’s about the same as it was.
The GOP holds a 57-27 generic Congressional ballot lead with those voters who say their fortunes have worsened, while Democrats lead 49-33 with the folks who have improved or stabilized.
By the Numbers: Americans Underemployed
Related:
Hot Air: Guess what rose “unexpectedly”?
The Powers That Be: Obama vs. Obama
The Conservative Pup: We’re Not Mad At The Banks Mr. President…
Joseph Lawler, American Spectator: Norm Coleman’s Right-Wing CAP
The Anchoress: Evil Tax Cuts & Humpty Words
Gateway Pundit: Unreal. Joe Biden Travels to Michigan to Defend Stimulus (Where Unemployment is 14%) -Video and Breaking: Unemployment at 9.7% – New Counting Method Saved or Created 541,000 Jobs and Nevada Governor Slams Obama: “Doesn’t He Know That Thousands of Vegas Families Are Suffering Because of His Failed Policies?” and Limbaugh: I Thank God Every Day That Obama’s Agenda Is Going Down the Tubes and Leading Democrat: “We’ve Got to Spend Our Way Out of This Recession” (Video) and McCain Seen Mouthing “Blame It On Bush” During Obama’s Hyper-Partisan Attack Speech and SOTU LiveBlogging Tonight– Excerpts– It’s Showtime — Let the Blame Game Begin and Dem Rep Admits: “We’re Told to Call It a Jobs Bill Not a Stimulus Bill”
Stop The ACLU: Democrats: What’s The Plan? Obama: A Rousing Speech!
Le·gal In·sur·rec·tion: No Offense to the Clueless
Nice Deb: Video: Las Vegas Mayor: “This President Is A Real Slow Learner”
No Runny Eggs: How much of the deficit is Obama’s fault?
Mcnorman’s Weblog: Schizophrenia Or Bald Faced Lying?
GayPatriot: The Contradiction at the Heart of Obama-ism
CNN Money: Urban Unemployment Grows
About the author
Obama is getting slammed from any direction on the compass, however his agenda is being accomplished none the less.
The wrecking ball that this administration is using is burying this economy at a record pace, using tactics that history has proven to be ineffective, if not downright destructive.
MM has the new Obama website intended to indoctrinate children.
This guy is nothing more than a husk, a shell, a sham.
The progressives are willing to risk defeat in the next election, on the surface, but they will never go away.
It has taken them 100 years to achieve this degree of power, and, I say, we bury it in November so deep it will take another 100 years to raise it’s ugly head.
We should be able to identify it fairly quickly in the future and destroy it before it becomes malignant again.
CSNY, Teach Your Children Well.
I honestly feel that the American Spirit is alive and well, and living in the hearts and souls
of the People of the United States of America.
We The People, never say die !!
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