Initial jobless claims jump 13,000; Update:Reuters grabs the adverb win

posted at 9:30 am on July 1, 2010 by Ed Morrissey

Initial jobless claims jumped upward again last week, continuing a vacillation that has been the norm all year long.  The latest rise now sets a slight upward trendline for the second quarter of 2010, which makes it appear that tomorrow’s monthly unemployment rate may wind up delivering bad news to the Obama administration.  The latest increase brings the US to its fourth-highest level in the last three months:

In the week ending June 26, the advance figure for seasonally adjusted initial claims was 472,000, an increase of 13,000 from the previous week’s revised figure of 459,000. The 4-week moving average was 466,500, an increase of 3,250 from the previous week’s revised average of 463,250.

The advance seasonally adjusted insured unemployment rate was 3.6 percent for the week ending June 19, unchanged from the prior week’s revised rate of 3.6 percent.

The advance number for seasonally adjusted insured unemployment during the week ending June 19 was 4,616,000, an increase of 43,000 from the preceding week’s revised level of 4,573,000. The 4-week moving average was 4,567,500, a decrease of 25,250 from the preceding week’s revised average of 4,592,750.

Here is the chart for Q2:

Again, the green line is the seasonally-adjusted figure normally used for comparison.  The black line that runs through it is the trendline for the quarter.  That has an unmistakable incline now, thanks to the inability of the economy to keep people in jobs.

The AP calls this a sign of a “weak recovery,” and sees more optimisim for tomorrow’s numbers:

Initial claims for unemployment benefits rose for the second time in three weeks last week, signaling that layoffs are rising.

The Labor Department said Thursday that new claims for jobless benefits jumped by 13,000 to a seasonally adjusted 472,000. Analysts expected a small drop, according to a survey by Thomson Reuters. …

Requests for unemployment benefits dropped steadily last year after reaching a peak of 651,000 in March 2009. Economists say they will feel more confident the economy about sustained job growth when initial claims fall below 425,000

The figures come a day before the Labor Department is scheduled to release the June jobs report. That is expected to show a modest rebound in private-sector hiring. Overall, employers are expected to cut a net total of 110,000 positions, but that includes the loss of about 240,000 temporary census jobs. Private employers are projected to add 112,000 jobs, according to a survey of economists by Thomson Reuters.

That would be an improvement from May, when businesses added only 41,000 workers. But the economy needs to generate at least 100,000 net new jobs per month to keep up with population growth, and probably twice that number to bring down the jobless rate.

That sounds like a recipe for “unexpectedly” bad results tomorrow.  The increase of 41,000 private-sector jobs in May came with three weeks of declines in initial jobless claims.  Every week in June has had initial jobless claims of 459,000 or more, where in May three of the five weeks had 459,000 or fewer initial claims.  Thompson Reuters oversold expectations for May, too.

Update: The AP avoided their favorite adverb for reporting bad economic news, but Reuters couldn’t resist (emphasis mine):

New claims for state unemployment aid unexpectedly rose last week, heightening fears the U.S. economic recovery is stalling.

Initial claims for state unemployment benefits increased 13,000 to a seasonally adjusted 472,000, the Labor Department said on Thursday.

Analysts polled by Reuters had expected claims to slip to 452,000 from the previously reported 457,000, which was revised slightly up to 459,000 in Thursday’s report.

While layoffs have slowed sharply from early last year, businesses remain skeptical of the strength of the recovery and are holding back on hiring, keeping claims for unemployment benefits at uncomfortably lofty levels.

Ugh.  How could this be “unexpected”?  Take a look at the chart above and it clearly shows that this has been the norm, not the exception.  Reuters must employ analysts with incurable optimism.  It’s a wonder they haven’t drunk hemlock at this point.

Also, the fact that “layoffs have slowed sharply from early last year” is as trite and meaningless a phrase as one will utter.  Those jobs are gone.  The easiest jobs to shed have already been shed.  This isn’t an improvement in employment, it’s merely a reduction of the rate of unemployment.


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Awwww man, the Storm Trooper lost his job with the census again. Bummer. I think that redhead that was in line for so long got busted in the Russian spy caper.

Oldnuke on July 1, 2010 at 9:32 AM

Unexpectedly.

sandee on July 1, 2010 at 9:33 AM

I think that redhead that was in line for so long got busted in the Russian spy caper.

Oldnuke on July 1, 2010 at 9:32 AM

lol
Now I know why she looked so darn familiar.

Disturb the Universe on July 1, 2010 at 9:34 AM

“The AP calls this a sign of a “weak recovery,” and sees more optimism for tomorrow’s numbers”

..one wonders if the administration — probably privy to the figures beforehand — know something that we don’t. Surely they’re setting up their spin on the any bad eventuality.

The kabuki is getting interesting, certainly.

The War Planner on July 1, 2010 at 9:35 AM

But this was billed as Recovery Summer!

Disturb the Universe on July 1, 2010 at 9:36 AM

My wife is expected to receive bad news about her job tomorrow. She works at a hospital as a Radiology scheduler.

Amadeus on July 1, 2010 at 9:36 AM

I knew someone would use ‘unexpectedly’ and ABC obliged. They are using an Al-Reuters feed.

GnuBreed on July 1, 2010 at 9:38 AM

Didn’t we get some job numbers yesterday that were disappointing?We’ve seen this before. Somehow the numbers from the WH look good. Then in months following they are revised down. Neat trick.

sandee on July 1, 2010 at 9:38 AM

“Unexpectedly”
With the AP, it’s always
“Unexpectedly”…

Haiku Guy on July 1, 2010 at 9:41 AM

From what I calculate the mean over the last month is 461,667 +/-9533, so an uptick of 13K represents a considerable jump, although it may not be statistically significant, it is certainly >1 standard deviation above the mean.

ted c on July 1, 2010 at 9:41 AM

Obama told the audience “private sector jobs increased to 41,000 in May”

“Yes, but at least it’s not 50,000 or 100,000 new jobs,” Obama said defending his policy.

“Things aren’t as bad as they could have been, this could have been a catastrophe, in that sense the stimulus worked,” Obama claimed.

Electrongod on July 1, 2010 at 9:42 AM

Nuthin’ a round or two of golf won’t cure!

NickelAndDime on July 1, 2010 at 9:43 AM

I think that redhead that was in line for so long got busted in the Russian spy caper.

Oldnuke on July 1, 2010 at 9:32 AM

She was just doing her job as a sleeper agent, blending in with what so many others were doing.

jwolf on July 1, 2010 at 9:44 AM

Didn’t we get some job numbers yesterday that were disappointing?We’ve seen this before. Somehow the numbers from the WH look good. Then in months following they are revised down. Neat trick.

sandee on July 1, 2010 at 9:38 AM

Yeah, it’s become a pattern. They announce not so bad numbers, and then quietly revise them down over the course of the quarter or month, and then use the lowered number as the baseline for the next bogus quarterly/monthly announcement of growth/jobs, and then repeat the process.

forest on July 1, 2010 at 9:46 AM

“Things aren’t as bad as they could have been, this could have been a catastrophe, in that sense the stimulus worked,” Obama claimed.
 
Electrongod on July 1, 2010 at 9:42 AM

 
“And let me be clear- it also prevented shark attacks,” President Obama continued. “There have been no shark-related attacks, much less deaths, in Tennessee, Oklahoma, and dozens of other states. In that sense, the stimulus worked.”

rogerb on July 1, 2010 at 9:46 AM

My wife is expected to receive bad news about her job tomorrow. She works at a hospital as a Radiology scheduler.

Amadeus on July 1, 2010 at 9:36 AM

I’m sorry to hear that. I hope everything works out. The best we can do is try to hang on til November and pray that no more irreparable harm is done.

Doughboy on July 1, 2010 at 9:47 AM

So the jobless claims jump 13000, effectively wiping out the 13000 private sector jobs created in June? I’m not good at math, but doesn’t that equal 0?

jimmy2shoes on July 1, 2010 at 9:49 AM

“And let me be clear- it also prevented shark attacks,” President Obama continued. “There have been no shark-related attacks, much less deaths, in Tennessee, Oklahoma, and dozens of other states. In that sense, the stimulus worked.”

rogerb on July 1, 2010 at 9:46 AM

You forgot to mention that shark attacks are down in Arizona but Alien attacks have increased.

Electrongod on July 1, 2010 at 9:50 AM

Meanwhile… GOP politicians sit around gazing at their navel.

faraway on July 1, 2010 at 9:50 AM

So the jobless claims jump 13000, effectively wiping out the 13000 private sector jobs created in June? I’m not good at math, but doesn’t that equal 0?

jimmy2shoes on July 1, 2010 at 9:49 AM

The two don’t relate directly. The monthly figure is a net computation; initial jobless claims are gross figures from one side of the ledger (doesn’t take job creation into direct consideration).

Ed Morrissey on July 1, 2010 at 9:53 AM

I’m sorry to hear that. I hope everything works out. The best we can do is try to hang on til November and pray that no more irreparable harm is done.

Doughboy on July 1, 2010 at 9:47 AM

Thanks, and I agree. My wife and kids live below our means so we will survive. But Most of my friends have already lost everything.

Amadeus on July 1, 2010 at 9:53 AM

Reuters….it’d still be “unexpected” if they were the last employed dolts on the planet and the day comes around that they got their pink slips…. ‘whoa, how the hell did that happen?’

I think we have a major disconnect between reality and reporting.

ted c on July 1, 2010 at 9:53 AM

…and once again, some of the private sector unexpectedly still employ people! Obama’s got more work to do still.

search4truth on July 1, 2010 at 9:54 AM

I think we have a major disconnect between reality and reporting.

ted c on July 1, 2010 at 9:53 AM

It’s not a disconnect. It’s not bias. It’s corruption.

faraway on July 1, 2010 at 9:55 AM

Reuters must employ analysts with incurable optimism

More likely they employ analysts with incurable nymphomania that manifests when a democrat is president.

Darth Executor on July 1, 2010 at 9:55 AM

Just on Fox:

“Obama’s program’s will create more jobs in the next eight months than what Bush created in eight years” Rep Jan Schakowsky, D-Ill

Who’s out of touch with reality?

Rovin on July 1, 2010 at 9:55 AM

My wife is expected to receive bad news about her job tomorrow. She works at a hospital as a Radiology scheduler.

Amadeus on July 1, 2010 at 9:36 AM

She can let doctors know, and she can let her clients know that maybe this is not going to help. Maybe they’re better off not having the radiation, but taking the painkiller.”

Haiku Guy on July 1, 2010 at 9:56 AM

Also, the fact that “layoffs have slowed sharply from early last year” is as trite and meaningless a phrase as one will utter. Those jobs are gone. The easiest jobs to shed have already been shed. This isn’t an improvement in employment, it’s merely a reduction of the rate of unemployment.

That hasn’t changed the administration and Congress from using the same tired shtick. They keep referencing that 750,000 job loss figure from January 2009 as some sort of validation that their policies are working. As if we were gonna lose 3/4 of a million jobs every month if Porkulus hadn’t been passed.

Doughboy on July 1, 2010 at 9:56 AM

UNEXPECTEDLY,

I’m bullish on MRE, freeze-dried food, ammo, iodine tablet, and water purification futures.

/jk?

But seriously, how do you invest in bureaucracy, corruption, and crony capitalism?

Beagle on July 1, 2010 at 9:57 AM

Boy, when some news service doesn’t say it was unexpected, it sure is unexpected.

garry on July 1, 2010 at 9:58 AM

Rovin on July 1, 2010 at 9:55 AM

I’ll say it again:

Dadgum, that kool-aid’s strong.

kingsjester on July 1, 2010 at 9:58 AM

Sorry, but I hope swing voters who voted for this worthless POS and for Dems in Congress–regardless of a faux Blue Dog label–get religion in the next two months and come out of the Labor Day weekend mad as h*ll and ready to bury Dems in Congress.

Our economy is absolutely adrift and will not rebound until we remove the chaotic uncertainty create by Obama and Dems in Congress.

BuckeyeSam on July 1, 2010 at 9:58 AM

So the jobless claims jump 13000, effectively wiping out the 13000 private sector jobs created in June? I’m not good at math, but doesn’t that equal 0?

jimmy2shoes on July 1, 2010 at 9:49 AM

The two don’t relate directly. The monthly figure is a net computation; initial jobless claims are gross figures from one side of the ledger (doesn’t take job creation into direct consideration).

Ed Morrissey on July 1, 2010 at 9:53 AM

I see. Thanks for the clarification.

jimmy2shoes on July 1, 2010 at 9:59 AM

Let the spin begin.

bw222 on July 1, 2010 at 10:00 AM

Thanks, and I agree. My wife and kids live below our means so we will survive. But Most of my friends have already lost everything.

Amadeus on July 1, 2010 at 9:53 AM

Yeah, the wife and I are being as fiscally responsible as we can right now. Partly because we’re a month away from becoming parents, but also because I wanna have as much money in the bank as possible. Aside from our mortgage and our new SUV(which will be paid off in less than a year), we have no other debt and I’m making damn sure it’s gonna stay that way.

You wouldn’t believe the stories she tells me about one of her best friends and how she and her husband have between them around 60 grand in debt. Yet they keep spending like there’s no tomorrow(sounds like a certain President, don’t it?). Oh, and to make matters worse, they both work for Continental. Who knows if they’ll even be employed a year from now thanks to the merger?

Doughboy on July 1, 2010 at 10:01 AM

Speaking of talking points, think of the mess the next president is going to inherit, not to mention our children and grandchildren.

Drained Brain on July 1, 2010 at 10:01 AM

Meanwhile… GOP politicians sit around gazing at their navel.

faraway on July 1, 2010 at 9:50 AM

Worse. Boehner gave Obama a sound bite about financial reform to pounce on for at least two weeks. He needed one since the Barton sound bite had lost steam.

Too many GOP members of Congress are idiots.

BuckeyeSam on July 1, 2010 at 10:02 AM

Ugh. How could this be “unexpected”? Take a look at the chart above and it clearly shows that this has been the norm, not the exception. Reuters must employ analysts with incurable optimism. It’s a wonder they haven’t drunk hemlock at this point.

Ed, this “unexpectedly” joke you have running is cute, but you misunderstand how it works. They don’t “employ” analysts. They do a survey of analysts in the private sector. Here’s an example from Bloomberg:

http://www.businessweek.com/news/2010-07-01/jobless-claims-in-u-s-increased-last-week-to-472-000.html

More Americans unexpectedly applied for jobless benefits last week, a sign the labor market recovery may be slowing.

Economists forecast jobless applications would fall to 455,000 from an initially reported 457,000 for the prior week, according to the median of 46 projections in a Bloomberg survey. Estimates ranged from 440,000 to 475,000.

Hopefully that gives a better picture of how they come up with their estimates. Given that information (the fact that some analysts predicted a jump, and the median was only slightly in the direction of a decrease), the word “unexpectedly” seems a little inappropriate, but it doesn’t mean that Bloomberg or Reuters or AP “employ” stupid people.

If you really think you can do a better job of predicting these numbers from week to week or month to month, you could probably make a ton of money in the private sector doing exactly that. My guess is that you couldn’t, even though it’s easy to jump on the times when they’re wrong and say you would have predicted otherwise.

tneloms on July 1, 2010 at 10:04 AM

Who writes this crap Fibbs?

I remember during W’s term when the numbers were 250,000 it was armageddan and now their twice that its a slow recovery! HA!

The real bad news will get reported this fall when about 65 Demrat Congresscritters and 7 or 8 Senate scumbaggers lose their jobs! Now that will be reported as a catestrophy of a higher order than the Barrack Petroleum Disaster!

dhunter on July 1, 2010 at 10:05 AM

Let the spin begin.

bw222 on July 1, 2010 at 10:00 AM

And it starts at the top bw. With oil gushers, unemployment, and everything else on Obama’s plate, what’s the President going to talk about this morning? Immigration reform????

Rovin on July 1, 2010 at 10:05 AM

Rovin on July 1, 2010 at 9:55 AM

Is there anything more maddening then a politician that thinks the public is stupid? It’s a bit soon to be recycling that baloney.

Cindy Munford on July 1, 2010 at 10:05 AM

Amybody seen over at r/state that the nra is continually selling it’soul for goodies by now saying they will probably endorse reid?! This is outrageous and once again proves they are only interested in themselves and their issue.Please donate to S/Angle,his opponent.

ohiobabe on July 1, 2010 at 10:06 AM

UNEXPECTEDLY,

I’m bullish on MRE, freeze-dried food, ammo, iodine tablet, and water purification futures.

“Are you having a run on the banks there, yet? Well, it’s rather brutal here. We’re advising all our clients to put everything they have into canned food and shotguns.”

http://www.youtube.com/watch?v=qsMc-IswG3w

teke184 on July 1, 2010 at 10:06 AM

“What we are seeing here is a sideways move in the labor markets. I don’t think we are seeing renewed deterioration. We are getting regular reminders that we are not ready for any significant job creation,” said Kevin Flanagan, chief fixed income strategist at Morgan Stanley Smith Barney in Purchase, New York

From the Reuters piece. No we are not seeing “renewed” deterioration. We are seeing ONGOING deterioration. I guess the Koolaid makes these folks blind, deaf and stupid.

dogsoldier on July 1, 2010 at 10:08 AM

The year is 2035 and Obama has kept himself perpetual president by fiat and thus avoided “annoying” and “unnecessary” elections.

President Obama announced the good news that American troops had retaken Pittsburgh and Cincinnati and that the food riots in Los Angeles were “grossly exaggerated” with adjusted casualty figures set at just under 100,000.

But Obama’s claim that unemployment was “less than 80%” for the first time in five years hit a snag when it was UNEXPECTEDLY discovered that 93% of all new hirings were for government bureaucrats whose sole function was to balance quarters atop sharpened pencil tops.

MaiDee on July 1, 2010 at 10:09 AM

If they had bothered to stimulate the “private sector” instead of issuing guarantees to the “public sector,” it might be different now.
Obama/Pelosi/Reid … too stupid for words

J_Crater on July 1, 2010 at 10:11 AM

“Unexpectedly”
With the AP, it’s always
“Unexpectedly”…

Haiku Guy on July 1, 2010 at 9:41 AM

Awesome. Of course, they only use the phrase when their side is in power.

Scott P on July 1, 2010 at 10:11 AM

“Also, the fact that “layoffs have slowed sharply from early last year” is as trite and meaningless a phrase as one will utter. Those jobs are gone. The easiest jobs to shed have already been shed. This isn’t an improvement in employment, it’s merely a reduction of the rate of unemployment.”

If a lung cancer patienet loses half his lung tissue one month and then loses half of the remaining tissue the next month, he’s not getting better. He is still dying just as fast even though he lost 25% percent less total lung tissue that second month.

tommyboy on July 1, 2010 at 10:12 AM

Don’t forget folks, this is “The Summer Of RECOVERY!”

GarandFan on July 1, 2010 at 10:12 AM

tneloms on July 1, 2010 at 10:04 AM

They have been consistantly wrong for over a year and started using the laughable adverb back in November? Anyone “expecting” improvement at this point and with the rrecent real unpropagandized history of the economy would not be surprised because they are um actually dialed in. Paying attention. Awake and off the Kool Aid.

dogsoldier on July 1, 2010 at 10:13 AM

How about the liberal news organizations (Reuters et al.) admitting the obvious from their view… Obama is an ‘unexpected’ failure!

IntheNet on July 1, 2010 at 10:16 AM

But the economy needs to generate at least 100,000 net new jobs per month to keep up with population growth,

…..Obama quit paying attention to “net” job gains more than a year ago.

…..I expect Obama will come out and declare “Hey, at least we didn’t have initial jobless claims jump by 100,000″.

Baxter Greene on July 1, 2010 at 10:20 AM

Is there anything more maddening then a politician that thinks the public is stupid? It’s a bit soon to be recycling that baloney.

Cindy Munford on July 1, 2010 at 10:05 AM

They’re still clinging to the idea that there’s still a 52% (stupidity factor) to reach out to Cindy. Their problem is responsible Democrats and independents are no longer drinking the kool-aid, (as kingsjester suggest), and the lamestream media can’t cook up enough spin when “the numbers” speak so clearly. Recycle indeed. Lipstick on a pig comes to mind.

Rovin on July 1, 2010 at 10:21 AM

Unexpected??? By whom???
Let’s see… Manufacturing? Down. Construction spending? Down. Home sales? Down. Consumer confidence? Down.

This isn’t a recovery, it’s dead cat bounce.

jasetaro on July 1, 2010 at 10:26 AM

I run a workforce development organization and I can guaran-damn-tee you the there is no economic recovery going on.

There is a job shell game, (part time, limited contract work etc) that’s picking up folks here & there, but we don’t see anything that looks close to even minimal job growth.

Our client load is declining not because folks are working, but because they are either giving up or taking the summer off (they’re dopes).

If I was in my 20′s and looking for work I’d be in freak out mode. That’s where the folks in their 40′s and 50′s are already.

(And I’m in this business because I’m generally optimistic about the long range efficacy of career development…)

Bruno Strozek on July 1, 2010 at 10:27 AM

The system worked.

BobMbx on July 1, 2010 at 10:27 AM

This Summer of Recovery ROCKS!!

angryed on July 1, 2010 at 10:32 AM

Herbert Hoover Obama

golfmann on July 1, 2010 at 11:02 AM

But retail sales went up due to higher gas prices!!!

jukin on July 1, 2010 at 11:09 AM

Tragically

An avoidable tragedy. How much worse could cutting capital gains and business taxes be?

Speakup on July 1, 2010 at 11:17 AM

Green shoots!

BTW, looks like somebody finally took a pin to the stock balloon.

AUINSC on July 1, 2010 at 11:20 AM

Meanwhile, back in DC….the one is talking about immigration. Saying that (paraphrasing) if we have more illegals here we will have a younger work force.

milwife88 on July 1, 2010 at 11:21 AM

Note to Dems. Who’s out of touch? Are you kidding me? It’s easy to sit there, and be smug, and cast blame for this, when you still have steady income, and not in any danger of losing that, in the near future.

However, go without a job, with no income, and no hope of getting a job, and then act as if you’re Pollyanna.

Let’s not forget all those still without work, and not being counted as one of the massive unemployed. They don’t seem to matter anymore, do they?!

capejasmine on July 1, 2010 at 11:25 AM

Meanwhile, back in DC….the one is talking about immigration. Saying that (paraphrasing) if we have more illegals here we will have a younger work force.

milwife88 on July 1, 2010 at 11:21 AM

As he wolfs down a waigu steak, and thinks to himself…It’s good to be KING!

capejasmine on July 1, 2010 at 11:26 AM

OK, just checked out Whitehouse.gov to see if it was still the recovery summer. I don’t see it mentioned anywhere on the main page. I don’t really feel like clicking any of the links on that campaign page.

Still blaming Republicans on the official website of the White House, though. Tool.

reaganaut on July 1, 2010 at 11:52 AM

Haha, the photo of the day is people waving at his motorcade.

reaganaut on July 1, 2010 at 11:55 AM

It’s sad that this thread has less than 100 posts. I guess that just shows how unexpected this is. So many people are like “Whatever, I already knew that we were screwed. Tell me something I don’t know”

Which leads into a response to this:

Green shoots!

BTW, looks like somebody finally took a pin to the stock balloon.

AUINSC on July 1, 2010 at 11:20 AM

The power brokers and king makers that have been propping up the markets obviously don’t have the necessary cash to keep the onslaught of selling from those who have woken up at bay.

MobileVideoEngineer on July 1, 2010 at 12:07 PM

Who ever is writing the Yahoo!Finance headlines is an incurable optimist as well.

Or in the tank for the Obama administration.

thgrant on July 1, 2010 at 12:10 PM

If we have more illegals here we will have an even larger unemployment problem than we do now–and what about our own younger, potential work force a great many of whom cannot find a job. What a curse this man is becoming. The country is in one of it’s worse troughs and he’s out hyping immigration. I wonder if he realizes that his legacy may just be that he set this country on the road to third worldism. The next 2.5 years are shaping up to be the longest in my lifetime.

jeanie on July 1, 2010 at 12:14 PM

I was just in tears of the economy again today. I still can’t find work, I’m a single mom with three kids. I have an engineering degree that appears worthless.
My friends and family have all lost jobs, and one friend is on the brink of total devastation and losing everything. We are all trying to hang on, but the situation is incredibly bleak.

CambellBrown on July 1, 2010 at 1:18 PM

I notice that Smith and Wesson stock is up today.

crosspatch on July 1, 2010 at 1:26 PM

CambellBrown on July 1, 2010

What field of engineering? Maybe you are just looking in the wrong place.

crosspatch on July 1, 2010 at 1:28 PM

“The Summer Of RECOVERY!”

GarandFan on July 1, 2010 at 10:12 AM

Obama is out of touch with the American people: They stand in the unemployment lines while he plays golf.

TN Mom on July 1, 2010 at 1:33 PM

Financial experts freaking out

Obama “Mr. Mass Destruction”

Davidowitz says that the key to Obama’s success is his ability to sell his policies to the public. He can confidently read from a teleprompter and appear competent and in control, when in reality, “it’s one big bag of empty words,” Davidowitz says of Obama’s messages.

Davidowitz contends that the President’s spending, including the health-care bill, is creating massive deficits that will take the U.S. years to dig itself out of. “He is Mr. Mass Destruction,” Davidowitz says of Obama. “I mean he is a human destroyer. This guy has spent his way into oblivion and we don’t have a budget. He is surrounded by a bunch of complete incompetents, led by himself. “

(listen to interview and read article by clicking the link)

Beagle on July 1, 2010 at 1:56 PM

tneloms on July 1, 2010 at 10:04 AM

This is precisely why it makes so little sense for news agencies to keep using the word “unexpectedly”. What they use as an “expected” number of weekly initial jobless claims is merely an average of analysts’ predictions, and, with these numbers being rounded only to the nearest thousand, there’s very little chance in any given week that the actual number of initial jobless claims will be the same as the “expected” number. Each week, it’s to be expected that the actual number of initial jobless claims will be different from the “expected” number, but the media keeps repeating the word “unexpectedly” whenever actual jobless claims turn out to be higher than the average of predictions.

DKCZ on July 1, 2010 at 2:20 PM

The stimulus only stimulated the hiring of government workers. If you’re the one being hired that’s a good thing; but for the rest of the taxpaying public, a new government worker is just another mouth for US to feed.

That Bambi can’t tell the difference is a testament to his high level of stupidity and love for Big Government.

PackerBronco on July 1, 2010 at 2:53 PM

Beagle on July 1, 2010 at 1:56 PM

That’s the most candid, accurate take on things I’ve yet heard. Thanks for the link. It should be featured here at HotAir.

Django on July 1, 2010 at 8:00 PM

This all hit home this week. For 15 years ($25/hr) driving my truck picking up WSJ at plant site and line deliver to next state. Two weeks ago the WSJ hired a “management company” to take over the tasks at the docks. First thing the did is fired every one and gave them 9 days notice. The next thing was to replace them with new drivers most of which did not speak English all for below minimum wage. The driver that replaced me for paid as a day labor for $65/(10hr/day) six days a week.

jpcpt03 on July 1, 2010 at 8:36 PM