The report for initial claims for unemployment insurance was just released and the media spin, not unexpectedly, is focused on a drop in first time claims. Further down the story the uglier data is exposed:
For the week ending June 27, the number of Americans receiving state jobless benefits rose 159,000 to a record 6.88 million, more than double the level during the same period in the prior year.
"Not as bad as expected" will be the prevailing media news theme until Congress finishes with Cap and Trade and ObamaCare. Thereafter, as the momentum increases for Stimulus II, a decidedly negative spin on employment and negative GDP will predominate. Manipulating the news cycle is an integral tool in the Obama/Reid/Pelosi strategy. But as today's unemployment data demonstrates, joblessness continues to rise and federal tax receipts will continue to shrink as a result of fewer wage earners and disappearing private sector profits.
Yet to emerge is a Democrat that will make the case for how private sector growth will result from their policy initiatives passed this year. It must be said again: the private sector creates the wealth that pays all of the taxes the government collects. What are Obama/Pelosi/Reid doing to promote private sector recovery and growth?
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Filed under:
2009 Spendulus Bill, Congress, Democrats, Economics, Politics
Tags: Stimulus II, Unemployment
Comments (9)
"The private sector creates... (Below threshold)1. Posted by tyree | July 9, 2009 10:49 AM | Score: 9 (9 votes cast)
"The private sector creates the wealth that pays all of the taxes the government collects."
Very good point Hugh, and it does bear repeating
After the government collects the wealth it consumes and redistributes that wealth. Quite often in a way that benefits their lobbyists and political connections. The "Culture of Corruption" is still in power in Washington.
"What are Obama/Pelosi/Reid doing to promote private sector recovery and growth?"
So far, nothing.
1. Posted by tyree | July 9, 2009 10:49 AM |
Score: 9 (9 votes cast)
Posted on July 9, 2009 10:49
2. Posted by 914 | July 9, 2009 10:51 AM | Score: 8 (8 votes cast)
Zilch, zero and nada. But they are very good at it.
2. Posted by 914 | July 9, 2009 10:51 AM |
Score: 8 (8 votes cast)
Posted on July 9, 2009 10:51
3. Posted by GarandFan | July 9, 2009 10:53 AM | Score: 8 (8 votes cast)
"What are Obama/Pelosi/Reid doing to promote private sector recovery and growth?"
Hey, they've got Tim Terrific printing money as fast as he can. And Steny Hoyer just gave a couple of campaign contributors an $18 million contract to redesign the Pork Tracking website that doesn't work.
3. Posted by GarandFan | July 9, 2009 10:53 AM |
Score: 8 (8 votes cast)
Posted on July 9, 2009 10:53
4. Posted by WildWillie | July 9, 2009 10:56 AM | Score: 7 (7 votes cast)
I don't know where this is all leading but I gut is telling me very bad days are coming. I hope I am wrong. ww
4. Posted by WildWillie | July 9, 2009 10:56 AM |
Score: 7 (7 votes cast)
Posted on July 9, 2009 10:56
5. Posted by Michael Laprarie | July 9, 2009 11:12 AM | Score: 5 (5 votes cast)
"Not as bad as expected." Hey - maybe that should be the DNC campaign slogan for 2010!
Actually Scott Ott recently came up with something similar.
5. Posted by Michael Laprarie | July 9, 2009 11:12 AM |
Score: 5 (5 votes cast)
Posted on July 9, 2009 11:12
6. Posted by mag | July 9, 2009 11:27 AM | Score: 5 (5 votes cast)
"Not as bad as expected"....I don't think people who lost their jobs, or had their hours cut, or anyone looking for a job...is buying into this.
6. Posted by mag | July 9, 2009 11:27 AM |
Score: 5 (5 votes cast)
Posted on July 9, 2009 11:27
7. Posted by Hank | July 9, 2009 11:40 AM | Score: 6 (6 votes cast)
The spin really is incredible.
And if W were still president the headline would easily be:
Unemployment soars, at record high!
From the article...
For the week ending June 27, the number of Americans receiving state jobless benefits rose 159,000 to a record 6.88 million,....
7. Posted by Hank | July 9, 2009 11:40 AM |
Score: 6 (6 votes cast)
Posted on July 9, 2009 11:40
8. Posted by Justrand
| July 9, 2009 12:31 PM | Score: 5 (5 votes cast)
by the end of September the Summer Jobs will have dried up, and artificial positive impact they have on the unemployment rate will end. as the GM and Chrylser layoffs the unemployment rate will easily crest 10%...or higher.
Then there's the re-casting of the budget deficit...which will push it above $2 TRILLION just for this year.
At that point America's economic "chin" will be VERY exposed. Luckily we have no enemies in the world who will try to take a poke at it!
WildWillie, you're not wrong!
8. Posted by Justrand
| July 9, 2009 12:31 PM |
Score: 5 (5 votes cast)
Posted on July 9, 2009 12:31
9. Posted by John Irving | July 9, 2009 2:11 PM | Score: 4 (4 votes cast)
And of course the "Not as bad as expected" excuse is a lie, as the "stimulus" was rushed through to prevent unemployment from climbing above 8%.
Or at least that was the line they used to sell it to the useful idiot crowd.
9. Posted by John Irving | July 9, 2009 2:11 PM |
Score: 4 (4 votes cast)
Posted on July 9, 2009 14:11